Samir al-Nusairi: The private sector must be involved in economic decision-making and represented in the Council of Ministers meetings

by **claud39** on Fri Aug 23, 2019 7:40 am

Samir al-Nusairi: The private sector must be involved in economic decision-making and represented in the Council of Ministers meetings

19/08/2019

Economy News - Baghdad

The economic and banking adviser to the Association of Iraqi private banks Samir al-Nusairi, Monday, the need for the participation of the private sector in economic decision-making.

Speaking in an interview with the "Economy News" on the challenges of the Iraqi economy and opportunities for reform of the banking sector in the government curriculum and prospects for the future of the national economy in light of the efforts being made to establish the Council of the private sector and its leadership of the economy in Iraq Vision 2030 in accordance with the strategy of private sector development for the years (2014‐ The role of the Central Bank in the digital transformation of the Iraqi banking sector and its role in achieving financial inclusion.

The dialogue was as follows:

* What are the opportunities for reform and development of the banking sector in the government curriculum?

- In the fourth pillar of the government curriculum (strengthening the economy), the government timetable for the government and private banking sector was defined and policies were set to implement the following objectives:

1. Development of the system banking Iraqi and enhance the confidence of the citizens it.

2-converting banks to function core , a lending of for development.

3 - Banks that do not provide loans and banking facilities that assist in development lose their meaning as banks, which requires a specific attitude towards them from the Central Bank.

4. Banks are the lever of development and the importance of the Ministry of Finance and theCentral Bank to support banks and develop their functions and not to rely on their presence on thecurrency window .

5 - Seeking to move from a paper currency economy to a symbolic and electronic currencyeconomy and withdraw funds outside the banking cycle and enter them into the banking system.

All the above objectives , although the period for implementation, according to the Government 'sprogram of time ranging from (1 -4 years) , but the central bank 's strategy for the years (2016-2020) achieved the goals of many of the goals of the government curriculum above and painted thenecessary policies and standards to achieve the goals in stages , which This led to the evaluation and classification of banks based on their achievement of the planned objectives. Some banks are moving towards the required development. Banks still need an additional period of time to achieve the objectives. There are non-performing banks that are now making extraordinary efforts by the bank to centralize and administer these banks to rehabilitate them.

What is important to us here is the real functional role of banks in providing loans and banking facilities and the transition from the role of banking to the development role There are two important observations to be taken into account with regard to the issue of loans and banking facilities to stimulate the economy:

First: The nature of the activities of banks depends on the nature of the activities of economic sectors, and as long as the economic activity is concentrated in trade (imports) banks activity remains focused on external transfer and related .. Therefore, unless other sectors (industry, agriculture, tourism and other) move to expect diversity of activity Banking.

Without control of imports, these sectors will not rise, which explains the lack of serious loans through the Central Bank initiative.

Second: We must provide the legal environment and the extension of the rule of law in order to eliminate the phenomenon of default in repayment of loans and thus the reluctance of banks to provide loans and facilities.

Q: What is your vision of economic reform in Iraq?

In the light of my study and analysis of the reality of the Iraqi economy and the challenges faced during the sixteen years I reached my vision of economic reform has been fixed in my book (my vision of economic reform in Iraq) as follows: -

1. Draw a road map at the phased and strategic level to reformulate the new economic approach for Iraq, which adopts the mechanisms of transition to a social market economy in accordance with Article 25 of the Constitution by re-evaluating and reviewing the structural, structural, institutional and legislative system of economic management. Also review and evaluate the basis of coordination between the financial and monetary policies. Review the structure and presentation of the general budget and move it from the budget of the items to the program budget.

2. Adopting the policies set out in the National Development Plan for 2018-2022 and the Iraq Vision 2030 and activating the decisions reached by the Joint Expert Committees formed in the Council of Ministers in 2015 for each of the productive economic sectors. The implementation of the road map for each economic sector is subject to follow-up and monitoring. And evaluation.

