Minister says govt. unable to cover projects, eyes private sector

NINEWA / IraqiNews.com: Planning Minister Ali Baban said on Thursday that the Iraqi government is unable to cover the needs of the economic sectors and manage major projects due to “corruption that is running amok,” calling for stronger role by the private sector and foreign investments in all provinces. “The economic condition in Iraq needs private initiatives and larger role by the private sector and foreign investments in order to cover all needs,” Baban said during a meeting he held at the Ninewa province building with director of government departments. The meeting was also attended by Governor Atheel al-Nejeifi and Deputy Governor Dildar Zebari. “The state’s operational budget consumes 80% of the oil revenues and go to meet the needs of employees and pensioners’ payments, the social protection network and the ration cards’ items. These are the state’s inescapable commitments but what is left is only 20% for investments, which is not enough to improve production,” said Baban. “That is why the private sector and foreign investments are badly needed and the province of Ninewa should benefit from the successful experiments of neighboring countries in the agricultural and industrial sectors,” he added. The minister asserted the need to “focus on production projects even if they came at the expense of other projects and services,” noting that this should be “the ideal prescription to ameliorate the Iraqi economy”. AmR (S) 1