Shafaq News / The Iraqi Prime Minister , Haider al-Abadi launched on Thursday, a strategy to support the private sector in the country.

Abadi said in a speech in al-Rasheed Hotel in Baghdad, “We are determined to develop and support the private sector in Iraq.”

Iraq, which is directly dependent on oil by 95% seeks to finance imports of the budget after oil prices reduced to below $ 50.

Abadi confirmed the need to reduce depending on oil revenues.

“We need to develop our banking. That will be the key to the development of the private sector.”

Abadi talked about the financial crisis in Iraq and said “Iraq is not bankrupt, but rich with its fortune and people. We have to reduce dependence on oil revenues, then we will come out of this crisis stronger.”

The announcement of the strategy to support the private sector comes with the support of the United Nations Development Programme in Iraq.