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Al-Basri proposes the establishment of the National Fund for Reconstruction and Development
04/12/2017 12:00 AM [rtl]Dr.. Kamal Al-Basri The National Fund for Reconstruction and Development The project aims at addressing in particular the challenges of reconstruction in areas affected by the occupation of the province, and in general the reconstruction of all the provinces of Iraq, and also aims to deal with the reform issues adopted by the government, including combating corruption and activating transparency financial transactions, In the implementation of projects broken for financial or administrative reasons, and finally gain credibility of Iraq in international financial transactions. The proposal enables Iraq to deal professionally and efficiently with the assistance and loans provided by international bodies. It will also be supportive of the financial and technical facilities expected to be presented to Iraq at the upcoming Kuwait conference to support reconstruction of the affected areas, although the proposed fund will be cooperative and supportive of government institutions. Ministries and governorates, but it will certainly be far from the impact of political rivalries because of the nature of its system and work controls based on the principles of good governance. The proposal was presented as a result of the study of successful international experiences, particularly those that suffered from wars and social unrest. These experiences include the European Bank for Reconstruction and Development, the African Development Bank, the Asian Development Bank and the World Bank. Currently, there is a supportive international political and financial environment for the conditions of Iraq and ready to support Iraq financially and technically through subsidies and loans. These trends face a challenge that needs to improve financial and banking management, reduce corruption and enhance transparency. The existence of the Fund and a new administrative system that lives in the spirit of the times will be a decisive factor in providing support to Iraq, otherwise it will continue to deal with caution and slow and useless. The existence of this fund will not be a challenge to the existence of existing financial institutions, as this fund has functions and duties unavailable to the current financial institutions, either because of the nature of laws and procedures or because of lack of technical competencies capable of dealing with international financial institutions. For the purpose of clarifying the nature of the proposed work of the Fund we will work to discuss • goals • Current challenges • Addressing the challenges mechanism • Suggested funding sources • Describe the Fund's specificity in dealing with the reference to the current financial institutions. • Proposed work plan A. Objectives: The main objective is to establish a fund with international specifications and mechanisms to support reconstruction and development for the purpose of: • Implementation of investment projects of a strategic nature. • Reduce practices that encourage corruption and waste of money. • Reduce funding costs for projects that are already high. • Creating international financing opportunities at competitive costs. • Provide an efficient mechanism for receiving grants for reconstruction purposes. • Supporting the orientations of government institutions based on economic feasibility. • Provide a mechanism whereby oil revenues are gradually converted from consumption to investment in infrastructure and protection of the economy from the effects of fluctuating oil price. • Providing financial and technical facilities for the rehabilitation of public sector companies. • Supporting projects that work to achieve political stability and employment. Second: Current Challenges: • Lack of adequate funding has negatively impacted the delay in upgrading development. • The presence of corruption in financial transactions encouraged the entry of companies that are eligible, which in turn failed to implement some projects and increase the costs of completion of implementation. • Weak financial and legal guarantees that can be provided by Iraqi financial institutions. • The high cost of projects because of the government resort to issuing bonds in foreign markets and usually these bonds are high cost. 3. Suggested solutions: Iraq has a pioneering experience in providing financial liquidity for the purpose of reconstruction. In 1951, Iraq established the Reconstruction Council for the purpose of benefiting from oil revenues efficiently in the implementation of reconstruction projects. The financial allocations available to the Council were about 70% of total oil revenues. In the development of Iraq, but the picture now changed a lot later, and if it continued it was no different from the role of the Fund of the State of Norway in support of development and welfare of citizens, it can be considered the proposed fund to try to return to the practice of efficient management of public funds and polarization International financial support that Iraq needs and urgent. The reconstruction fund is usually owned and managed by governments, which also set strategic goals and appoint board directors and executives. The ownership and family members of the Fund vary from state to state. In some countries, government ownership is 100 percent. In other countries, the private sector partnership for the year ranges from 1 percent to 49 percent, and these funds in the world have proved worthy of progress and prosperity. In order for the Fund to do its part, we need to: • Form a supervisory committee comprising members from international institutions such as the