The transition to the free market needs a suitable legislative environment

Views 12 Date 20/12/2016 - 10:54

Economy News / Baghdad ...

Confirmed economic advisor to the Baghdad Chamber of Commerce, Dr. Abdullah al-Bandar, the transition to a market economy needs a suitable ground of supporting the private sector legislation as well as the employment of support the IMF and the World Bank, which Iqdmanhma to countries in conflict and create a state of instability have, including Iraq.

Bandar said in an interview, said that the terms of the transition to a market economy for many of Iraq's most important economy, make it clear that a holistic blueprint, and the considerable scope for state intervention and the small percentage of the private sector.

He added, the most important of the other requirements is to avoid economic crises and the trend of the economies of the market in accordance with the rules and the basic pillars for the development of the private sector and advanced banking systems and financial system, and the stability of the general situation of the country.

He said al-Bandar, the importance that monetary policy and fiscal policy be suited and appropriate to shift from the public sector to the private sector, noting the need to study the market situation and restructuring of production units, especially in the troubled manufacturing sector in Iraq, which relies heavily on the economy.

He continued to take this big step to facilitate the path towards transformation, it must also be urged workers and officials in the private sector to benefit from the experiences of countries that turned to the private sector, stressing the need to retain the important sectors that affect people's lives and make it to the state, such as the privatization of electricity, stressing the need to be it through the appropriate legal and legislative environment and a sound ground.

He pointed out that the goals of the transition to a market economy depends on the re-distribution of roles between the public and private sector, with the roles of government intervention and the role of the private sector in Iraq is clear, pointing to the need to involve the private sector in the economic file with the government administration.

And between Bandar, we head towards a market economy to reduce the deficit in public budgets which would encourage local and foreign investments to work in the country to the fact that market economies are built to leave freedom for investors to work, so we aim to encourage private investment rather than government in certain economic sectors.

He noted that private sector resources used better as we demanded after 2003 by turning to the private sector, adding, but the experiences during 13 years have proved that the private sector in Iraq has not been able to exercise its role in a real weakness or the intersection of the legal and administrative legislation that paves the way for the emergence of the private sector , as the banks did not play a role foundation for the private sector, as well as projects that need big money so we find that the Iraqi private sector was oppressed in this aspect.

He pointed to the need to quote international experiences in this field and apply what suits them with the economic situation of the country such as Malaysia and East Asian countries because these successful experiences encouraged countries that were pursuing a planned systems to switch to market economies to rescue its economy.


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