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9/5/2014
World Bank confirmed its commitment to support Iraq to benefit more from the oil sector, the most important source of revenue in the country and turn it into an engine for development.
The World Bank noted in a recent report that the recovery in the Iraqi oil sector has made great progress despite the continuing fragility of the security situation, pointing out that Iraq depends on oil and gas as a source for about 98% of exports and 96% of its revenue official.
The report stated: "With the adoption of a new strategy for the energy supported by the World Bank, Iraq looks beyond to make short-term gains realized by oil and gas exports to focus on the diversification of the economy in the medium term."
The World Bank called for Iraq to limit its dependence on the energy sector strong.
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