Experts: Boosting revenues and activating the private sector are necessary to confront the fluctuati

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[size=52]Experts: Boosting revenues and activating the private sector are necessary to confront the fluctuation of oil prices[/size]

[size=45]Economists called for urgent measures to boost oil revenues, control government spending and activate the role of the private sector to confront the ongoing fluctuations in global oil prices.[/size]
[size=45]Experts stressed that the heavy reliance on oil as a major source of revenue makes the economy highly vulnerable to price fluctuations, which calls for diversifying sources of income and structural reforms to ensure sustainable economic growth in light of the current situation.[/size]
[size=45]Experts stress the need to enhance non-oil revenues, control spending, and activate the role of the private sector to confront the fluctuations in oil prices, similar to what is happening in the region at the present time.[/size]
[size=45]Economic expert, Raed Fahmy, said, “Countries that depend on oil, such as Iraq, despite the country’s attempts to bring in foreign capital, will witness a state of fluctuation,” noting that “this is reflected in the average citizen and his purchasing power, because the turmoil in the region will have a negative impact on the course of things in general, and prices in particular.”[/size]
[size=45]He added, "Iraq is an importing country, and the volume of its imports is about 90-98% of its needs from abroad, including food needs," indicating that "import and export operations, and the dollar exchange rates will be affected in the coming days, and will be reflected in the commercial movement and exchanges, including oil prices."[/size]
[size=45]He explained that "the turbulent situation and lack of clarity of vision will have an impact on all investors and projects that may be initiated in the region."[/size]
[size=45]For his part, economic affairs expert Imad Al-Muhammadawi said, “The region is currently witnessing highly tense conditions, which may lead to a rise in oil prices and a change in the dollar exchange rate.”[/size]
[size=45]Al-Muhammadawi considered the country’s reliance on the rentier economy “an obstacle to diversifying the state’s public revenues, as oil revenues account for about 99% of its exports and 85% of the country’s general budget,” noting that “the government has taken major and important steps to diversify revenues through partnership with the private sector, reducing tax evasion, rehabilitating factories, and paying attention to agriculture.”[/size]
[size=45]Oil prices have been fluctuating sharply between rise and fall, affected by the decline in global demand and the increase in supply, despite continuing concerns about supply disruptions due to the conflict in the Middle East and Hurricane Milton in the United States.[/size]
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