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A road map to reformulate the economic approach

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A road map to reformulate the economic approach

09/4/2018 12:00 am

Proposed Reform Program

Samir Al Nusairi *

After a few days, the campaigns of candidates for the elections will begin and the blocs and parties will compete with their political and economic programs.

The candidate is supposed to choose his candidate based on the achievements and achievements of Iraq and his people. Therefore, as a specialist in economic and banking affairs.

For the economic reform during the next election session after the results of the election, candidates proposed the following reform program:

Economic reality

In light of the political, security and economic conditions that our country is currently experiencing, especially the dire economic reality and the economic and financial crisis which have had a clear impact on the implementation of the plans of the government and the private sector to contribute to economic development, as this crisis causes and implications of current and future due to the sudden drop in oil prices in the market Which constitutes 60% of the GDP and 95% of the annual revenues in the public budget and the inability to create new economic resources and weak planning Economic.

What concerns us is the Iraqi economy and what is new in it and the degrees of development and underdevelopment in its main rings and what are their implications for sustainable development?

What is our economic strategy and post-election reform program?

In order to achieve this, we propose the following:

The overall framework of the program

• Draw up a road map at the strategic and phased level to reformulate Iraq's new economic approach, which adopts mechanisms for transition to a market economy

• Activation of the decisions reached by the expert committees formed in the Council of Ministers in 2015 for each sector of economic implementation of the road map for each economic sector and the implementation of these decisions to follow up, monitoring and evaluation

• Forming a joint legal committee between the government and the private sector to reformulate, amend and issue new laws and activate all laws issued and currently suspended which regulate the management of the economic process and serve the implementation of the road map to be approved. All the laws of the legislative environment that regulate and manage the Iraqi economy.

• Reconsidering all federations, associations and organizations formed by law or managed by internal regulations and establishing the Private Sector Council.

The tasks of the Private Sector Development Strategy for the years (2030-2014) will be based on a purely Iraqi experience that is consistent with all of Iraq's core of awareness, culture, The Mashreq, which we see with optimistic eyes and work according to the principle of (we disagree in politics and unite the economy) because the people do not achieve their well-being, happiness and prosperous future without a strong national economy contributes to the construction of all and the foundations of this construction is available in Iraq.

Proposed Economic Reform Program

First: To review, evaluate and reconstruct the structural and institutional system of the economy according to the following:

1- The establishment of the Supreme Economic Council is linked to the Council of Ministers with the participation of a wide range of government experts and experts in the private sector.

It includes experts, specialists and independent technocrats.

The Council undertakes the strategic planning of the economy, defining the executive policies, monitoring and monitoring the implementation of future development plans and visions.

Its decisions shall be binding upon the approval of the Council of Ministers and shall supervise and follow up the following national economic institutions:

2. National Savings Fund
High Committee for Import, Export and Investment
4 - National Reconstruction Fund
5. Committee for the Support and Protection of National Production
6. Small and Medium Enterprise Development Corporation
7. Public Service Council

II. Re-review and evaluate the applications of the financial and monetary policies Despite the initiative of the Central Bank of Iraq to prepare and launch its strategy for the years 2016-2020, which included the main objectives and sub-financial stability and monetary development and the development of the banking system in accordance with new mechanisms and work points and achieved a significant part during the years 2016 2017 and recovery And improved the international credit rating for Iraq and the application of monetary policy on the right track. But this does not prevent the Central Bank as priorities as follows:

• The Central Bank and the Ministry of Finance analyze the current and expected financial position of the banks (2018-2022) and determine the actual need for liquidity to maintain the cash circulation in the Iraqi market and activate the economic cycle in all areas and develop a proactive plan to prevent bankruptcy and collapse of some banks and maintaining the wheel of banking under the circumstances And the use of new mechanisms and instruments for monetary policy applications to enhance financial inclusion.

• The current banking financing structure is plagued by many failures and obstacles. In order to increase the credit and total financing of banks and to activate their contribution to various investment aspects and reconstruction and to push the development process and move the economic cycle in Iraq, we see as a serious step is to reconsider the policy of lending and bank financing and activating the maximization of financing private projects As a social and economic objective of special priority and urgent and that the Central Bank of Iraq has an effective supervisory and supervisory role.

• Amend the economic legislation in Iraq, which regulates the economic and banking work in order to promote the economic and banking reality, in particular the Banking Law No. 94 of 2004, the Companies Registration Law No. 21 of 1997 and the Iraqi Market Law No. 74 of 2004 and the Investment Law No. 13 of 2006. And activating the law of partnership between the public sector and the private sector.

• Issuing the SME law to help create new job opportunities, reduce poverty and destitution, contribute to economic and social development plans, and reduce unemployment.

• Activate the role of government banks, specialized banks and private banks to provide soft loans to the national private sector as well as find solutions to the problems of taxes and accrued interest that resulted from the owners of projects suspended production.

• Reviewing the executive regulations and guidelines for the application of monetary policy and setting up a prudent regulatory system to follow up the implementation, particularly with regard to the external transfer and selling window of the currency supervised by the Central Bank of Iraq and the development of new mechanisms with regard to foreign transfer and documentary credits.

The implementation of the procurement curriculum for the government and private sector, which should be prepared by the Ministry of Commerce in light of estimates of consumer need.

• Securing legal and technical requirements for large-scale coordination between state banks and private banks, as well as taking quick steps to structure the Rafidain and Rashid banks, unify the specialized banks of the Bank for Development and Investment and manage market economy mechanisms.

On the other hand, the development of the Iraqi banking payments system and its modernization and the organization of financial and monetary trading in accordance with the latest electronic banking systems applied in the countries of the world.

• Review, evaluate and reclassify banks in accordance with the standards of efficiency of performance and activity by adopting international standards based on the process of auditing and evaluation accounting institutions neutral international certified and under the supervision of the Central Bank of Iraq.

That the integration of banking specific foundations and means to address the problems and obstacles to work in the banking sector and transition from the role of exchange to the developmental role.

Advisor to the Association of Iraqi Private Banks

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