Iraq: The Development Road and Faw Port projects will provide high revenues

INA - BAGHDAD 

The Ministry of Planning reviewed on Tuesday, the upcoming five-year national development plan for the years 2024-2028, while confirming that the development road and Faw port projects will change the path of rentierism in the Iraqi economy and could provide a high percentage of contribution to the state revenues.

“The day before yesterday, we held a conference to open discussion after completing basic drafts of the national development plan in partnership with all ministries, private sector entities, and academics," said the Undersecretary for Technical Affairs Maher Johan to the Iraqi News Agency - INA.

He added, "The plan highlighted challenges on three basic axes: internal social, political, economic and institutional challenges, and challenges of another form, which are what they call external influences. These axes have a major impact on the course of plans at the country level and the state of uncertainty that the world is going through with the geopolitical situation and climate change as a result of major technological transformations that affect our future and its connection to the future of oil as a rentier state."

"This plan is the fourth after 2003, and we developed three plans, and each plan expressed itself better than the previous one, but our main problem was in proceeding with implementation. This issue has internal and external reasons, but what is required today is to proceed with innovative paths that guarantee implementation and resilience to all different circumstances,” he included.

He added, "None of these challenges can be neglected, but the priorities that we have relate to four main programs linked to the government program and the ministerial curriculum presented by the Prime Minister. The first basic program relates to completing, supporting and enhancing programs and projects related to human capital, that is, health, education and upbringing projects and service provision projects. The second program relates to infrastructure linked to the productive sectors of industry, agriculture and tourism, and it is one of the government’s duties to implement it.”

“The third program is the path of economic diversification, and here we move to sectoral interactions in strategic projects. The main challenge may begin with governance and good governance, and perhaps in the first stage, focus on radical reforms in digital transformation and structuring financial and banking administration to be of great assistance to the state in achieving its new path,” he pointed out.

He included, "Iraq is currently witnessing very important strategic projects, as there is a shift to strategic projects with intersecting sectors, such as the Faw port and the development road. These projects can change the course of the rentier Iraqi economy, and thus provide a high percentage of contribution to the state's revenues and gross output, which is what it seeks via a development plan.”