Iraqi Central Bank Governor: Iraq needs to reform its economy through reducing dependence on Government
2012-05-22
Baghdad (IBA) ... Iraqi Central Bank Governor finds that Iraq needs to reform its economy through reducing dependence on Government, in parallel with a greater emphasis on non-oil sectors in the country are oil funds 94 per cent of revenues.
Sinan Al-shebibi said in an interview with AFP that the Government expand too, in reference to how government influence on the economy.
He looks entirely like we issue to the Government in providing jobs and growth, and many people thought that the development of non-oil sectors requires a long time, so choose the easiest way, by the Government.
Third Iraq has oil reserves in the world, estimated at 115 billion barrels after Saudi Arabia and Iran, oil funds constitute about 94 percent of the country's revenues.
The Government announced Monday high oil exports during the month of April, reaching 75, 3 million barrels per day, the highest rate of export of oil since 1989.
The Government indicated in its statement that the amount of revenue generated by exports in April totalled eight billion and $ 795 million, although sales rate stands at 116, 7 dollars per barrel.
Oil Minister Abdel Karim would confirmed early March that Iraq daily oil production is highest since 1979, with Deputy Prime Minister Hussein Al-Shahristani said production exceeded three million bpd.
However, do not represent the functions related to the oil sector, only about one percent, according to UN figures, in a country where the unemployment rate is about 12 percent, but unofficial figures indicate that unemployment touching 30 percent.
Shabibi invites, economist who runs the ECB since mid-2003, the authorities to ease laws imposed on the private sector, and focus on Agriculture and industry and technology.
He explains that one of the Government's priorities is to strive to alleviate the conditions imposed on private business, adding there are certain laws or procedures impede all forms of growth to the private sector.
Explains Shabibi said that many people who work in the private sector come to the country, but they cannot continue to work because of the problems they face. I think it is important that we take away conditions even allow people to work, and also reduce the requirements imposed on companies even begin other sectors flourish.
At the same time refers to the non-oil sectors need to work large says Shabibi if we are talking about the reduction of unemployment, we must develop the non-oil sector, a sector which, although relatively small, but the goal should focus on it.
Iraq suffers from ongoing violence since the 2003 invasion by US forces killed tens of thousands, which hamper economic growth.
Also, Iran and Syria, which were considered the most important adult partners for Iraq, under UN sanctions over its nuclear program first, and second because of the Suppression of protest movement which continued for more than a year.
Iraq market has seen in recent weeks an increase in demand for the dollar led local currency increase regression, it is linked to the officials saw endeavoured Syria and Iran to obtain hard currency of Iraq. (Finally)
2012-05-22
Baghdad (IBA) ... Iraqi Central Bank Governor finds that Iraq needs to reform its economy through reducing dependence on Government, in parallel with a greater emphasis on non-oil sectors in the country are oil funds 94 per cent of revenues.
Sinan Al-shebibi said in an interview with AFP that the Government expand too, in reference to how government influence on the economy.
He looks entirely like we issue to the Government in providing jobs and growth, and many people thought that the development of non-oil sectors requires a long time, so choose the easiest way, by the Government.
Third Iraq has oil reserves in the world, estimated at 115 billion barrels after Saudi Arabia and Iran, oil funds constitute about 94 percent of the country's revenues.
The Government announced Monday high oil exports during the month of April, reaching 75, 3 million barrels per day, the highest rate of export of oil since 1989.
The Government indicated in its statement that the amount of revenue generated by exports in April totalled eight billion and $ 795 million, although sales rate stands at 116, 7 dollars per barrel.
Oil Minister Abdel Karim would confirmed early March that Iraq daily oil production is highest since 1979, with Deputy Prime Minister Hussein Al-Shahristani said production exceeded three million bpd.
However, do not represent the functions related to the oil sector, only about one percent, according to UN figures, in a country where the unemployment rate is about 12 percent, but unofficial figures indicate that unemployment touching 30 percent.
Shabibi invites, economist who runs the ECB since mid-2003, the authorities to ease laws imposed on the private sector, and focus on Agriculture and industry and technology.
He explains that one of the Government's priorities is to strive to alleviate the conditions imposed on private business, adding there are certain laws or procedures impede all forms of growth to the private sector.
Explains Shabibi said that many people who work in the private sector come to the country, but they cannot continue to work because of the problems they face. I think it is important that we take away conditions even allow people to work, and also reduce the requirements imposed on companies even begin other sectors flourish.
At the same time refers to the non-oil sectors need to work large says Shabibi if we are talking about the reduction of unemployment, we must develop the non-oil sector, a sector which, although relatively small, but the goal should focus on it.
Iraq suffers from ongoing violence since the 2003 invasion by US forces killed tens of thousands, which hamper economic growth.
Also, Iran and Syria, which were considered the most important adult partners for Iraq, under UN sanctions over its nuclear program first, and second because of the Suppression of protest movement which continued for more than a year.
Iraq market has seen in recent weeks an increase in demand for the dollar led local currency increase regression, it is linked to the officials saw endeavoured Syria and Iran to obtain hard currency of Iraq. (Finally)