Baghdad - Journal News
BAGHDAD (Reuters) - Iraq will reduce reliance on oil revenues to 15 percent of the budget after 30 years from now in 2047, the central bank governor said on Saturday.
Al-Alak said in a speech during the third annual conference of the bank under the slogan "The role of the Central Bank in achieving financial and economic stability," that "there are real indicators for the achievement of alternatives other than oil will be relied upon."
"We will reduce dependence on oil revenues gradually and we will reduce this gap by 2.5% annually and for 30 years, so that the dependence on oil revenues by not more than 15% after 30 years."
He pointed out that "the reliance on one resource for budget revenues will be subject to constant fluctuations and this is what Iraq will seek to achieve by reducing dependence on oil as a single resource for the budget."