The Iraqi Minister of Water Resources Jamal Al-Adli announced the measures of the ministry in cooperation with the Iraqi Ministry of Agriculture. He also indicated the Investment Authority steps of a million acres for investment as a first stage. Al-Adli issued a press conference accompanied by the Minister of Agriculture and Chairman of the Investment Authority. He said that the land offered for investment is distributed between the provinces of Najaf and Al-Muthanna. The Ministry allocated an area of ??700 thousand dinars for the province of Najaf and 300 thousand dinars for the province of Muthanna. He said that the ministries of water resources and agriculture have been working hard on this project for last 10 months. It is strategic projects that contribute to the diversification of the Iraqi economy and create jobs.
The Minister of Resources also pointed out that the agricultural plan for last year was 500 thousand dinars and the agricultural plan for the current year amounted to 16 million dinars. It is noteworthy that the World Bank issued its report on Iraq and its outlook from the previous years. A report from the Bank says, “The recovery of growth in Iraq may be short-lived in the absence of structural reforms and accelerated reconstruction. It is expected to continue its positive track and peak at 5.1% in 2020. Moreover, growth is expected to slow to 2.7% in 2021.
The World Bank also mentioned that the higher spending with lower oil prices will lead to the expected fiscal deficit at 3.3% of GDP in 2020 and will remain on a similar scale in 2021. It is expected that the ongoing fiscal deficit will raise public debt to more than 48% of GDP by 2021. The lower oil prices and increased imports will keep the current account balance in deficit with GDP expected to average 4% over the period 2020-2021. This is expected to be financed in part by the accumulation of previous international reserves. The CBI’s foreign reserves are expected to fall to an estimated 51 billion U.S dollars by 2021.