Iraq needs $ 63 billion to save important projects in Iraq

Monday, September 19, 2016

Baghdad/ Iraq TradeLink:

The current economic crisis due to the decline in oil prices, shortages in the development process and increase of unemployment led to "threatening" the Iraqi investment projects, which are estimated to reach 6000 projects that will need hundreds of billions of dollars.

Spokesman of the Iraqi Planning Ministry Abdul Zahra al-Hindawi added that studies are underway to continue the work of these projects despite the unavailability of financial allocations.

The situation may deteriorate if the government decided to stop the work in these projects, which will mean a great economic loss, he added.

Iraq deleted 296 projects with the cost of 9 billion dollars from its future schemes, official sources reported.

2169 projects were postponed with the cost of 28 billion dollars, the sources added.

As concerning other projects with the services sector, the Iraqi government is planning to have the assistance of the private sector, either to be an investor or a partner in governmental projects.

On the other hand, the Iraqi government is trying to revive the "stopped" private sector's projects in an attempt to decrease depending on foreign imports, through granting loans and import facilities.