Specialists: Iraq lacks a clear economic policy and economic reform legislation is needed

Posted: November 3, 2013 in Iraqi Dinar/Politics
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03-11-2013 10:04 AM

Baghdad (News)/report/bahtik/… Although Iraq has immense natural wealth and human and material potential high economic policy still floundering and not specific to any trend going, they turn towards a free market economy or a totalitarian centralized economy.

Where a number of economists and competent that Iraq lacks a clear economic policy, although the State claims that the economy has turned into open market however remained under the totalitarian regime works.

Perhaps the law of economic reform which is one of the controversial laws in the House of representatives might be helpful to the economy in terms of identifying practical points which the Government should follow in order to shift to a free market economy to achieve sustainable development in the country.

He invited specialists in economic need law because of the great importance of the Iraqi economy which provides a higher Council for economic reform in Iraq, saying during their talk (News Agency), the law would in the flying junctions in the adjustment of economic policies.

Member of the Committee for economy and investment Deputy//-abbasn sheyaa, said: the economic reform Act came to the House after the vote by the Council of Ministers and discussed by the State Council, said it was the first reading in Parliament.

Said sheyaa (News Agency): the Act includes forming a higher Council for the Iraqi economy, takes it upon himself to develop plans and strategies and a clear economic policy for the country match the economic transition from a totalitarian system to a free market.

He continued: this is what will get rid of legal and legislative bottlenecks and solve all the problems that hinder private sector development and investment promotion zthakik economic development in General.

He added that the Iraqi economy is still unclear and flounder with its politics, but when economic reform act legislation, Iraq has an important step to improve the Iraqi economy and overcome all the obstacles encountered.

As noted economist Abdul Hassan shammari: the Iraqi economy despite its immense natural wealth and substantial financial capabilities and capacities of human high rentier still one-sided supported on oil, and to invest this wealth also came from the Government without the participation of the private sector.

He said Al-shammari (News Agency): that the national economy needs accurate and clear plans to activate the other productive sectors and reduce dependence on oil through the activation of the private industrial sector that will provide local produce and sing country of import, as well as to provide job opportunities for the unemployed, so there will be less poverty in the country, thus we have achieved economic development.

He added that this will be achieved through the establishment of a Supreme Council consisting of competent and experienced professionals, specialized in the development of plans and wizards and clear economic policies which the country still lacks.

While the Deputy Chairman of the Finance Committee, the Kurdistan Alliance MP Ahmed Faizullah, sustainable development of the economic reform act legislation, stressing that the process of advancing the national economy does not depend on the composition of the Supreme Council for economic reform, but there are many problems should be considered.

He said Faizullah (News Agency): the fundamental problem in the Iraqi economy, lack of professionals who manage the country’s economic profile, and have no fire experience and full background.

He added that the Board might formed the party that will be the allocations of managed by non-professionals, so the economy will remain unchanged.

He called the iceberg: Government to support the private sector and reduce the dominance of the State sector to drive development forward.

The Economic Adviser to the Prime Minister, Abdul Hussein Al-Anbuge told reporters earlier that efforts made by the Iraqi team specialist, global international organizations, to develop lines of this law, which will enable the economic reality in Iraq to grow significantly in the coming years, and to revive many aspects of productivity, as the industrial and agricultural sectors.

According llanbeki, the reform plan includes two parts, the first is to shift economic policy towards open market, translate the will of the Constitution, which stipulated the need to follow policy, as economic approach in Iraq, indicating that the second part of the reform plan recommended forming a higher Council for economic reform, which will take over the country’s development policies and productivity, especially after the apparent dispersion of economic policies in the country, and caused a decline in growth rates, low rates of production, and keep the oil as the only source of financing of the budget of the country.

The Chancellor pointed out that the Council, to be formed after the law was approved by Parliament, will be linked directly to the Prime Minister, and Cedar by efficient components has its place in the economic community, stating that the Council will, as well as the revitalization of the economic reality, a number of important departments and institutions in the country, particularly the Department of land and tax reform, banking, insurance, and financing, as well as other Department will be concerned with the adoption of legislation to revive the economic reality in the country.

The Iraqi Parliament rejected a vote in its recent economic reform act and decided to return it to the Government for amendments to paragraphs



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