Economy Committee warns of Iraq’s dependence on oil

Posted by on Nov 29, 2013 | Leave a Comment

11/29/2013 12:03

warned the parliamentary Economic Committee, the survival of the Iraqi economy is dependent on oil as a major source of the state, calling for a diversification of state revenues to avoid the financial problems of the country’s economic potential.

The decision of the Committee Deputy Mahma Khalil: the federal budget revenues accounted for 95% of the oil, and this is an indication of a threat to the economy, because it will be exposed to global economic shocks.

He added that the Iraqi government are required to develop strategic plans for the ambulance of the national economy, through the activation of the productive sectors Kalzeraih, industrial, and provide jobs for the unemployed and reduce poverty, to achieve sustainable development in the country.

He pointed out: that the global economy is likely to witness a slowdown in growth in the coming years and this is what will the Iraqi economy to the risk of being dependent on oil only, while the price of oil would fall in world markets.

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