Economists: Iraq will face inflation and many projects needs to be developed

Posted: February 9, 2014 in Iraqi Dinar/Politics

Baghdad confirmed analyst economical Australian, said on Saturday that Iraq needs a “long list” of projects for its development as well as projects that are needed for reconstruction, and while confirming that Iraq possessed the largest percentage of growth for countries that increase the budget over 50 billion dollars, while the IMF warned that Iraq will face inflation if dish plans “spending power” for the year 2014, he explained that “feet”, the infrastructure for the production and export of oil impede the process of construction in Iraq.

said analyst Economic Courtney Trinot from the University of Onakung Australian, in a study it published site Arap Bzenz and briefed them (range Press), said that “Iraq does not need just a long list of reconstruction projects, but also to the development of a country is one of the world’s oldest civilizations and the cradle,” unexpected ” the increase in oil revenues, much of the country by the end of this decade. ”

and cites analyst Trinot through its “as said by Director of the largest banks Iraq commercial where Hamdiya dry during the forum Iraqi banking, which was held recently in Dubai, that Iraq still need basic infrastructure, as well as the development of reconstruction of cities to three million housing units with industries and investments advanced in the field of energy with the need for health institutions and services. ” She Trenot that “the growth does not mean they are in Iraq lame, but that Iraq had the highest growth rates of GDP for any economy above the rate of 50 billion dollars, and put in the IMF ahead of countries such as China, Libya, India and Qatar, “stating that” the phenomenal growth rate of this depends entirely on the oil left with small percentages estimated 10% confined to the scope of private investment Small currently taking place in the country . ”

For his part, the Director of the IMF mission in Iraq, Carlos Sdralafj that “at a time when it wants the world to buy any quantity of oil produced by Iraq, the infrastructure, the old country in the areas of production and export of oil works to block it,” pointing out that “Iraq needs to access the price per barrel to $ 105 at the very least to be able to balance the budget, a rate higher than any other oil-producing state. ” He Sdralafj that “the Iraqi government If it goes forward in the implementation of its plans the spending of the year 2014, they will be recorded inflation rate record and drain the country’s reserves of hard currency, “pointing to” the existence of a structural problem because the financial performance of the country depends on oil revenues and that this dependence is growing. ”

In turn, the CEO of Crescent Petroleum UAE’s Majid Jafar, the amount of the company’s investments in oil and gas projects in Kurdistan region of up to 1.5 billion dollars, said that “there are sites and wide are still unexplored in Iraq and exploration of oil and gas are considered in the early stages now, and expected that” Iraq has the largest reserves of oil and gas in the Middle East. ” and sees the International Monetary Fund IMF that Iraqi oil production could increase from its current level of three million barrels per day for up to five million barrels per day by 2018, and this is in line with the estimates of the International Energy Agency IEA connecting oil production to six million barrels per day by the year 2020, and with more ambition Iraqi government is seeking to reach the desired goal produces nine million barrels per day by the end of the decade. , and after more than ten years on the U.S. invasion of the country is still struggling to formulate political structures, legal and economic needed for reconstruction, Iraq is considered one of the richest oil countries but are still large amounts of this Black Gold liquid remains under charter to those who need to derive the wealth taken advantage of the Iraqis.

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