Building development strategies in line with the challenges

1/12/2016 0:00

BAGHDAD - the joy of pumice
Academy saw that the balance of payments Iraqi suffers from a structural imbalance, as a result of the trade imbalance, especially given that the country's exports, mainly oil and a variety of imports of goods and services, calling for building development strategies in line with the current challenges.

Dean of the Faculty of Economics at the University of Mustansiriya Dr. Qusay al-Jabri said in a statement »Sabah», that the balance of payments suffered a structural defect clear to the inability of economic sectors to achieve high levels of production, so it's not easy to improve in the short term.

He attributed Jabri this imbalance for many reasons, including the security side and the low investment, which in turn affected the security aspect, as well as power outages and other obstacles problems, have led to the deterioration of the investment climate and thus are not achieving satisfactory output in the non-oil sectors levels.

The balance of payments is known as a «My record includes a set of accounts, including the current account and the calculation of monetary gold movements and transfers from one party and the other».

As between this imbalance is due to the trade imbalance, especially as the country's exports of oil and various imports of goods and services, and expected the inability of the country to achieve a balance in the economic sectors in the short term, and for several reasons, including the decrease in financial revenue that directly contribute to supporting sectors yield.

He added that the deterioration of Jabri investment climate prevented to perform a full role in the production process local and foreign private sector, especially the Iraqi investors prefer to invest abroad for the convenience of the investment climate, foreign either do not wish to invest in Iraq except in the oil sector.

He noted that the country needs a system of measures to improve the investment climate and that must begin building strategies of development in line with the conditions experienced by the country, as well as legislative and legal complementary measures, most notably the application and implementation of investment amended law, as well as rewriting the subject of the single window which make up confusion to the foreign investor.