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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq launches strategy of 4 axes to activate the private sector

    Proven
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    • Post n°1

    Iraq launches strategy of 4 axes to activate the private sector Empty Iraq launches strategy of 4 axes to activate the private sector

    Post by Proven Fri Feb 13, 2015 8:52 am

    Iraq launches strategy of 4 axes to activate the private sector


    February 12, 2015
    BAGHDAD - Anatolia: launched Haider al-Abadi, the Iraqi prime minister, on Thursday strategy of 4 axes continue until 2030, aims to stimulate the private sector in the country to promote domestic production, which has deteriorated continuously for nearly 10 years, ensuring raise the proportion of its participation in the gross domestic product to 18%.
    Ebadi said during the launch of the strategy conference in Baghdad yesterday that the Iraqi government is determined to the advancement of the private sector in the country and reduce dependence on oil to support the financial budget.
    Abadi added that for the development of the private sector strategy also requires the development of the banking sector in order to ensure its success.
    The Iraqi government announced orientation during the year 2015 to activate the investment business in all economic fields of energy and industry, in order to increase the annual fiscal revenue, which depend directly on about 94% on the export of oil.
    Iraq is facing an economic crisis that forced him to reduce the size of the financial budget as a result of lower oil prices below $ 50 and start a policy of austerity, while the Ministry of Finance announced last month that it would increase taxes on some of the services provided.
    Iraqi Council of Representatives approved the end of last month for the 2015 budget of the country after reducing expenses by around 4 trillion Iraqi dinars ($ 3.43 billion) to reach 119 trillion Iraqi dinars ($ 102 billion) and a deficit of 25 trillion dinars ($ 21.4 billion).
    The first axis in the development of the private sector in conducting an inventory of the private sector to show the places where companies in Iraq, services and products offered by the markets served by the number of employees in each company and the problems faced by companies is no strategy.
    The second axis includes improving the business environment, which centered on the laws, regulations and instructions obsolete and procedures that hinder the development of the private sector, to be the formation of joint committees and forums to consult on the laws, regulations and instructions.
    This includes third axis implementation of the development of small and medium enterprises program, through the expansion of existing industrial areas and improve their services and the opening of new industrial zones to be able to industrial and small companies from work, and the creation of a special fund to support small and medium-sized companies give soft loans and issue guarantees for loans, and providing training programs and consulting and technical assistance to companies Small and medium-sized, particularly in the area of ​​planning and feasibility study new technologies and marketing.
    The fourth axis includes the implementation of the activities of the former pillars of the best.
    The Council will be composed of private sector development of representatives from government, private sector, and the Council will be the task of overseeing the implementation of the strategy and reports to the Council of Ministers.
    For his part, the appearance of Mohammed Saleh, the prime minister for economic affairs adviser on the sidelines of the conference that "stimulate the private sector strategic initiative aimed at ending all the obstacles that have prevented over the past years without taking the private sector role in development," he said.
    He pointed out that "the private sector currently accounts for 1.8% of the total GDP, which is a very low rate compared to the potential of the private sector and its spread in Iraq
    And the favor of the "strategy includes providing the appropriate atmosphere to restore the private sector for its role in local development by raising the proportion of the gross domestic product to 18% in 10 years to reach the prescribed percentage according to the strategy."
    The Ministry of Planning has announced earlier this month for an economic plan standing four years to save the economic situation in the country as a result of lower oil prices and to bring investments to Iraq, noting that the plan will be launched soon.

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    Last edited by Proven on Fri Feb 13, 2015 8:53 am; edited 1 time in total (Reason for editing : Add web link)
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    mochasmom
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    • Post n°2

    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by mochasmom Fri Feb 13, 2015 8:58 am

    Thanks Proven, this is what I was looking for early this morning, actual details of their economic plan, besides supporting the private sector...good find!!!
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    • Post n°3

    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by jedi17 Fri Feb 13, 2015 9:21 am

    I posted a link to this the other day....I'll find it and post it again for you mocha
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    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by mochasmom Fri Feb 13, 2015 9:29 am

    Thanks Jedi, I thought the 12th would have a ton of articles on their strategy, this was the first one today posted that gave details. Sorry I missed your post earlier
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    • Post n°5

    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by jedi17 Fri Feb 13, 2015 9:33 am

    No problem mocha.....here it is

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    It is a long read, but it appears that we are in "Pillar II" of the plan which is from 2014-2030.

