Make way for the private sector to economic activity

Make way for the private sector to economic activity

08/18/2013 12:00 AM

In order to alleviate the burden of the budget
BAGHDAD - Hussein ثغب of Tamimi
Said Director General of the Islamic Bank of Mesopotamia Abdul Hussein Mundhiri the need to review the policies and economic trends, short and long-term in light of crises inherited from the former regime in the areas of infrastructure in the sectors of housing, transport and services such as electricity, water and telecommunications, among others.

He said in an interview for the (morning) that this issue is important and is beset with many ramifications, he needs to redoubled efforts by everyone such as the Council of Representatives and the provincial councils and federations, trade unions, associations and bodies as well as government efforts and all who owns and manages public funds or private.

Management of the economy
He noted that the responsibility Test bank economy of the country is a collective responsibility, whether to participate, directly or indirectly, and when our review of the economic sectors in the country, we find that there is a lack of communication and interaction between the public and private sectors and reason, as it seems confusing economic vision for the state, despite that the Constitution expressly stated that the market economy is that must prevail.

He said that the lifting of economic reality and transferred to the mattress top and make it a strong economy and able to respond to crises and active in promoting development and treatment of repeated failures, requires make way for the private sector to reduce the state's role in Ashth service and business, especially in the provision of basic goods and services in different sectors of electricity, housing, transport three forms (land - air - sea) and this initiative will provide significant employment opportunities as well as to improve the types of goods and services, because the competition will be fierce for the largest possible market share. The budget thus Sngenb the financial burdens and the allocation of amounts in other facilities.

Development plans

He pointed to the importance of the establishment of the Iraqi Council of economic policies and linked to the House of Representatives that includes a wide variety of academic and scientific expertise owners. To be accepted ideas and recommendations and to assist governments in addressing the economic problems and to enter in encouraging development plans economically feasible useful, as well as the establishment of industrial cities in various places of the country and by geographical advantage and nature areas. In order to raise the efficiency of the economy in all sectors to contribute to these sectors strengthening state ايردات and job creation for the hands of skilled and unskilled labor, as well as these cities will be a magnet for foreign direct investment.

Energy Bank
Mundhiri reiterated the call for the structure of the Iraqi banking sector and under the supervision of the Economic Committee in the Council of Ministers this time instead of the planned restructuring of funding and supervision of the World Bank has achieved so far and did not know why.
He stressed the need to establish Energy Bank and the sector was mixed regard to the financing of energy projects of strategic exclusively so for the advancement of this vital sector, as it is proven that the State is unable alone on the funding and management of this sector, and this will be the occasion to attract small investors to invest rather than put their money in their homes, as well as This investment will activate the Iraqi market for securities enlightened experience of Saudi Arabia, which recently resorted to this trend, where the new electricity projects to investors to ease pressure on its budget of more than $ 300 billion, equivalent to three times the budget for Iraq. It has reserves of gold and foreign exchange more than ten times what possessed our country.

Insurance sector
But Mundhiri did not address the problem of the financial sector in isolation from the insurance activity, he stressed the need to restructure the insurance sector, as the third part of the financial sector in addition to banks and the stock exchange, and called for increased involvement and effectiveness in the national economy, commensurate with the requirements of the next stage which will see an economic renaissance major in our country will enter a new investment patterns come by transnational corporations, which requires that preparing insurance companies and reinsurance to absorb the Iraqi demand for insurance services.

Note that our companies with a long tradition in the insurance activity is known for its expertise and experts regionally and internationally.

Self-funded companies

And the importance of resolving the reality of companies and the Ministry of Industry and other self-funded and stalled activity ten years ago, and became these companies dependent on the budget, which was transformed from companies self-financing to companies funded centrally, and this is contrary to the goals established for it, there are several solutions to address conditions including, privatization total or partial privatization or liquidation, according to each company's ability to improve their conditions and return to the production target and achieve profits and when you make the choice of filter section must be transferred of staff الفائضين to departments or other ministries in order not caused them any harm. He concluded his speech by standing when reviewing the performance of tax policy as well, which represents is extremely important to make them achieve new revenue through the inclusion of more than one sector Balthacb tax, in addition to activating the law of customs tariff to achieve revenue task of the general budget of the state, as well as increase the number of free zones in more than one port sea, air and land to bring local and foreign investments increase the supply of goods and services and new profits for the benefit of the national economy.
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