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Economic decision requires the involvement of the private sector

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Economic decision requires the involvement of the private sector

16/5/2016 12:00 am
Baghdad – Hussein thghb Al-Tamimi

Economists and money that the Iraq experience stage economically since (2003-2016) need to pause a sincere evaluation and analytical in order to build their national economy in accordance with new strategic overview of transition to a market economy, according to a new Government program and was approved by the Iraqi Parliament included six basic axes, notably the economic axis.

A member of the International Union of Arab bankers Naseer Al Nassiri: the Government stressed the need to implement important stages towards building a strategy to grow the economy and supporting the development of the private sector to take its role in contributing to the construction of the new economy and diversifying its resources to balance without significant dependence on oil.

He said in an interview to «a» morning to study the economic reality that Iraq is going through right now according to the curriculum of a private sector development strategy and economic reform launched by the Government in February 2015 needs logical analysis and scientific standing and economic highlights of the axes that require solutions and treatments in the first phase until 2017 and the second phase (2018 – 2022) and phase 3 llstratiget until 2030, which the private sector will lead the market, with the aim of building the proper introductions to move to prompt market economy mechanisms.

Intermediate targets

This requires that the Government and the private sector in all banking areas, industrial, agricultural and service partnership and cooperation in the application of strategies on development trends in the interim objectives and medium and long term referred to in the above.

He noted the importance of involving the private sector a greater role in economic decision making and market leadership by contributing to the improvement of the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital and promote partnerships between the public and private sector.

He urged to contribute to the new legislative environment based on references to the article (25) of the Permanent Constitution walstratigiat and laws on economic reform and private sector development to ensure active and leadership for the future market.

He drew attention to the importance of sustaining and activation of partnership and dialogue and cooperation between the private sector and Government, and contribute to the development of policies and mechanisms walstratigiat participation in following up their implementation to resolve transition in stages programmed timetable to a market economy.

Sources of financing

Al Nassiri between private access to work towards providing additional sources of funding for the State budget adoption resources towards development and diversification to increase the percentage of resources other than petroleum GDP, as well as to promote the creation and development of micro, small and medium enterprises focusing mainly on inclusive and sustainable development including the establishment of specialized institutions for this purpose.

He noted that the private sector can collaborate in ensuring the implementation of Central plans to provide the infrastructure to encourage private sector development in industry and commerce, agriculture, tourism, mineral resources, energy and services, as well as activating the role of specialized banks and private banks to provide soft loans to the domestic private sector as well as solutions to the problems of taxation and benefits accrued resulting from stalled production entrepreneurs and develop short-and medium-term fiscal policy.

Noted players

He noted the importance of coordination and cooperation with ministries, financial institutions and relevant statistical base financial information and statistics and ensure transparency, active participation with the Government in implementing measures to restructure public enterprises and facilitate partnerships with the private sector, as well as to contribute to ensuring quality standards for domestic and imported products and services, stressing the importance of cooperation with the relevant institutions in qualifying and training specialized human resources in the private sector.

Al Nassiri urging private banks to invest in economic projects to enhance its contribution to GDP ratio and speed up legislative amendments to achieve this objective, working on specific regulations legislation and adoption of corporate governance in public and private institutions, seeking to pass legislation that allows involvement of specialists and professionals from the private sector as members of corporate boards

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