    Hope this helps
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    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by mochasmom Fri Feb 13, 2015 9:40 am

    They left one thing out, deletion of zeros! And that is happening this year!! At least they said 2015...
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    • Post n°7

    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by jedi17 Fri Feb 13, 2015 10:11 am

    yes....eventually they will delete the zeros.....but that is the mystery....and has always been the mystery.  Truly we have never had such positive news, we have had news before, lots of news, but no where as good as what we have had in the last 6 months or the last year.  Just keep hanging in there Mocha....I know I am
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    • Post n°8

    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by Proven Fri Feb 13, 2015 10:45 am

    jedi17 wrote:yes....eventually they will delete the zeros.....but that is the mystery....and has always been the mystery.  Truly we have never had such positive news, we have had news before, lots of news, but no where as good as what we have had in the last 6 months or the last year.  Just keep hanging in there Mocha....I know I am

    we are confident that the successful investment will promote the economic reality of the country, stressing the determination of responsible parties to continue their efforts for the advancement of economic reality

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    • Post n°9

    Iraq launches strategy of 4 axes to activate the private sector Empty Re: Iraq launches strategy of 4 axes to activate the private sector

    Post by Proven Fri Apr 17, 2015 10:29 pm

    Iraq executes projects Order forward and pave the way for privatization

    04/16/2015 - 33 Views

    Must adopt a series of reforms in the plan include government banks, but not limited to rescue troubled banks from bankruptcy

    Wisdom - Follow-up: Iraq is suffering from a financial liquidity crisis, given the decline in resources caused by low oil prices by more than US $ 50 a barrel, and rising military spending to counter the "Daash" war, prompting the Baghdad government to adopt an austerity policy by clicking on the expenditure contained in the budget year The current amount of $ 102 billion and carry a deficit of about $ 21.4 billion, which is 94% dependent on oil exports.

    And after the government recently resorted to treasury bond issue worth 12 billion dollars to pay dues of foreign oil companies for 2014, faced funding to implement some necessary to serve the citizens of projects problem, whether to borrow the necessary funds or to contract with companies to implement them in a "deferred payment", has authorized the Council of Ministers to the competent ministries and state institutions concerned, negotiating with contractors and companies executing projects ceiling no higher than two billion dollars, that the priorities developed in coordination with the ministries of planning and money to secure the necessary funds through the "postpaid" or any other means available to borrow in coordination with the Ministry or the concerned party.

    Previously, international companies that have declared their willingness to implement strategic projects in a "deferred payment", but did not get in a timely manner to government approval, resorted to direct payment that caused Ba_i_ra financial and administrative corruption and procrastination in the operational phases.

    Hence the concerned sector investment believes that postpaid spur companies to work and the implementation of projects in accordance with the agreed specifications and the period prescribed.
    Reform. And privatization

    It seems that step, "postpaid" will pave the way towards the implementation of economic reform, according to a strategy launched by the Prime Minister Haider al-Abadi for the years 2015 - 2030, and aims to stimulate the private sector, starting with the development of the banking sector, which is expected to be the active role in financing the implementation of projects and diversify sources of income . The strategy includes four main themes:

    First, determine the private sector companies and the nature of their work and projects that can be implemented, and the services and products offered by the internal and external markets.

    Second, improve the business environment, which centered on the laws, regulations and instructions obsolete and procedures that hinder the development of the private sector.

    Third, the implementation of the development of small and medium-sized companies through the expansion of existing industrial areas and improve its services program, and the opening of new industrial zones to enable all companies to work after the provision of soft loans to them, and training programs, consulting and feasibility studies required.

    Fourth: the formation of the Council for the development of the private sector, to oversee the implementation of the strategy, and reports to the Council of Ministers.
    The Iraqi private sector is now 1.8% of GDP, which is a very small percentage, strategic and targeted to rise to 18% over the next ten years.

