Maliki calls for increasing oil revenues

BAGHDAD / IraqiNews.com: Iraqi Prime Minister Nouri al-Maliki on Wednesday called for increasing oil revenues, noting that the global financial crisis affects the Iraqi economy. Addressing the conference on development of alternatives to oil in Iraq, the premier said “we need to increase oil revenues to activate the rest of sectors, including the agriculture sector.” Iraq depends on oil by 95% of his budget. The country suffers from the sharp decline of oil prices which reached now $35 from $150 last July. “The financial crisis affects the Iraqi economy and we should have an economic theory of our own,” he explained. “Development in Iraq needs a comprehensive vision and an integrated economy,” he added. The conference on development alternatives to oil started in Baghdad on Wednesday morning with the participation of Prime Minister Nouri al-Maliki and Planning Minister Ali Baban. Baban had said Tuesday (Feb. 24) that his ministry will hold a conference on Wednesday and Thursday to present a study to the government on finding development alternatives in Iraq. Baban had said that decreasing Iraq’s dependence on oil and diversifying resources are topping the government’s agenda in the current stage. SH (S) 1