Iraqi economic development hinges on oil ministry – PM

BAGHDAD / IraqiNews.com: Iraqi Prime Minister Nouri al-Maliki said on Thursday that the development of Iraq’s economy and establishment of reconstruction projects depend on the efforts exerted by the oil ministry workers, adding oil wealth is “the heart of the Iraqi economy”. “After security was improved, the country is now heading towards upgrading the level of services, for all obstacles impeding the development of the economy have been removed,” Maliki was quoted in a cabinet statement after meeting with Oil Minister Hussein al-Shahrestani and other ministry officials. “Global firms are competing to work and invest in Iraq’s reconstruction projects after they used to refrain from working in Iraq due to the security conditions in the past period,” added Maliki in the statement received by IraqiNews.com news agency. Shahrestani had said on Saturday that his ministry generated revenues of $61.883 billion in 2008, channeled into the Iraqi Development Fund, while the planned figure was $46.510 billion. AmR (P) 1