Office Abadi: converting Iraq to producer needs for years
October 12, 2015 4 0

Spokesman Haider Al-Abadi, the Prime Minister said Monday that Iraq needs years to becoming a producer.

Saad Al-Hadithi said followed "our economy," news agency that "the Government is working hard to cope with the unprecedented financial pressures being experienced by the country under the requirements of the war on terrorism and the needs of citizens and staff salaries and retirees and displaced persons and reconstruction of liberated areas and these many files compressor heavily on Government."

He noted that "everyone knows that there is an unprecedented decline in oil prices and the Government is working hard to diversify its sources of income and an active role for the private sector in support of the State in creating jobs and transforming Iraq from a nation to a State of functional productivity and strategic vision in restructuring of the economy is being applied and the announcement of several steps in this process, including the release of loans to six trillion dinars and stimulate the private sector and stimulate the Iraqi market and promote production lines".

Hadithi stressed "to see the Iraqi Government that there is no way to count and rentier economy dependence that supports single source of oil income and the McCann in the previous period is not valid and the Directory today face a major crisis."

He "could not bind the future of Iraq to the oil market being volatile market has caused a crisis, as happened in the last year and this year so that the Government is trying to develop a new vision for Iraq's economy through State capacity productivity and transforming the economy into a producer rather than a consumer for many years and this requires the efforts and time."

"Work is ongoing to implement these strategic vision but certainly can't get this in weeks or months but for years regarding this aspect of it must stimulate investment in Iraq and persuade local or foreign investor by creating a suitable environment for investment and strengthen the private sector as an essential partner and with the public sector in the productive process.

Iraq is facing pressure in the provision of financial resources, particularly after lower oil prices in July 2014 which relies on crude imports 90% of building balanced with the need to cover the costs of the war on terrorism and secure services and salaries of employees and retirees.