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Iraq targets growth rates of 7% in five-year development plan

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Iraq targets growth rates of 7% in five-year development plan

The plan aims to raise the gross domestic product to 292.5 trillion dinars in 2022

03 April 2018 05:40 PM

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Iraq announced its target to achieve economic growth rates of about 7% over the next five years.

On Tuesday, Iraq put forward the National Development Plan 2018-2022, according to Iraq's vision for 2030, which aims to raise the gross domestic product to 292.5 trillion dinars in 2022 (245.54 billion dollars), compared to 182.2 trillion dinars in 2015.

Iraq expects revenues of 440 trillion dinars ($335.78 billion) during the plan's years, of which 370.2 trillion dinars are from oil revenues and about 70 trillion dinars from non-oil revenues.

Iraqi government officials said the 2018 budget focused on non-oil revenues in light of the country's transition to the post-oil era and the strengthening of its other economic resources.

The plan also predicted that the volume of Iraqi oil production in 2022, the rates of 5 million barrels of oil per day, an export rate of up to 4 million barrels per day.

Iraq's exports of crude oil again rose by the end of March 2018 , to 107.5 million barrels of oil, with revenues of 6.42 billion dollars (7.65 trillion Iraqi dinars), according to statistics for "Sumo oil."

The plan, initiated by Baghdad in 2016, focuses on the pillars of governance, the development of the business environment and investment, especially for the private sector, the reconstruction of the provinces and the alleviation of poverty in all Iraqi provinces within the framework of the market economy strategy.

Salman Al-Jumaili, Iraqi Planning Minister, said the priorities of the 2018-2022 plan are to address delays in the economic sectors, weak government and institutional role, and the diminishing role of the local private sector and its reluctance to invest.

Al-Jumaili said at a press conference to announce the plan that it aims to overcome the funding constraints and provide an appropriate and stimulating business environment for the exercise of various economic activities, according to a statement.

The IMF said that the economic policies implemented by the Iraqi authorities are appropriate to deal with the shocks facing Iraq - the armed conflict with Dahesh and the consequent humanitarian crisis and the collapse of oil prices.

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