Baghdad Economic Expert Saleh Al-Hamashi confirmed that Iraq can fulfill its internal and external obligations for a period of ten years at a price of 80 dollars per barrel of oil.
He said in a statement to the National Iraqi News Agency / NINA / that Iraq suffers from a double crisis in the decision-making process due to the lack of a database and the lack of a goal, so it is not possible to determine the future needs of the country in light of the population increase of up to 3%, equivalent to about Million people, annually. This complicates the scene a lot in light of the great shortage of services and the increasing indebtedness of the country.
Al-Hamashi added:”I believe that the level of 80 dollars per barrel makes Iraq able to fulfill its internal and external obligations for a period of ten years, without any financial surplus for the development process in the country.”
He explained that after ten years of repaying the debt, the country’s souls will have increased by ten million, which embarrasses the Iraqi finances, and here the government should not rely too much on oil prices, because the likelihood of oil prices rising to record levels in the next phase is very weak, and it must be addressed. The problem is internally through activating the role of the private sector to take its role in a big way to reduce the burden on the public sector. ”
It is noteworthy that oil prices began within days to rise relatively to reach the limits of $ 49 a barrel, a level it had not reached for more than 6 months, after several companies announced the success of their drug against the Corona virus.
Source: National Iraqi News Agency