The Iraqi Prime Minister Haider Al Abadi issued a statement on Sunday that we were not able to invest in the development process of the economy due to fluctuation in the oil prices. He delivered his words during an opening ceremony of the Baghdad International Fair 42nd event.
He further added that current Iraqi government is more dedicated to provide a reliable investment platform for local and foreign investors. We are encouraging the private sector for cooperation between public and private sectors and it is considered as the basics of our governmental programs to stabilize the Iraqi economy.
He further added that we are trying very hard to eliminate all the complications and negative factors that were previously stopped bringing investment in the country which physically disabled positive economic activities in Iraq. He said that there should be a handsome coordination and combination between the capital locally and internationally specifically in our region. He added that this coordination would increase productivity and progress level.
Haider Al Abadi further added that previously implemented Iraqi policies were outdated and those were not effective to boost up Iraqi economy. More than 90 percent of the revenues were coming from oil export and fluctuation in the global oil prices has generated more economic and financial problems in the country. He also pointed out that previously increase in the global oil prices didn’t participate to improve the investment and other important sectors in the country, but Iraqi government is still spending more in this sector which increased a number of financial problems for the government.