College of Economy and Management at AL-Iraqia University organized its symposium titled "the changes in the oil prices and its impact on Iraqi economy", with the participation of a number of specialized researchers in the field of economy.
And the symposium embraced a topic for discussion; it was presented by Professor Doctor Ali Mohammad AL-Rawi, he explained the historical series of oil excavation and its means of extraction, production and the phases where oil witnessed increase and decrease in its prices. Besides, he highlighted its role in defining the economic status of countries considering it a political and economic commodity at the same time.
In addition, he referred to the fact that "the decrease of oil prices in this phase caused confusion in Iraqi economy which contributed to significant deterioration of the living standard of Iraqi citizen." And he also stressed on the importance of "taking necessary measures and quick solutions for such contemporary problem by activating the internal production and following new economic policy to be in harmony with the decrease of oil prices in this phase."
Moreover, member of service committee in Iraqi parliament Doctor Sabah AL-Tamimi said through her participation in the symposium, about the changes of oil prices and its significant impact on Iraqi economy, clarifying that this happened because Iraq's dependence on the oil revenues significantly.
And she also explained that "there are some solutions can be adopted by the government to put an end of the impact of oil prices decrease, the most important one is to follow an austerity policy fully considered by economic experts, and to adopt new economic protocols so as to create an economic balance in Iraq."
Furthermore, some discussions have been organized on the sidelines of the symposium. They concentrated on the way of keeping our economy away from oil dependence completely and finding alternatives that guarantee stability in Iraqi market and reduces the impact of international oil prices decrease.
Translated by: Assistant Instructor Ibrahim Talaat Ibrahim (M.A)
Deputy Head of Translation Department/College of Arts/AL-Iraqia University
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