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Iraq seeks to find financial alternatives for the oil revenues to support the future State's budgets, in anticipation of the decline of world oil prices.
The Iraqi Ministry of Planning and Development Cooperation had arranged « Development Alternatives Conference», which was held in Baghdad and diagnosed a number of points that can find the financial resources to support the Treasury, and the most important of them were how to raise the oil production, support investment and private sector and motivate the productive and service sectors.
The Iraqi Planning Minister Ali Baban, stressed on the need to follow up the recommendations of the Conference, which will help to find supporting financial resources to the state and apply them, while the former Iraqi Minister of Planning Mehdi al-Hafedh has focused on the importance of the conference, and said in an interview «Iraq must depend on the diversification of the local economy and develop the industry, agriculture and services; and warned of the risks that may ensue on Iraq if the world oil prices continue to decline.
The Board Director of «Assyrians International Bank for Investment» Wadi'e Al-Handal clarified the role played by the private sector is more important than some of government departments. He pointed to the importance of the banking sector's role in financing Iraqi people and projects as well as the construction and import sectors,
He added that the next two years will witness more investment opportunities along with the decline in prices of raw materials and funding, which would allow the banking sector more opportunities to perform its important role in development.
He said the private banking sector has a sufficient capacity to support the requirements of foreign and domestic investment and meet them, pointing to about 30 private banks have capital of more than a billion dollars.
source:IRAQdirectory
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