Vision in the economic and banking reform after «urging»


The majority of countries, especially the developing countries and Iraq, one of which depends on the methods and economic system on the thought, philosophy and ideology that the political system believes in and based on the economic resources, human and natural infrastructure and infrastructure and infrastructure available to the economy and strategic objectives to achieve the welfare of society and secure the basic needs of the people and make it feel that His political system works for his service and building his future.

However, in light of the political, security and economic conditions that Iraq is currently experiencing, especially the suffering of the turbulent economic reality and the financial crisis that has begun to have a clear impact on the implementation of government and private sector plans to contribute to economic development. This crisis has its current and future repercussions due to the sudden drop in prices. Oil in the world market, which is the main resource for Iraq economically, which is about 60% of GDP and 95% of annual revenues in the public budget, and the failure to create new economic resources and weak planning The lack of coordination between the financial and monetary policies and the continuation of the deficit from year to year in public budgets because of the lack of reserves of cash because of the lack of a sovereign fund similar to other oil countries, in addition to the confusion of the economic vision deep in the background and the reality of the Iraqi economy rent, and the migration of national capital to abroad because The subjective and objective conditions above, what is important to us here is the Iraqi economy and what is new in it? What are the degrees of development and underdevelopment in its basic courses? What are their implications for sustainable development? What is our economic strategy?

In order to achieve this we propose the following:

the general frame

Draw 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

Activating the decisions reached by the expert committees formed by the Council of Ministers in 2015 for each economic sector to implement the road map for each economic sector. Implementation of these decisions is subject to monitoring, monitoring and evaluation.

Formation of a joint legal committee to reformulate, amend and enact new laws that will serve the implementation of the approved roadmap, namely, all the laws of the legislative environment that regulate and manage the Iraqi economy in its new curriculum.

Drawing up policies and mechanisms to ensure public-private partnership, involving the private sector in economic decision-making and managing the economy, and establishing the market leadership council from representatives of the private sector, as stipulated in the private sector development strategy for the years 2013-2014.

We proceed from a purely Iraqi experience that is consistent with every Iraqi thing that is central to the awareness, culture, sincere work and bright future that we see with optimistic eyes. We work according to the principle of "We disagree in politics and unite the economy". Construction of all, and the foundations of this construction are available in Iraq.

*Methodology of Proposed Economic and Banking Reform:

First: Review, evaluate and reconstruct the structural and institutional system of the economy

According to the following:

1- Establishing the Economic Council to be linked to the Council of Ministers with the participation of a wide range of government experts and experts of the private sector. It shall be responsible for strategic planning of the economy, defining the executive policies, monitoring and monitoring the implementation. This shall be issued by a law committed by the ministries and all institutions and sectors of the State. . It supervises and monitors the following national economic institutions:

National Savings Fund.

B- Higher Committee for Import, Export and Investment.

C - National Reconstruction Fund.

D - Committee for the support and protection of national production.

E) Small and Medium Enterprise Development Committee.

The Public Service Committee.

Second: Re-review and evaluate the applications of financial and monetary policies

Although the Central Bank of Iraq prepared and launched its strategy for the years (2016-2020), which included the main objectives and sub-financial stabilization and development of the banking system according to new mechanisms and work points, but this does not prevent the Central Bank as priorities:

The Central Bank and the Ministry of Finance analyze the financial position of the current and expected banks for the years (2017-2020) and determine the actual need for liquidity to sustain the monetary trading in the Iraqi market and activate the economic cycle in all fields, and develop a proactive plan to prevent bankruptcy and the collapse of some banks and the maintenance of the wheel of banking under the circumstances And the use of new mechanisms and tools for monetary policy applications.

In order to increase the credit and total financing of banks and to activate their contribution to various aspects of investment and reconstruction and to push the development process and move the economic cycle in Iraq, we see as a major step seriously reconsider the policy of lending and bank financing and activate the optimization of financing small private enterprises And the medium as a social and economic objective of special priority and urgent and that the Central Bank of Iraq has an effective oversight and oversight role.

In particular, the Central Bank Law No. (56) of 2004, the Banking Law No. (94) of 2004, the Registration of Companies Law No. 21 of 1997 and the Iraqi Stock Exchange Law No. 74 of the year 2004 and the Investment Law (No. 13) of 2006 and the activation of the Money Laundering Law.

Issuing the SME Act to help create new job opportunities, reduce poverty and destitution and contribute to economic development plans

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