3 - Form a joint legal committee between the government and the private sector to re-draft and amend and issue new laws and activate all laws issued and currently pending that govern the management of the economic process and serve the application of the road map that is approved, which is all the laws of the legislative environment that regulate and manage the Iraqi economy in a new method, most notably the Banking Law and Partnership between government, private sector and local product protection law.

4- Establishing the Private Sector Council, whose tasks will be in accordance with the strategy for the development of the private sector for the years (2014-2030). We hope that the Council will come to light soon in order to exercise its duties in formulating policies, strategies and visions to lead the economy in the next phase.

5. Involve the private sector in economic decision-making and represent it in the presence of meetings of the Council of Ministers and the Committee on Economic Affairs of the Council of Ministers as a genuine member and the advisors and all opinion bodies in the economic ministries.

6. Establishing a central follow-up body linked to the Council of Ministers and representing the private sector. Its task is to follow up the implementation of the economic and investment decisions of the Council of Ministers and to improve the business environment.

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

- With determination and high confidence in the ability of Iraqi financial and technical cadres to overcome the challenges of the technical gap suffered by Iraq because of the repercussions of the siege, wars and instability during the period of the information revolution.

The Central Bank, banks and technical support companies have been able to overcome the challenges of the technical gap between Iraq and other countries with sound procedures and mechanisms and stand in the right direction in the darkest economic and security conditions suffered by our country during the past years and draw a sound road map to catch up with the technical developments in the world.

The follower of the situation of Iraq during the past five years notes the extent of faith in the Iraqi capabilities and competencies on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the important achievements have been achieved as follows: -

1. The methodology that was adopted by the bank 's central focus is permanently on the workunder the umbrella of the legislative , regulatory and legal sound as well as for strengthening theconcepts of governance and standards standard global with respect to information technology andfinancial technology.

22- Issuing the electronic payment system for money No. 3 for the year 2014, establishing theNational Payments Council, governance controls , institutional management of information and communication technology , and regulations and legal instructions that regulate the work of banksand electronic payment service providers .

3-exercise bank 's central role pivotal in the creation of built infrastructure , advanced and prosecution of the latest technology world and the development of systems of bank financial and banking systems and payments networks and communications developed according to the latesttechnologies.

4-possession of the bank 's central systems push advanced as well as for built retail payment was divided national of the most important parts.

5. The granting of licenses for the work of many of the providers services payment mail (issuerscards and collectors and processing operations companies pay phone mobile and viewers bills and the gates of payment through channels different).

6. Extensive attention to the implementation of the first objective of the Bank's strategy for the years (2016-2020) is to achieve financial stability through a sound financial system with emphasis on financial inclusion and risk reduction as well as the adoption of the project to localize 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 and is moving steadily to achieve the digital transformation in the financial sector towards financial stability and the transition from the monetary society to the monetary society, which is also one of the objectives of the government curriculum in the fourth axis (strengthening the economy) ).

* Samir al-Nusairi: an Iraqi economic and banking personality characterized by its scientific wealth and continuous economic and cultural contributions and has an insightful and analytical vision of the reality and challenges of the Iraqi economy for previous years and a clear methodology for economic and banking reform.

This comes through his accumulated scientific and practical economic experience in the governmental and private economic institutions for many years in addition to authoring 7 books and a folder titled (My Vision for Economic Reform in Iraq) and the most recent new book (light in the end of the tunnel ... Visions and economic and banking studies) all looking On the subject of economic and banking reform in addition to membership in several Arab and local economic organizations, most notably the International Union of Arab Bankers.

http://economy-news.net/content.php?id=17499

by **claud39** on Sun Aug 25, 2019 6:53 am

The strategic partnership between the government and the private sector is the cornerstone of Iraq's 2030 vision

