Shabibi: "The government is expanding too!" .. Central Bank: the laws must ease restrictions on the private sector

05/23/2012 0:00

The future of Iraq / follow-up
As stressed by Prime Minister Nuri al-Maliki "the need not remain the Iraqi economy dependent on oil revenue only." However, he did not take away to put forward a true vision when stressed his government's determination to work "to invest our revenues oil that meet the increasing rise in the development of other sectors in order to reach a diverse and stable economy is not subject to the requirements of oil and gas prices." In the meantime, see the Governor of Central Bank of Iraq that Iraq needs to reform its economy by reducing its dependence on the government, in parallel with greater emphasis on non-oil sectors in the country are oil money 94% of revenues. Said Shabibi said in an interview broadcast agency AFP that "the government expanding more than it should, "in reference to the impact of government on the economy." It seems the issue and if we rely entirely on the government to provide jobs and growth. many people think that the development of non-oil sectors will require a long time, so choose the easy way, through the Government . "Iraq has the third oil reserves in the world is estimated at 115 billion barrels after Saudi Arabia and Iran, and constitute the oil money nearly 94 percent of the proceeds of the country. The government has announced increase its oil exports during last April, to reach 3.75 million bpd, the highest rate of export of oil since 1989. She noted in its statement that the amount of revenue derived from exports in April amounted to eight billion and $ 795 million, noting that the average selling price of 116.7 dollars per barrel. And Oil Minister Abdul Karim and coffee, had confirmed the beginning of March that the production of Iraq's daily oil is the highest since 1979, as Deputy Prime Minister Hussein al-Shahristani said production exceeded three million barrels., however, does not represent the functions associated with the oil sector, only about one percent, according to UN figures, in a country with a jobless rate of nearly 12 percent, but unofficial figures indicate that the unemployment rate touches 30 percent. calls Shabibi, an economist who runs the Central Bank since mid-2003, the authorities to ease the laws imposed on the private sector, and focus on agriculture, industry and technology. explains that "one of the government's priorities is to work hard to alleviate the conditions imposed on private business, "adding" there are laws or certain procedures impede all forms of growth in relation to the private sector. "explains Shabibi, saying that" many people who work in the private sector to come into the country, but they can not keep going because of the problems they face. I think it's important to Nguetta of conditions to allow the people that work, and also reduce the conditions imposed on the companies' work until you start other sectors to flourish. "refers at the same time that the non-oil sectors need to" work great. "says Shabibi "If we want to talk about the reduction of unemployment, we must develop non-oil sector, a sector is relatively small, but it is the goal that must be set our focus on it." Iraq has suffered violence continuously since its invasion in 2003 at the hands of U.S. forces has killed tens of thousands, which hinders economic growth. as Iran and Syria, which were considered the most important major partners of Iraq, are subject to international sanctions, the first because of its nuclear program, and the second because of the suppression of a protest movement continued in more than a year. has seen Iraq in recent weeks, an increase in the demand for dollar led the domestic currency to decline, an increase of Iraqi officials believe it is related to the endeavor of Syria and Iran to earn hard currency from Iraq.