Proposals to support the Iraqi economy

Proposals to support the Iraqi economy



20/8/2017 12:00 am

Baghdad / Emad Al-Amara
The calls for the need to adopt a package of economic reforms to contribute to the restructuring of the Iraqi economy and to respond to the pressures facing it, in the context of the accumulation of imbalances, as a result of the policies of wars and siege, which lasted for several decades, in addition to the consequent national economy of debt burdens.
The Economist Muzaffar Hosni, called for working to achieve total stability in the economy by reducing the external debt of Iraq and re-scheduling, reduce government support and stabilize the dinar exchange rate, and control inflation rates and reduce unemployment rates, and find new sources of public revenues accompanied by the reform of the tax system in
Iraq.
He pointed to the need to pave the way for the transition to a market economy by reducing the support of oil derivatives and ration card and the development of the social protection network, pointing out that this would achieve social justice in distribution, restructuring the public sector and make way for the private sector to exercise its business in economic activity.
Hosni said that achieving these goals contributes to reducing the budget deficit rates, which the International Monetary Fund demand mainly for its impact on aggregate demand, and then its impact on debt reduction.
The Iraqi economy suffers many problems in its production and service sectors, which have exacerbated the problems in many joints that need great efforts to restore life.
He said general and private production processes in Iraq had changed direction after 2003 in the economy, adding that the duration of international sanctions in the 1990s also led to a decline in production for most sectors that could be tax-financed.
"Reducing the deficit should be by cutting government spending, which starts from restricting operating spending to government investment, in return for expanding domestic and foreign private investment.
He pointed out that reducing the government deficit is difficult to achieve by raising public revenues by activating the tax system with its current structure, which is not commensurate with the Iranian trend.
Hosni stressed the need to codify government support through the abolition of comprehensive support is not produced gradually, and the introduction of all types of support in the budget in a way that reflects the total costs, and the establishment of programs to move from the comprehensive support and limited to support targeted protection networks with the ability and efficiency to provide adequate protection for vulnerable groups and poor, Indicating the importance of developing private activity and creating jobs for many of the local workforce, and reducing the
unemployment rate.
He pointed out the need to facilitate the establishment of businesses and the registration of property to obtain loans and deal with licenses and trade across borders and the implementation of contracts with a focus on the provision of employment opportunities, calling for the development of a national strategy for the restructuring of public companies and privatization and management on an economic basis, including the establishment of state property fund for property management Governmental organizations on a commercial basis.
He called for the restructuring of the financial sector to encourage the attraction of savings and investment in order to create an environment conducive to growth, pointing out the importance of the government to continue its efforts to reform the financial sector through the restructuring of government banks and create conditions to strengthen the financial system in Iraq, and increase the possibility of credit by companies Commercial and individuals.
The creation of an environment conducive to competition and growth in private banking is the restructuring of private banks to play their role in providing services related to government financial accounts and pay salaries to employees and retirees.
He stressed the necessity of reforming the agricultural sector and water management in order to create a stable and competitive agricultural sector in order to achieve food security, increase rural incomes, generate employment, expand economic growth and preserve the natural environment by formulating a coherent agricultural policy that integrates food and commercial policies. And industrial.