08/25/2019

The Ministry of Planning announced last week the launch of the National Vision for Sustainable Development of Iraq 2030 with a broad presence of vision stakeholders, ministries, the private sector, academics, experts and consultants specialized in development, investment, reconstruction and community building, with the active participation of UNDP. Poverty Reduction Based on the data contained in the government curriculum of Dr. Adel Abdul Mahdi's cabin for the years (2018-2022) and what actually contributes to achieving sustainable development Below we define our vision of the institutional and structural partnership between the government and the private sector as follows:

All indications are that the new government plans to start the transition from rentier to productive economy during its current cycle, in line with the National Development Plan for the years (2018-2022), diversify resources, and reduce the dependence on oil as a major source of revenue.

In order to achieve this must be to have a role and a clear program decree to involve the sector 'sin the management of the economy and industry decisions and economic development comes thisfrom through the re - building the institutional and legal structure of the private sector in thelegislative, motivational and procedural aspects in line and matches the axes of the government program and implementation phases of the development strategy The private sector for the years (2014-2030) launched by the government in February 2015 and Iraq Vision 2030 on These programs should start immediately by establishing mechanisms to involve the national private sector in economic decision-making, in particular the development of the private banking sector, completing its construction in a solid and discreet manner, restoring confidence to deal with it, and attracting the accumulated cash mass outside the banking system, which constitutes up to 77% of the circulating currency according to a comprehensive view.

To stimulate all productive sectors, mainly in agriculture, industry and construction (housing and construction), energy, services and tourism, and that the government and private sector representatives adopt programs, contributions and executive measures calculated and supported physically and legally, and that age Watt (2019-2030) is already the years of support, activation and development of the sector.

In order to achieve this, the government must first establish the Private Sector Development Council, which is currently undergoing a concerted effort led by the Ministry of Planning and Follow-up seriously from the Minister and the Ministry's cadres in partnership with all representatives of the private sector. This Council shall be represented in the opinion bodies in the ministries related to sustainable development and its Chairman shall be The private sector is also represented in the follow-up committees of implementation and the specialized committees in the Council of Ministers and given a key role to the private banking sector as the primary responsible for financing and lending to small and medium enterprises and housing and reconstruction projects.

Therefore, I believe that the stage and the experience experienced by Iraq economically since 2003 need to pause analytical and evaluation and review in order to build its national economy according to a new strategic view to transition to a market economy in accordance with the vision of Iraq 2030 and based on a program prepared by the government and approved by the Iraqi Council of Representatives include several key axes, most notably The axes that clarify the role of the private sector and the role of banks in development, which emphasizes the need to apply important stages towards building a strategy for the development of the economy and support and development of the private sector to take its role in contributing to the new construction of the economy and diversify its resources for the budget N rely

largely on the oil.

For the purpose of discussing and studying the economic reality that Iraq is going through it is necessary to stand by logical, scientific and economic analysis on the most important tasks that require the development of the private sector and this means to involve the private sector a greater role in economic decision-making and market leadership through the following:

1. Contribute to improving the business environment in Iraq and provide an encouraging investment climate to attract national and foreign capital and encourage the achievement of public-private partnerships.

2. Contribute to the creation of a new legislative environment based on Article 25 of the Permanent Constitution and the strategies and laws pertaining to economic reform and the development of the private sector in order to ensure its activation and market leadership in the future.

3. Maintaining and activating the partnership, dialogue and cooperation between the private sector and the government through activating the partnership law between the private sector and the public sector, which has not been implemented for several years.

4. Contribute to the development of policies, mechanisms and strategies and participate in the follow-up of their implementation to resolve the transition to the stages of time-programmed to the market economy.

5 - Working to provide additional sources of funding for the state budget by adopting the development and diversification of resources towards increasing the proportion of resources other than oil in the GDP.

6. Encouraging the establishment and development of micro, small and medium enterprises in order to

achieve comprehensive and sustainable development, including the formation of specialized institutions.

* Banking expert

http://economy-news.net/content.php?id=17560