Mazhar Muhammad Salih, financial adviser to the Iraqi prime minister, said 72% of Iraqi state-owned companies are losing money.
Saleh said in press releases today, Saturday, that activity in the government sector has lost 20% of its businesses due to neglect and wars. Read also MediaBart: Contraband, extortion and sharing of power… They plunder Iraq’s money and America is involved4 reasons which prevent Iraq from completely floating its currency… An American researcher: the stability and the rebirth of the Iraq must inject investment and fight corruption Ramadan in Iraq is different this year. Expensive Prices and Corona Spread
He added that of the 173 public or state-owned enterprises, only 28% are operating and for-profit, and the rest are losing businesses.
He explained that about 400,000 workers in state-owned enterprises receive monthly subsidies in the form of wages without performing productive work for 18 years.
The government official added that since 2003, the production activity of the public sector has been suspended and neglected, and more than 20% of these companies have been wiped out due to the wars.
Successive Iraqi governments have made plans to save losing companies, but they have failed to meet their targets due to the high costs of local production compared to imported products.
Gross domestic activity of government institutions and agricultural and commercial activity together accounted for 14.35% of total domestic activity for the year 2020, of which oil accounted for 57.68%, according to Iraqi government statistics.
Iraq depends mainly on the import of various goods and basic products, whether food or consumer, from neighboring countries, including Turkey, Iran and Jordan, in addition to China. Publicity
Saleh pointed out that profitable state-owned enterprises are those associated with the profitable activity of the petroleum sector, which enjoy quasi-monopoly advantages in obtaining raw materials and marketing the product and prices, which makes them profitable, and these are profitable operations surrounded by a lot of support, stressing that “workers and employees do not bear the cause of neglect and neglect. On an economic policy based on oil and the neglect of all other resources. ”