Economic Reform Act a step in right direction toward a market economy

Posted: September 2, 2013 in Iraqi Dinar/Politics
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09/02/2013 12:00 AM

Specialist acknowledges its importance in the real transformation to a market economy

represents the law of economic reform, passed by the Council of Ministers recently glimmer of hope to all those concerned with economic experts and the private sector in particular because he axis foundation in economic work after the transition towards a market economy, especially The new law deals with the economic reality in accordance with the principles of a free economy, where it came from assertions that stage that follows the adoption of this law will revolutionize major development in all sectors as provided by the law of climates safe working environment attractive for international companies and their capital.

genuine transformation specialist in economic affairs Saif Hilfi said in an interview for the (morning) that the law of economic reform represents an important turning point and positive at the stage of real shift towards an open market economy, where the focus was on the adoption of a market economy and the formation of the top of the economy.

adding that Iraq needs at this important stage to the renaissance of development and economic through the promotion of the investment process and the influx of foreign capital wishing to invest in Iraq, especially since he has the elements and kegs investment in more than five large sectors such as oil, trade, agriculture, electricity and tourism.

pointed out that these incubators all have promising investment opportunities will create a great environment for investment and Ostglet effectively development would lead to a renaissance of large and influential in economic life.

concepts of economic openness
and pointed out that the law came to address the economic problems, where already we need to form a new higher council of the economy.

He pointed out that the Iraqi economy is going through now in transition still REO blurry and clear in the turn of the Iraqi economy Constitution and desires and political requirements of the post-change confirms that Iraq has admitted he went to a market economy has shifted from the idea of a centralized economy and government control of the joints of the economy to absolute faith in the market economy and the application of concepts economic openness and freedom of markets and establish priorities of international trade, but on paper.

ballasts for economic progress and said that despite the twists and turns of economic Iraq is still suffering from the presence of ballasts for economic progress and the opening of markets, represented by the presence of staff still believe the economy totalitarian and apply the priorities of state control over all the joints of economic life and those they influence directly on the reality of the economy, as well as there are a number of laws and legal materials that hinder the application of the concepts theories of the market economy and the move of the establishment of a higher council for the national economy is the need for urgent and important because it is a step contribute effectively to remove all the obstacles that stand in front of the overall development of the Iraqi economy, which impede progress and moving to a market economy.

monetary policy and sees Hilfi importance that there be coordination at a high level between the administration of the proposed Council and the Council of Ministers and the same time the ministers concerned the economy such as oil and Planning and Finance and the Central Bank of Iraq, as well as some private Iraqi banks and the actors and the number of owners experience and competencies involved in economic affairs and some representatives of unions actors as a link Iraqi banks and economists actors who have a long tradition in explaining and developing mechanisms monetary and fiscal policy in the country, because this serves the activation of this Council and its decisions in the formulation of policy concepts the three fiscal, monetary and economic policy that have a role in understanding and policymaking three and identify approved the next stage and the mission in Iraq, we need to address the economic policy.

identify obstacles to development and predicted Hilfi that the Council’s active role in identifying the obstacles that stand in front of the economy and in front of his success and strengthen the concepts of a market economy and diagnose the negative things that hinder economic progress as well as identify and diagnose the laws enacted in time Previous At the time of the application of socialist systems, which does not correspond with the concepts of a market economy and try to change these laws and create an environment of new legal is to create and enact laws that serve the transformation process the new Iraq, and all these things contribute to serious actor in economic development with the participation of civil society organizations and unions economic development.

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