Central Bank of Iraq presents a project to decode overlapping jurisdictions
03/11/2011 10:57

Baghdad, November 3 (Rn) - The Central Bank of Iraq, said Thursday that he had put a project to separate legislation, laws and overlapping jurisdictions in the government institutions that hinder the promotion of economic development and reduce the administrative bureaucracy.
The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Central Bank will present a project on the Iraqi government to break laws intertwined that hinder economic development in the country and cancel your old that do not fit with the direction of Iraq for the expansion of investment projects."
"The Iraqi investor needs to 3 thousand dollars and more than 3 months and go through 20 episodes administrative even allowed to execute the project while in Canada, for example, the period for the opening of any investment project requiring only two days and $ 100 and two two administrative."

He said, "issued by the Finance Corporation, a true reality and diagnosed by the Iraqi government, which requires a comprehensive reform of the laws, regulations and overlapping jurisdictions that impede the implementation of economic projects."
The IFC said on Wednesday that Iraq will not reach the level of development under the laws and regulations strangle the Iraqi economy.

The IFC is the largest global body for development, focusing on the private sector in developing countries, and opened its first office in Iraq in April.

The Central Bank of Iraq, that the average per capita income amounted to 4 thousand Iraqi and U.S. $ 500 per year during the current year.

And approved the Investment Authority in 2006 a new law to invest in Iraq, and in accordance with the law is the body responsible for all strategic investment projects of a federal nature exclusively, while the bodies of the regions and provinces are responsible for investment planning and granting investment licenses in their regions and conducted by the parliament extensive changes at the end of 2009.