In support of the course of the financial and economic reform measures

In support of the course of the financial and economic reform measures



4/15/2017 0:00

Adnan Kanani
in light of the outcome of the oil prices and continued volatility facing Iraq today, before ever, exceptionally serious challenge, as it is no longer possible or available to postpone addressing the financial and economic whole situation and start rapidly in the development of programs aimed at diversifying sources of income, stop entitlement wastage in public expenditure and control spending.
The central objective of economic reform in Iraq comes to balance in the structure of the national economy, rather than resorting to overloading the economy and foreign debt as the World Bank or the International Monetary Fund (which became nearly $ 120 billion) and through the redrawing of the role of government in economic activity, including re to the private sector leadership role in this activity, and enhance the diversity of its sectors, and ensures that creating productive employment for graduates, and supports the sustainability of the economic and social well - being in the long term.
Financial reform constitutes an important first stage of economic reform , which includes structural, legislative and institutional solutions to ensure that the national capital and foreign stimulating and attractive investment environment reforms.
Can draw a general framework supporting the path of economic and financial reform measures through 6 axes The financial reform, to redraw the state 's role in the national economy, increasing the contribution of the private sector in economic activity, the participation of citizens in the ownership of projects, labor market reform and the implementation of the Civil Service Council system.
The focus of financial reform begins by adjusting the general state budget deficit estimates in two phases without reform and after the reform, and the change estimates in the budget presented in its law deficit as calculated under conservative price of a barrel of oil starting at a price of $ 25 and go up to $ 50 per year the last, and in the stability of the annual expenditure assumption at current levels.
Then go then to address the "revenue" the introduction of a tax on business profits and companies at a steady rate at a certain rate, and after evaluating the impact on the consumer and competitive business sector, the application of value - added tax adopted by some Arab countries at a rate of 5 percent of the value added in the production of goods and services activities .
Then comes the treatment of "expenses" to rationalize government spending Aaljhat, and repair of credits current spending system, and the development of methods of preparation of the general budget according to modern international standards.
The second axis involves redrawing the state 's role in the national economy through government control of economic activity to encourage and stimulate the private sector to enter into various production sectors so as to enhance the partnership with the sector, and the increasing contribution of the private sector in economic activity is through the support of customization programs and expansion the medium term through the allocation of public projects - partnership projects between the two sectors - concessional financing for small and medium enterprises.
The participation of citizens , the fourth axis private to own projects be by facilitating the entry of the citizen as a partner in the projects that will be raised through the partnership program between the public and private sectors or the privatization program, as well as by encouraging young people to take ownership stakes in medium - sized projects funded by public and private banks to support small and medium enterprises .
To ensure the success of the fifth axis to reform the labor market and the civil service system , it should be taken a number of measures of the implementation of the performance appraisal system, rehabilitation of national employment, raise the efficiency of the public sector, wage adjustment level, employment planning in the private sector, raise the efficiency of the workforce.

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Sounds like a plan...

You are on fire   this morning Screwball! I think your meds are also affecting me...

Bring out the lower denoms!!

Bring it on!

Actions supporting the path of financial and economic reform






15/4/2017 12:00 am

Adnan al-Kanani
In the light of the consequences of oil prices and their fluctuating volatility Iraq faces today, and before ever, an extraordinary challenge seriously, as it is no longer possible or available postponement of the maturity of addressing the financial and economic situation as a whole and start rapidly in the development of programs to diversify sources of income, Waste in public spending and spending control.
The central objective of economic reform in Iraq is to achieve a balance in the structure of the national economy, instead of resorting to overloading the economy with external debt such as the World Bank or the International Monetary Fund (which has become nearly 120 billion dollars) and by redefining the role of government in economic activity, The private sector plays a leading role in this activity, enhances the diversity of its sectors, ensures productive employment opportunities for graduates and supports the long-term sustainability of economic and social well-being.
Financial reform is an important first phase of economic reform, which includes structural, legislative and institutional reforms that ensure a stimulating and attractive investment environment for national and foreign capital.
The general framework of the supporting measures for the path of financial and economic reform can be drawn through six axes: financial reform, redefining the role of the state in the national economy, increasing the contribution of the private sector to economic activity, participation of citizens in the ownership of projects, reforming the labor market and implementing the civil service council system.
The focus of financial reform begins by adjusting the estimates of the budget deficit of the state in two stages without reform and after the reform. The estimates of the change in the budget deficit presented in its law, which are calculated under the conservative prices of a barrel of oil start at $ 25 and rise to $ 50 per year And under the assumption that annual expenditure is stable at current levels.
And then proceed to address the "income" by introducing a tax on business profits and companies at a fixed rate at a certain rate, and after assessing its impact on the consumer and competitiveness of the business sector, the application of value added tax adopted by some Arab countries at a rate of 5 percent of value added in the activities of production of goods and services .
Then comes the treatment of "expenditures" by rationalizing government spending, reforming the current spending appropriation system and developing the methods of preparing the general budget according to modern international standards.
The second axis includes redrawing the role of the state in the national economy through the government's monitoring of economic activity to encourage and stimulate the private sector to enter the various sectors of production in order to strengthen partnership with this sector. The increase of private sector participation in economic activity is through supporting privatization programs and expansion in Medium term through allocation of public projects - Partnership projects between the two sectors - Facilitating financing for small and medium enterprises.
The fourth axis of the participation of citizens in the ownership of projects is through facilitating the entry of citizens as partners in projects that will be presented through the public-private partnership program or the privatization program, as well as by encouraging young people to acquire shares in medium projects financed by public and private banks supporting small and medium enterprises .
In order to ensure the success of the fifth axis of the reform of the labor market and the civil service system, a number of measures should be taken, namely the implementation of the performance appraisal system, the rehabilitation of national labor, raising the efficiency of the public sector.

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