World Bank, European financial institutions and financial institutions of regional or neighboring countries. • Forming an administrative board, which includes relevant figures, including government representatives, to draw general directions and monitor public performance. • The formation of an executive board to carry out the executive work according to the indicators and policies drawn up. • Setting strict controls for the selection of employees and executive managers taking into consideration, competence, practical experience and integrity. The existence of these formations ensures good performance and adherence to the rules of good governance (transparency, efficiency, exemplified by economic quality, adoption of the rule of law requirements, etc.). In addition, it is necessary for the Fund to require all contracts executed for the implementation of projects financed by the Fund to be within international standards (for example, World Bank requirements). The Fund should also undertake to issue periodic bulletins or reports with all its decisions and accounts, . Fourth: Financing of the Fund There are various ways to fund the Fund including: • General budget allocations. • Loans from international financial institutions. • Internal and external financing through the sale of bonds. • Sale of government properties. • Funding for oil guarantees. • The advisory services that the Fund can undertake during the provision of financial and technical facilities for private sector partnership projects for the year. The Fund provides confidence to the financing bodies and gradually to reduce the risk of lending and investment as a government fund with international controls. The Fund also provides a flexible mechanism to support private PPP projects (the private sector partnership for the year in Iraq) which are virtually nonexistent. Banking can be reinvested in new projects. The Fund expects to achieve profits and achieve independence by continuing to work and not rely on the government funding or support, and as long as the fund's return to the government is expected to obtain funding at lower costs, and thus can be implemented projects at low cost, and international experience has shown that the government guarantees of the Fund is Effective mechanism for obtaining loans. Government support for such institutions in other countries should not be seen as support in the common sense, but rather as a subsidy to the costs of loans benefiting government and other projects that benefit the public and thus positively affect citizens. The mechanism of using oil revenues to feed the federal budget, both operational and investment, has led to waste of public money, because the oil revenues by nature are easy to earn (also easy to spend). The transfer of investment expenses to the Fund works to achieve a public interest through the controls of spending or investment and away from the negative effects of fluctuation of oil prices, here we propose that gradually turn the annual rate of increase of oil revenues and deposit with the Fund. 5. Proposals to initiate the establishment of the Fund: • Obtain the approval of the Prime Minister on the proposal and form a steering committee to manage the steps of incorporation, including the establishment of the structure of the work controls, including the three councils mentioned above. • Consultation with international institutions (JAICA, IFC, Chinese Reform Bank, World Bank) on the institutional project and international regulations. • Get initial approval from international institutions to support the Fund's project. • Prepare a draft law to serve the Fund's objectives and comply with international regulations to prepare the feasibility study for the Fund. • Obtain the approval of the Council of Ministers and the Council of Representatives. • Establishment of the Executive Council and other proposed councils. • Carrying out logistics for headquarters, branches and employment. • Contracting with internationally recognized auditing companies, provided that all lending decisions are subject to control before they become effective. The establishment of the Fund in accordance with the objectives and controls referred to, will open the door to finance the various projects according to the economic feasibility of each project, and opens the door towards the employment of unemployed workers and generate incentives and linkages necessary for the development of different sectors. Working on increasing the proportion of funding of the fund increases the revenues of oil revenues annually will make the future fund the only resource for government and other investments, and will avoid the Iraqi economy from the experience of past years of wasting money (spending on investment projects without studies of economic feasibility in the sense required in other words will not be able to The allocation of investment resources outside the priorities of the Iraqi government and the economic feasibility of the project only through the substantive conditions stipulated in the approved expenditure controls). There is no doubt that the Fund in this way will also avoid the Iraqi economy from the risk of volatility of the price of oil, and serve as a fund generations. Complementary Notes • International financial institutions can be invited to have a partnership with the Fund up to 25%. • Set the operating cost of Bridge Loan to $ 50 million. • It is necessary to establish controls on the upper limit of borrowing and interest rate. • The Fund should have activities alongside proprietary lending with the private sector to implement strategic projects.[/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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