EFCC calls for establishing a sovereign fund to support State enterprises loss.

09/09/2016 13:33

EFCC invited Friday to establish a sovereign fund with capital of at least 200 billion dinars to support State-owned companies to qualify to make them productive and profitable.

EFCC Chief Jafar al-Hamdani in statement received "news" economy ", some State companies, particularly of the ministries of industry and minerals, agriculture and Commerce suffered great loss due to the entry of goods imported and introduced its productivity and its reluctance," returned to "reflected negatively on the Iraqi GDP economic reality."

Hamdani, said that "the best way to promote those companies establishing a sovereign fund with capital of at least 200 billion dinars, the contribution could be increased through Government and private sector, to support those companies and enable it to rehabilitate and modernize production lines, import the raw materials they need."

Hamdani, stressed that "the presence of the Fund should be accompanied by legal regulations to ensure its success, including the customs tariff and the producer and consumer protection, as well as having real control to support this proposal and ensure its implementation.

** This was put out by the Federation of Iraqi Chambers of Commerce **