A proposed economic vision for the reform plan for the next government

A proposed economic vision for the reform plan for the next government



Economic Adviser Samir Nusairi
 
04/08/2018

Samir Nusairi
The government is suffering from mismanagement and mismanagement of public funds in some ministries and state institutions, the challenges of the war on terrorism, the decline in oil prices and the obvious imbalance in providing basic services to citizens such as electricity, high poverty and unemployment. 15 years of widespread financial and administrative corruption in most areas and lack of services and high rates of poverty, destitution and unemployment for many subjective and objective reasons known to officials, specialists and non-specialists. Therefore, we believe that the new government next will face significant tasks to overcome The suffering of the people and government above and that one of its first duties is the comprehensive and radical economic reform because reforming the economy is the solution to all problems. So we propose a road map for the reform of the next new government as follows

First: To review, evaluate and reconstruct the structural and institutional system of the economy according to the following:

The Supreme Economic Council is linked to the Council of Ministers with the participation of a wide range of government experts and experts in the private sector. It includes experts, specialists and independent technocrats. The Council is responsible for strategic planning of the economy, defining executive policies, monitoring and monitoring implementation of development plans and future visions. Its decisions shall be binding upon the approval of the Council of Ministers. The following national economic institutions are supervised and followed up:

1- The Private Sector Council and its Chairman shall be a member of the Council of Ministers

2. National Savings Fund (Sovereign Fund)

3- High Committee for Import, Export and Investment

4. National Reconstruction Council

5 - Council for the support and protection of national production

6. Small and Medium Enterprise Development Corporation

7. General Service Council

Second: - Review and evaluation of the applications of financial and monetary policies

Despite the initiative of the Central Bank of Iraq to prepare and launch its drawdown for the years (2016-2020), which included major and subsidiary objectives to achieve financial and monetary stability and develop the banking system in accordance with new mechanisms and work points. Iraq and the application of monetary policy on the right track. But this does not prevent the Central Bank as priorities as follows:

1- The current banking finance structure is plagued by many failures and obstacles. 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 serious step is to reconsider the policy of lending and bank financing, As a social and economic objective of special priority and urgent and that the Central Bank of Iraq has an effective supervisory and supervisory role.

2- Amend the economic legislation in Iraq which regulates the economic and banking work in order to improve the economic and banking reality, in particular the Banking Law No. (94) of 2004, the Registration of Companies Law No. 21 of 1997 and the Iraqi Market Law No. 74 of 2004 and the Investment Law No. 13 of 2006 and the activation of the Public-Private Partnership Law and the Local Product Protection Act.

3- Issuing the SME law to help and create new job opportunities, reduce poverty and destitution, contribute to economic and social development plans, reduce the high unemployment rate of more than 28%, activate the establishment of the guarantee company, guarantee credit and loans and establish the Social Development Fund.

4 - Activate the role of government banks, specialized banks and private banks to provide easy loans to the national private sector as well as finding solutions to the problems of taxes and accrued benefits that resulted from the owners of projects suspended production.

5. Securing the legal and technical requirements for large-scale coordination between government banks and private banks, as well as taking quick measures to structure the Rafidain and Rashid banks and standardizing the specialized banks of the Bank for Development and Investment and managing the market economy. On the other hand, the Central Bank continues to develop and modernize the Iraqi banking payments system And monetary in accordance with the latest electronic banking systems applied in the countries of the world.

6. Reviewing, evaluating and reclassifying banks according to the standards of efficiency of performance and activity by adopting international standards based on the audit and evaluation process. Small and weak activity with large and stable banks with the aim of developing and developing the private banking sector.

The banking integration should be defined as a basis and means to address the problems and obstacles to the work of the banking sector and move it from the role of banking to the developmental role.

Economic and banking consultant

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