Iraq announced National Development Plan 2018-2022

The Iraqi Ministry of Planning has announced the launch of the National Development Plan 2018-2022.The spokesman of the Iraqi Ministry of Planning, Abdel-Zahra Al-Hindawi issued a statement that the major objective in the National Development Plan 2018-2022 is to achieve at least 440 trillion Iraqi dinars financial revenues. Hindawi informed press that the main objective in the National Development Plan 2018-2022 is to collect at least 440 trillion Iraqi dinars financial revenues during next 5-years. He pointed out that the ratio indicates at least 70% from oil and remaining from non-oil imports. He said that the major objective of this plan is to increase the investment volume at more than 220 trillion Iraqi dinars. He pointed out that it would provide a significant amount of space in the investment within the private sector at 40% of the volume of investments as compared to 60% of the public sector. He said that the plan will efficiently target its objectives in order to achieve economic growth during the five years by 7% and it is according to expectations of global economic organizations.

Five-year plan of Hindawi

 Hindawi added that the plan will cover entire development sectors, including oil, energy, transport, agriculture, petrochemicals, and water resources. Its target in the field of energy is to achieve 21,000 megawatts. The objective of the plan in the oil field is to achieve at least 60 million barrels per day production rate. The major target in the field of Agriculture is to increase agricultural area. Some reports have indicated that Iraq has recently submitted a request to become the member of European Bank for Reconstruction and Development and to get support from it. The reports said that the Iraq has submitted a formal request and it is scheduled to discuss the membership request in the meeting of 66 governments. Point to be noted that the European Bank (MLB) was established in 1991 and currently operates from Morocco in North Africa through central and south-eastern Europe to Mongolia in East Asia.

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