Iraq's five-year development plan to generate $540 billion
In a statement to the Iraqi News Agency (INA), al-Hindawi explained that oil will account for the highest part, projected at 631 trillion Iraqi dinars ($481.6 billion), with non-oil income reaching 79 trillion Iraqi dinars ($60.3 billion).
The Iraqi official stated that the strategy calls for more than 241 trillion Iraqi dinars (nearly $184 billion) in investment to attain a 4.24 percent annual economic growth rate.
The public sector is planned to invest 157 trillion Iraqi dinars (approximately $120 billion), while the private sector will contribute 84 trillion Iraqi dinars ($64.13 billion), according to al-Hindawi.
The Iraqi official elaborated that the 2024-2028 plan intends to reduce unemployment to 10 percent from the present 13 percent.
Al-Hindawi stated that the plan aims to keep inflation under control in order to protect vulnerable individuals and promote job opportunities.
The level of poverty is expected to fall to less than 15 percent throughout the five years.
The strategy also intends to lessen dependency on oil by diversifying revenue sources and promoting growth in non-oil industries.
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