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Supreme Economic Council

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1 Supreme Economic Council on Sat Jun 09, 2018 7:40 am

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Supreme Economic Council

Samir Nusairi
Samir Nusairi


The media leaks these days, according to government sources, that the important decisions that will be taken by the new government, which will be formed after the ratification of the final results of the elections is the formation of the Supreme Economic Council, and on this occasion I would like to reiterate to the reader that I have already called for the formation of this Council on 17 February 2016 open letter to the Prime Minister published on the website of the Iraqi economists and reiterated the proposal at the beginning of 2017 on the pages of the newspaper Al-Sabah glue and the Agency of Economy News and important that this Council should be composed of half of experts in the government and The council is responsible for strategic planning, defining policies and procedures, monitoring and monitoring the implementation of development plans, and has the authority to make recommendations and economic decisions to reform the national economy.

The Chairman of the Council shall be a member of the Council of Ministers. The Council shall be headed by a technocrat elected by the members of the Council. Members shall be selected according to the scientific standards and practical experience accumulated in the Government or in the private sector. The implementation shall be binding upon ratification by the Council of Ministers and shall be regulated by law.

And be supervising and supervising the committees and entities it forms, most notably the Reconstruction Fund, the National Savings Fund, the SME financing and development institutions, and the protection and support of the local product and the public service council.

And that the private sector be given a leading role in the management of the economic wheel allows it to overcome the imbalances in the structure and strict central regulations and economic policies deficient within the central objective of moving to a stable and free economy and the adoption of mechanisms and ways, policies and procedures clear because "the process of economic recovery requires a campaign to save all productive and service sectors, And despite the existence of strategies and initiatives prepared and issued in partnership with international organizations of the United Nations, but it has not led to important positive results over the past years for many considerations, especially complications planning Legislative and executive".

Therefore, "one of the most important tasks of the proposed Council to develop mechanisms, contexts and instructions and reconsider legislation to move the economy from its current status to the social market economy, so as to achieve sustainable national development for the next five years as an important stage to move to achieve the economic vision of Iraq until 2030, Private Sector 2014-2030, and is in line with the provisions of the Constitution on the promotion of privatization."

Stressing the need to review the mechanisms and policies and points of action in light of the variables of the economic and financial crisis experienced by the country through the restructuring of the state-owned industry and the transition to the private sector and provide the necessary infrastructure and the promotion of agricultural production and livestock, as well as the development of trade and banking.

In addition to "structuring the government banking sector in accordance with the memorandum signed with the World Bank, in addition to supporting the private banking sector and enhancing its current potential", and formulating policies of economic cooperation with Arab and foreign countries and establishing economic relations with them, as well as developing development policies for internal and external trade, For its positive effects on the economic situation.

Because the building of a healthy national economy in which all productive sectors participate will save the country from its suffocating economic crisis, increase per capita income, increase its purchasing power and increase national income.

"The focus is on the need to implement important steps towards building a strategy for developing the economy and supporting the private sector to take part in contributing to the new construction Economy and diversification of budget resources."

With the importance of sustaining partnership and dialogue and cooperation between the private sector and the government and activating them, and contribute to the development of mechanisms and participation in follow-up implementation to resolve the transition in stages programmed time to market economy.

And the belief in the ability of the private sector to work towards providing additional sources of funding for the state budget by adopting and diversifying other non-oil resources in the gross domestic product and encouraging the establishment and development of small and medium-sized enterprises to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose.

* Economic and banking consultant
Date Added 09/06/2018

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