Central Bank: We will reduce reliance on oil revenues to 15% in 2047

Central Bank: We will reduce reliance on oil revenues to 15% in 2047


Baghdad - Journal News
BAGHDAD (Reuters) - Iraq will reduce reliance on oil revenues to 15 percent of the budget after 30 years from now in 2047, the central bank governor said on Saturday.
Al-Alak said in a speech during the third annual conference of the bank under the slogan "The role of the Central Bank in achieving financial and economic stability," that "there are real indicators for the achievement of alternatives other than oil will be relied upon."
"We will reduce dependence on oil revenues gradually and we will reduce this gap by 2.5% annually and for 30 years, so that the dependence on oil revenues by not more than 15% after 30 years."
He pointed out that "the reliance on one resource for budget revenues will be subject to constant fluctuations and this is what Iraq will seek to achieve by reducing dependence on oil as a single resource for the budget."

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Iraq will reduce reliance on oil revenues to 15% after 30 years


December 09 2017 12:37 PM



The governor of the Central Bank Ali Al-Aliq on Saturday that Iraq will reduce the dependence on oil revenues to 15% of the budget after 30 years from now in the year 2047.

Al-Alak said in a speech during the third annual conference of the bank: There are real indicators for the completion of other alternatives Non-oil will be relied upon.

"We will reduce dependence on oil revenues gradually and we will reduce this gap by 2.5 percent annually and for 30 years, so that the dependence on oil revenues will not exceed 15% after 30 years.

Iraq will witness the largest investment in the coming period, but this is coupled with providing the appropriate investment environment. He pointed out that the reliance on one resource for budget revenues will be subject to constant fluctuations and this is what Iraq will seek to achieve by reducing dependence on oil as a single supplier of the balance.


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Iraq will gradually reduce dependence on oil revenues





Light News / Baghdad
announced the central bank governor on the Keywords that Iraq will reduce dependence on oil revenues in the budget gradually, noting that the accreditation will not exceed 15% after 30 years.
In a speech at the third annual conference of the bank, which was held under the slogan "The role of the Central Bank in achieving financial and economic stability", today, "Al Nour News" pointed to "the existence of real indicators for the achievement of alternatives other than oil will be relied upon."
He added that "Iraq will reduce dependence on oil revenues gradually, and by 2.5% annually for 30 years, so that reliance on oil revenues by not more than 15% after 30 years."
"Iraq will witness the largest investment operations during the coming period, but that is coupled with the provision of the appropriate investment environment," he said, noting that "relying on one resource for budget revenues will be subject to constant fluctuations and this is what Iraq will seek to achieve by reducing dependence on oil as a single resource for the budget" .
The Prime Minister Haider Abadi, said earlier, that Iraq is currently establishing to strengthen the economy and the lack of total dependence on oil, considering that the country is on the right track in this area.
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