The Private Sector Council is the institutional and legal pillar of economic reform

by **claud39** on Sat Aug 03, 2019 7:40 am

The Private Sector Council is the institutional and legal pillar of economic reform

03/08/2019

The Private Sector Council is the institutional and legal pillar of economic reform 1501

In light of my study and analysis of the reality of the Iraqi economy and the challenges faced in sixteen years, I reached my vision for economic reform as follows:

1 - Draw a road map at the level of the strategic and strategic to re-formulate the new economic approach to Iraq, Article 25 of the Constitution to re-evaluate and review the structural, structural, institutional and legislative system of economic management. As well as review and evaluation of the foundations of coordination between the financial and monetary policies and review the structure and presentation of the general budget and the transition from balancing items to budget programs.

2. Adopting the policies set out in the National Development Plan for the years 2018-2022 and the vision of Iraq 2030 and activating the decisions reached by the joint experience committees between the government and the private sector formed by the Council of Ministers in 2015 for each productive economic sector. These decisions are for monitoring, monitoring and evaluation.

3- Forming a joint legal committee between the government and the private sector to re-draft, amend and issue new laws and activate all the laws issued and currently suspended, which govern the management of the economic process and serve the implementation of the road map which is approved, namely all the laws of the legislative environment that regulate and manage the Iraqi economy in its new curriculum, Government-private sector partnership and local product protection law.

4 - Establishment of the Private Sector Council and its functions shall be as specified in the Private Sector Development Strategy for the years (2014-2030). Special efforts are under way by the Ministry of Planning in cooperation with representatives of the private sector and the United Nations Development Program and under the direct supervision and management of the Minister of Planning for the establishment of this Council. The criteria and weights for selecting members of the General Assembly of the Private Sector Council have been reached. His duties in formulating policies, strategies and visions to lead the economy in the coming stage.

5 - Involvement of the private sector in the economic decision-making and representation in the membership of the Council of Ministers and the Council of Counselors and all opinion bodies in the ministries.

6. The establishment of the Central Monitoring Body, which is linked to the Council of Ministers and represents the private sector, whose task is to follow up the implementation of the decisions of the Council of Ministers.

What is the role of the Central Bank, banks and financial technology companies in achieving financial coverage?

With the utmost confidence and confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq has suffered due to the repercussions of the siege, wars and instability during the period of the information revolution.

The Central Bank, banks and technical companies have been able to overcome the challenges of the technical gap between Iraq and the rest of the countries with sound procedures and mechanisms and to move in the right direction in the near future economic and security conditions that our country has suffered over the past years and charting a sound roadmap to catch up with technical developments in the countries of the world.

That the follower of the situation of Iraq during the past five years, the extent of faith in the capabilities and competencies of Iraq on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the achievements of important as follows:

1. The methodology adopted by the Central Bank has always focused on working under a sound legislative, regulatory and legal framework, as well as promoting the concepts of governance and international standards regarding information technology and financial techniques.

2- Issuing the electronic payment system for funds No. 3 of 2014, establishing the National Payments Council, the rules of corporate governance and management of information and communication technology, and the legal regulations and regulations governing the work of banks and electronic payment service providers.

3 - The Central Bank plays a central role in the establishment of advanced infrastructure and pursuit of the latest global technologies and the development of the bank's financial and banking systems and payment systems and advanced communications networks according to the latest technologies.

4 - the possession of the central bank for advanced payment systems as well as payment structures retail and was the national division of the most important parts.

5- Issuing work permits for many electronic payment service providers (card issuers, collectors, processing of mobile payment companies, bills and payment channels through different channels).

6 - Extensive attention to the implementation of the first objective of the strategy of the Bank for the years (2016-2020) is to achieve financial stability through a sound financial system with attention to achieving financial inclusion and reduce risks as well as the adoption of the project to settle the salaries of employees.

It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism. It is currently at a steady pace to achieve the digital transformation in the financial sector towards achieving financial stability and moving from the monetary society to the society of money. It is also one of the objectives of the government platform in the fourth axis ).

* Economic and banking consultant

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