The Third 5 Year Plan
By Observer Staff
Sep 4, 2006, 08:37
3rd five-year plan approved
The third Five-year Plan for Development and Poverty Reduction (2006-2010) has been approved by a joint meeting of the Parliament and Shura Council. The meeting called for creating a suitable environment for investments to achieve the expected economic growth and create jobs for unemployed youths.
The approval came after listening to a report presented by a committee that was formed from economic-development and oil committees in parliament and the industry committee in the Shura council.
During the meeting, the committee commented on the plan, insisting on carrying out the plan in accordance with planned policies.
Previously, the two councils listened to Prime Minister Abdul-Qadar Ba-Jammal who read a statement by the cabinet about the five-year plan, which focused on the plan?s goals and expectations as well as funding resources for carrying out the plan?s projects. Afterward, the Minister of Planning and International Cooperation Abdul-Kareem al-Arhabi reviewed the plan.
The plan targets growth of the Gross Domestic Product at 7.1 percent during the 5 years of the plan, and an increase in oil production at average of 10.1 percent as well as a decease in population growth to 2.75 percent by 2010. Last July, the council of ministers approved in its Tuesday?s meeting the draft of the third five-year development plan for poverty reduction (2006?2010).
The plan also centers on improving the level of non-oil production sectors, creating jobs and eliminating poverty. According to the plan, the aim is to increase the volume of investments in the country to around YR 5 trillion. The plan also aims at improving good governance, government services and the social insurance network.
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