    If President Abadi aims of the plan to develop the private sector, while keeping control of the public sector on the main joints of the Iraqi economy, it is at the same time faces multiple calls for the adoption of privatization and the transition to a market economy, and Iraqi Minister of Planning and Cooperation former Mehdi al-Hafez said that the allocation should be the subject of attention From the standpoint of economic reform in general and national development, especially at a time when Iraq is going through a difficult economic circumstances.

    It takes Hafiz on the public sector in Iraq "monopoly of the most fundamental economic joints in most sectors and activities of service, which is not a new phenomenon but has gripped Iraq for a long time, as some studies report that the public sector has more than four million employees and the user, which is a high percentage compared to the size of the population for many countries, as well as they contradict the terms of the financial cost to the national investment needs. "
    He called for "a lesson customization options in the context of national development, put my convertible from public ownership program to own a large number of institutions, and to perform actions such as creating support of private property under the terms and requirements of the broad national interest, economic environment, and the creation of a comprehensive data bank would help understand the realities and complexities of the national economy, especially in the tax and financial aid, and their consequences for the public interest areas, and the development of training programs and the provision of specialists in the technical dimensions of the problem of customization, any provision of qualified and familiar with the techniques and methods to transfers of ownership of private persons. "

    It seems that raising the issue of privatization in Iraq and divert public economy to a market economy, is not new, it dates back to 2003, when Paul Bremer, the American who was appointed by the US government for the management of occupied Iraq, issued Order No. 39, which proceeded to the privatization of public sector companies and since time until today held several conferences and seminars, and has seen many and varied workshops, but it did not lead to the actual results and the executive steps, and stayed in the framework of the speech on paper.

    The banking sector

    The CBI has been sold in 2013 and 2014, about $ 106 billion in the form of money orders or cash, all pass through the banking system, which is controlled by public banks, government, while the private sector banks operating on the margins slim share and insignificant, and therefore stressed the development of the sector strategy Special launched by the Prime Minister on the need to start developing the banking sector.

    Economists have warned of heavy losses suffered by banks, especially after he fled most customers who refused to pay their dues, and their inability to repay the debt, which is alarming because of the deteriorating security situation and lack of management's ability to prosecute non-payment and threatening a number of them go bankrupt, noting that this debt is not only stalled but exceeded it to the "non-payment" mode, the central bank experts and calls for development of a comprehensive plan to save not only the banking sector but also for the various sectors of the Iraqi economy.
    There are in Iraq, 55 banks and 49 financial institutions and investment, and including 16 Arab and foreign banks, and the testimony of Union of Arab Banks, the Iraqi banking sector activities has evolved leaps quality through the years (2003-2014), despite the complex conditions experienced by Iraq in various fields and the economic ones In particular, where these banks financial statements indicate the outcome of the Year 2013, compared with previous years, particularly in 2011, as the base year, to get a clear growth rates in assets, 33% range, and capital by 47.5 percent, and credit the cash granted to 60 percent, and deposits by 1.6 percent (excluding deposits of the central government and deposits of commercial nature), as was the contribution of the banking sector in GDP of 8%, but it must be pointed to the presence of defects are structural in the Iraqi banking sector, including the government banks and the number seven banks control 90% of the sector's assets, leaving only 10% to about 48 banks in the private sector, not the government banks only deposits of the public sector, but controls 63% of private sector deposits, complaining of private banks from the government, which favors to banks in activity restrictions financial, as well as state departments refrain from accepting instruments worth more than $ 25 million and drawn on private sector banks to repay any amounts due to these departments, and accounted for instruments issued by government banks, and the most important difficulties faced by most banks and their inability to recover loans from debtors, It could not be the recovery in most cases, even if the bank won the judicial decision to sell the collateral, and for reasons related to the security situation and social pressures.

    Highlights the reluctance of the Iraqi people to resort to the banking business, in that the number of Iraq's population is estimated at 35 million people, of whom 80 percent do not have a bank account, and there are 900 bank branch concentrated geographically in provincial capitals and some major cities, and the data indicate that the branch per serving about 38 thousand people in Iraq, compared to Lebanon, which serves the four thousand people every branch, and to address these imbalances and structural distortions, we must adopt a series of reforms in the plan include government banks, but not limited to rescue troubled banks from bankruptcy.

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