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Allawi: The White Paper is a 100% Iraqi project, and we need alternative resources for oil
Economie Yesterday [12/11/2021] , 21:55
Baghdad - conscious
Finance Minister Ali Allawi stressed, today, Saturday, that Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices,
warning that many industrialized countries have begun planning to use alternative energy instead of oil, and this is dangerous for Iraq's economy over time if No alternative oil resources were available.
Allawi said to a special coverage program broadcast by Al-Iraqiya Al-Akhbariya and followed by the Iraqi News Agency (INA): "There was a financial abundance between the years 2009-2013, but in return there were no clear economic policies, as financial resources were transferred from oil sales to government appointments."
He added, "The increase in employee salary entitlements and contracting due to the financial abundance, put pressure on the state's finances due to the decline in oil prices."
He added that "investment spending in Iraq is large after 2003, but it was not in accordance with the regulations, and most projects were motivated by personal or sectoral motives, not economic projects."
He pointed out that "there is a great waste and misuse of resources more than theft or corruption, and incompetent people presented projects and managed by unqualified people, and there are huge resources spent on projects, but their economic impact is small."
He pointed out that "there are hospital projects that were approved after the year 2011, but were not completed, and some of them did not have allocations, and the specialists withdrew and some benefited, and structures remained," noting as well that
"small projects in most cases are more beneficial to the economy than major projects."
Regarding the white paper on economic reform, Allawi explained that "the white paper is a 100% Iraqi project, the goal of which is to strengthen the capabilities of the state, that
the white paper began with reforming the state's public administration and then reforming the country's finances."
And on the available capabilities and how to invest them, Allawi said, "Iraq can benefit from its geographical situation to be a crossing through the implementation of ports and highways linked to railways, and industrial projects, and Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices."
And he warned that "the Iraqi economy is based entirely on oil revenues at a rate of 95 percent, and in the last two years the economies of the major and industrialized countries began looking for an alternative to oil, and this is a danger to us, and alternative oil resources must be found to counter this decline.
The Gulf countries have financial investments worth two trillion dollars to face the risk of decline." Oil prices.
He pointed out that "the state's spending is large, but in return it needs additional resources, for example, not paying electricity bills by citizens costs the state 15 trillion dinars annually."
He stressed that "Iraq possesses economic human capabilities and a vision that diagnoses challenges and lays down the means for economic stability."
And on the history of the Iraqi currency, Allawi stressed that "the dinar currency was adopted in Iraq at the beginning of the twenties of the last century, and each dinar was equivalent to 4.80 dollars, the dinar was backed by gold."
Allawi: The White Paper is a 100% Iraqi project, and we need alternative resources for oil
Economie Yesterday [12/11/2021] , 21:55
Baghdad - conscious
Finance Minister Ali Allawi stressed, today, Saturday, that Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices,
warning that many industrialized countries have begun planning to use alternative energy instead of oil, and this is dangerous for Iraq's economy over time if No alternative oil resources were available.
Allawi said to a special coverage program broadcast by Al-Iraqiya Al-Akhbariya and followed by the Iraqi News Agency (INA): "There was a financial abundance between the years 2009-2013, but in return there were no clear economic policies, as financial resources were transferred from oil sales to government appointments."
He added, "The increase in employee salary entitlements and contracting due to the financial abundance, put pressure on the state's finances due to the decline in oil prices."
He added that "investment spending in Iraq is large after 2003, but it was not in accordance with the regulations, and most projects were motivated by personal or sectoral motives, not economic projects."
He pointed out that "there is a great waste and misuse of resources more than theft or corruption, and incompetent people presented projects and managed by unqualified people, and there are huge resources spent on projects, but their economic impact is small."
He pointed out that "there are hospital projects that were approved after the year 2011, but were not completed, and some of them did not have allocations, and the specialists withdrew and some benefited, and structures remained," noting as well that
"small projects in most cases are more beneficial to the economy than major projects."
Regarding the white paper on economic reform, Allawi explained that "the white paper is a 100% Iraqi project, the goal of which is to strengthen the capabilities of the state, that
the white paper began with reforming the state's public administration and then reforming the country's finances."
And on the available capabilities and how to invest them, Allawi said, "Iraq can benefit from its geographical situation to be a crossing through the implementation of ports and highways linked to railways, and industrial projects, and Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices."
And he warned that "the Iraqi economy is based entirely on oil revenues at a rate of 95 percent, and in the last two years the economies of the major and industrialized countries began looking for an alternative to oil, and this is a danger to us, and alternative oil resources must be found to counter this decline.
The Gulf countries have financial investments worth two trillion dollars to face the risk of decline." Oil prices.
He pointed out that "the state's spending is large, but in return it needs additional resources, for example, not paying electricity bills by citizens costs the state 15 trillion dinars annually."
He stressed that "Iraq possesses economic human capabilities and a vision that diagnoses challenges and lays down the means for economic stability."
And on the history of the Iraqi currency, Allawi stressed that "the dinar currency was adopted in Iraq at the beginning of the twenties of the last century, and each dinar was equivalent to 4.80 dollars, the dinar was backed by gold."
