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Specialists: Iraq has strong elements of a market economy, but corruption and mismanagement shackle its

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Specialists: Iraq has strong elements of a market economy, but corruption and mismanagement shackle its

Since 2017-02-22 at 16:44 (Baghdad time)

Baghdad – special


Fighting against the terrorist organization of ISIS is controlled only parts in Iraq, continued, in Exchange for Iraqi security forces scored victories in battles against regulation unless security conditions are still remarkably bad in most areas of Iraq, especially Baghdad, and increases of rampant corruption and the lack of financial resources as well as poor infrastructure, making the possibility of international companies coming into Iraq and the introduction of funds to invest in any sector of very difficult process but Not impossible.

Former Communications Minister Mohamed Allawi explained that at the end of 2011 and early 2012 when he was Minister of communication comes General Manager Internet Engineer Majid Hamid suggesting him the idea of creating a high-tech smart village project in simulation of smart village in Egypt.

Adds Allawi saying "we discussed it and we crystallized project to what can serve the situation in Iraq and provides the ground for creating a safe environment and a sophisticated infrastructure in Baghdad to bring investors from non-Arabic countries and Arabic to find footholds within Iraq and serious thinking to invest in Iraq in various sectors."

Speaking of the village follow Allawi says "following the exit of u.s. troops put the subject on a proposed Government build a sophisticated city with an efficient infrastructure is very high, as in many cities in the world, providing the city with hotels and high specification buildings for offices and apartments and leisure activities of restaurants and cafes, amusement and sports clubs have segregated men's shopping and commercial fairs and media city banks and other events.

"Increased as symbolic rents land distributed to major international oil companies operating in Iraq to build those businesses in the city centers instead of the current position in the UAE and Kuwait as well as security companies and media organizations and companies associated with airport and airline activities," adding that

"If you build this city, accept hundreds of global investors who fear poor security conditions in Iraq and in Baghdad, where the city will be adjacent to the airport, does not require the traveler to armoured cars and expensive protections Expressing regret at the lack of implementation of this vital project."

Of the Ministry of industry and minerals, said the Economic Affairs Committee authentication on several new resolutions during the meeting held in the presence of Minister Mohamed sheyaa peanuts to support national industry.

A press statement noted that "new decisions included emphasis on Ministry of electricity purchase your company products of Diyala, Ministry of industry and keep out shoddy PVC pipe with origins as well as agreeing to cancel obliging Ministry of health to refer national and need chronic medication' of antibiotics and new pharmaceuticals pharmaceutical company Samarra" banner that "this decision will contribute to increase the size of the engagements of the ten billion dinars to a hundred and thirty-two billion dinars a year."

The Economist said Dr Abdul Hussain anbaki said "there are three things that keep them will create macroeconomic strategy errors are difficult to avoid in the future of a continuing reduction in employees over the border, because there are (7 million) people paid 4 of them employees and three retirees and social protection network, create spending represents more than 80% of total demand in the economy, the continued reduction means continuing to create a deflationary pressures become undesirable consequences after a while."

It seems that it is wrong to continue to support the Iraqi dinar exchange rate to remain elevated with a crutch (overstated), says Al-Anbuge, notes that

"it works the opposite of national product protection and our productive apparatus is dysfunctional and needs to be stimulated to work and become a rival production, not the other way around, and that will make us after losing most of the Iraqi Central Bank reserves."

And indicates the importance of the "progressive reduction of dinar managed to stay within certain limits and not floating, not left to the market forces (supply and demand)."


Al-Anbuge stamped "wrong continued expansion in borrowing, whether external or internal, because we borrow to support the general budget deficit, and that the balance is mostly we consumer borrow to consume, how we face the future public debt burdens, note that the price of oil will remain low over the next three years or only relatively better, as the decline in production and distribution access deflationary and State meet its obligations accumulated towards contractors for completed projects or varying delivery rates.

Here it shows "becomes difficult marketing place public debt (Government bonds to the public) and external borrowing remains captive conditions and recipes cannot be met in the current scene even if correct recipes and workhouse".

In parallel it accused the Ministry of industry and minerals of internal and external contacts "unnamed", hit the local industry and waste of hard currency for draining the national economy.

The Ministry said in a statement, the Ministry has adopted a clear and deliberate plan to revitalize national industries and activate the domestic production by relying on Iraqi cranks benevolent and loyal to the country and specialists and accumulated experience, competence and skills.

"The Ministry is working hard to support the local market with all genuine national production could be produced to substitute imported", noting "persistent attempts at some internal and external stakeholders and users of malevolent hit national industry and resort to unjustified import and dumping for the domestic market in goods and imported goods and hard currency for the purpose of draining the Iraqi economy and keep Iraq consuming countries even for the simplest materials, such as (prayer mat) and a bottle of water and stylus.

Calling on businesses to "start a new phase in the work towards building a genuine national industry as possible and get out of hibernation by industrial country throughout the past three years.

"Keep a campaign banner (made in Iraq) and to address challenges and conspiracies encountered her steps and plans aimed at developing industrial realities in the country."

He called on all ministries and State institutions and citizens to acquire national products and support local industry and cutting out the foreign importer to restore Iraqi industry is recovering and to defeat all schemes which target identity and prestige of this country and seeking to sabotage the economy."

While others felt that Iraq's economic significance worldwide for many reasons, such as the availability of natural resources, opportunities and diversity and human capacity, and the diversity of the Community fabric, but though he didn't find the fair calendar, and usually find in most calendar by global organizations and even many States that did not live up to half of its human and material resources.
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