Minister of Planning: Our economy is suffering from deflation due to continued low oi
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    Minister of Planning: Our economy is suffering from deflation due to continued low oi

    Minister of Planning: Our economy is suffering from deflation due to continued low oil prices



    2017/04/30 (00:01 PM) - Number of readings: 122 - Number (3911)


    Baghdad / Range

    Minister of Planning Salman Jumaili said on Saturday that our economy is still suffering from deflation due to continued low oil prices in world markets, and our next stage must be to build and promote the economic reality.

    "The military victory over organizing the liberation and liberating the land is not enough, but we have to rebuild our liberated cities," Salman Jumaili said during a speech at a conference to prepare the five-year development plan in Erbil. "The decline in oil prices has led to a downturn in our country's economy. "

    The role of the private sector in Iraq in economic development over the past years has been reduced as a result of the government's lack of interest in providing the necessary resources to sustain the work of the private sector companies, which closed hundreds of them and displaced the workers.

    And Jumaili, the start of the preparation of a new development plan is to stimulate the private sector and promote administrative decentralization in the country.

    The International Monetary Fund predicted in March that the survival of the Iraqi economy in 2017 "dimmed" as a result of the reduction of oil production by 15%. Iraq depends on oil imports to finance 95% of the budget, which produces about 2.5 million barrels per day, with plans to increase production To 4 million barrels per day.

    The central bank's reserves of foreign currency fell to 49 billion dollars, after last year was 53 billion dollars, as a result of continued decline in oil prices in world markets, according to the bank announced in February.

    While the Iraqi government resorted to raising taxes on sales of imported goods in order to boost financial revenues to reduce the size of the financial crisis experienced by the country due to low oil prices in world markets.


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    Last edited by MadDScout; 04-30-2017 at 04:12 PM.



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