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Finance Minister: The white paper seeks to fundamentally change the nature of the Iraqi economy

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Finance Minister: The white paper seeks to fundamentally change the nature of the Iraqi economy

Sweeteners    2021-09-03 | 04:34
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Finance Minister Ali Abdul Amir Allawi confirmed that the white paper seeks to fundamentally change the nature of the Iraqi economy.

Allawi said in an article published by the Guardian newspaper, “It is estimated that poverty rates in Iraq doubled in 2020, and

this is largely due to the decline in Iraq’s oil revenues, as prices fell globally due to the collapse in demand caused by the epidemic,” noting that

No We can allow the livelihoods of millions of families to continue to be dictated by the unpredictable fluctuations of the oil market."

He explained that "correcting this matter will require policies and investments that will enable oil and gas producing countries such as Iraq to direct capital and labor to productive industries in the future and contribute to empowering and stimulating the role of the private sector
.

In fact, this was one of the main motives behind the white paper for economic reform, which seeks To
fundamentally change the nature of the Iraqi economy,
allow the private sector to play a greater role,
reduce Iraq’s dependence on oil exports and
commit to economic renewal focused on environmentally sound policies and technologies
.

Allawi added, "Iraq can play an important role by taking advantage of the huge potential to produce and provide clean energy, as

oil and gas production constitutes up to 40% of total greenhouse gas emissions and the continuous burning of natural gas in oil wells, which necessitates us Commitment to reducing gas flaring and investing it
,” stressing that

“increasing energy efficiency will have other benefits as well, and this means that we will not need to spend huge amounts to increase the general level of electricity provision, and that Iraq’s inability to provide enough electricity to meet demand has cost the country nearly of $120 billion over the past seven years.

He pointed out that "increasing energy efficiency will allow the creation of job opportunities in areas such as the construction and maintenance of energy-efficient green buildings, as

a recently published International Energy Agency report showed that for every million dollars invested in energy efficiency, up to 30 jobs are created, and that
this matter

It is very important in a country like Iraq, which is witnessing huge population increases that will need job opportunities in the future
."

He continued, "The worst potential solar sites in Iraq get up to 60% of direct energy from the sun, and this percentage is higher than the best sites in Germany, but with that, the solar power plants built by Germany so far provide two and a half times as much energy. Electricity for all oil, gas and hydroelectric stations operating in Iraq combined.

And he noted, "In order for Iraq to move towards clean energy, it needs financial resources, expertise and policies that will transform its economy in an equitable and affordable manner, and this requires international support.

Otherwise, moving towards net carbon dioxide emissions to zero will be a distant dream by 2050".

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