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Government sovereign guarantees to encourage the private sector
Iraq 04/21/2024
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Prime Minister Muhammad Shiaa Al-Sudani, during his visit to the United States and his meeting with businessmen, presented a vision that represented that Iraq’s budget included providing sovereign guarantees to encourage the private sector, in addition to establishing a “development fund” that works to implement vital projects in a way that contributes to moving the wheel of the economy and implementing the vision. Sustainable for a strong and prosperous Iraq.
The time and place of this proposal constitute an invitation to the private sector to invest in Iraq and transform the Iraqi economy from a rentier to a producer, and from a consumer to a source.
Economic expert Safwan Qusay praised this step, describing it as “convenience” on the Iraqi side.
Qusay told Al-Sabah: “It is clear that Iraq possesses reserves that place it in fifth place in the world in terms of gas, as it possesses 125 trillion cubic meters, and oil wealth, of which 150 billion barrels are confirmed,” and he added that “the government has placed a clause in the general budget that allows for the giving of guarantees.” Sovereignty to reassure private sector investors in proportion to the size of their investments. He added, “This issue is a turning point in attracting investments, and countries of the world are competing to attract investment, such as Egypt and the Gulf countries,” and indicated that “Iraq has exercised comfort with these guarantees in light of the presence of legal legislation in the (Development Fund for Iraq) that allows the private sector to obtain sovereign guarantees.” Stressing that “this guarantee enables the investor to establish new factories and cities commensurate with the size of the investment.”
Qusay stressed that “investors are looking for guarantees and financial returns, and there is a desire to obtain government reassurance by purchasing products and controlling border crossings to protect the local product owned by the state or owned by the investor,” and he concluded by saying: “This policy supports attracting investments within the documents of the (Development Fund).” And the General Budget Law.
On the other hand, a member of the Parliamentary Economy and Investment Committee, Kazem Al-Fayad, views the mechanism of implementing government decisions, laws and plans with a kind of “pessimism.”
Al-Fayad told Al-Sabah: “There are many agreements with the countries of the region and foreign countries, especially with Washington, regarding gas and oil, and these agreements are inactive, including benefiting from gas.” He added that “the contracts that were concluded were not implemented and are parked on the shelves.” “, stressing that they are “just ink on paper and none of them have been implemented to develop the economy and eliminate unemployment,” as he put it.
Al-Fayad continued: “In the Gulf countries, we are seeing huge leaps in the field of investment and development, (and as for Iraq, there are obstacles that stand in the way) of implementing these projects, and the issue concerns regional calculations that exert political pressure, and this is a permanent problem,” he said.
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