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Experts: Diversifying revenues is a guarantee of economic stability
Economical 10/10/2024
Baghdad: Shukran Al-Fatlawi
Experts in financial and economic affairs expected that the recent developments in the Middle East would create a state of instability in the region and in global markets, including the labor market, which is greatly affected by the general conditions prevailing in a region where oil production is intensifying.
Economist and former minister, Dr. Raed Fahmy, said in an interview with “Al-Sabah” that
“countries that depend on oil, such as Iraq, and despite the country’s attempts to bring in foreign capital, will witness a state of fluctuation,” pointing out that
“this is reflected in the average citizen and his ability to Purchasing, because the turmoil in the region will have a negative impact on the course of things in general, and prices in particular.” Fahmi pointed out that
“Iraq is an importing country, and the volume of its imports constitutes about 90-98% of its needs from abroad, including food needs,” indicating that
“import and export operations and the dollar exchange rates will be affected during the coming days and will be reflected in the commercial movement and exchanges, including Oil price. He added that
“the turbulent situation and lack of clarity of vision will leave its impact on all investors and projects that may be initiated in the region,” expecting that long-term investment decisions in many countries “will witness a state of waiting that will be reflected in economic activity.” generally".
In this context, economic affairs researcher and consulting engineer Imad Al-Muhammadawi told Al-Sabah:
“The region is currently witnessing highly tense situations, which may lead to a rise in oil prices and a change in the dollar exchange rates.” Al-Mohammadawi considered
the country’s reliance on a rentier economy “an obstacle to diversifying the state’s public revenues, as oil revenues constitute about 99% of its exports, and 85% of the country’s general budget,” pointing out that
“enhancing non-oil revenues, controlling spending, and activating the role of the private sector, “It will work on financial sustainability in such exceptional circumstances.”
It is noteworthy that the government has taken large and important steps in diversifying revenues through partnership with the private sector, reducing tax evasion, rehabilitating factories, and paying attention to agriculture.
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Economical 10/10/2024
Baghdad: Shukran Al-Fatlawi
Experts in financial and economic affairs expected that the recent developments in the Middle East would create a state of instability in the region and in global markets, including the labor market, which is greatly affected by the general conditions prevailing in a region where oil production is intensifying.
Economist and former minister, Dr. Raed Fahmy, said in an interview with “Al-Sabah” that
“countries that depend on oil, such as Iraq, and despite the country’s attempts to bring in foreign capital, will witness a state of fluctuation,” pointing out that
“this is reflected in the average citizen and his ability to Purchasing, because the turmoil in the region will have a negative impact on the course of things in general, and prices in particular.” Fahmi pointed out that
“Iraq is an importing country, and the volume of its imports constitutes about 90-98% of its needs from abroad, including food needs,” indicating that
“import and export operations and the dollar exchange rates will be affected during the coming days and will be reflected in the commercial movement and exchanges, including Oil price. He added that
“the turbulent situation and lack of clarity of vision will leave its impact on all investors and projects that may be initiated in the region,” expecting that long-term investment decisions in many countries “will witness a state of waiting that will be reflected in economic activity.” generally".
In this context, economic affairs researcher and consulting engineer Imad Al-Muhammadawi told Al-Sabah:
“The region is currently witnessing highly tense situations, which may lead to a rise in oil prices and a change in the dollar exchange rates.” Al-Mohammadawi considered
the country’s reliance on a rentier economy “an obstacle to diversifying the state’s public revenues, as oil revenues constitute about 99% of its exports, and 85% of the country’s general budget,” pointing out that
“enhancing non-oil revenues, controlling spending, and activating the role of the private sector, “It will work on financial sustainability in such exceptional circumstances.”
It is noteworthy that the government has taken large and important steps in diversifying revenues through partnership with the private sector, reducing tax evasion, rehabilitating factories, and paying attention to agriculture.
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