An Economist Suggests Forming A Body For Monetary And Fiscal Policy
On October 7, 2020
The Independent / - The economic expert, Raad Twig, called for the work of the Iraqi economy reform program, which includes several measures for the institutional economy to advance it, proposing the formation of a monetary and financial policy body to take over the dimensions of monetary and financial work from political influences and Parliament.
Twig said in a press statement that its independent follow-up: “The economic reform program includes the formation of a monetary and financial policy body that takes over the dimensions of monetary and financial work from political influences and parliament through the commission, and the economy is re-engineered by working with the macro variables of the Iraqi economy.
He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living. ”
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He added, “The program includes an emphasis on training, employment and project construction policies to curb unemployment, resumption of self-sufficiency through studies of demand and market and local Iraqi product substitution, and an emphasis on the local supply economy by taking advantage of the comparative advantage of the Iraqi economy in the field of oil and its manufacture, limiting the associated gas craft and making Producing oil with Iraqi hands as much as possible, and taking into account the sustainability of human development by empowering our students at all stages and giving them the financial capacity, which makes them devoted to scientific research, and recycling the workforce in line with building policies to transform the country from consumer to producer, and activate the role of construction companies and establish "More of them are for construction purposes, to meet the demand for housing and residential complexes, and to meet the country's needs in terms of infrastructure."
Twig added: The program includes increasing the allocations of scientific research from the general budget for the purposes of innovation and importing technical universities, reducing the number of ministries and reaching the optimal size of the government so that the ministries are in response to the active need for the development of society, and using the policies and strategies necessary to make the governorates specialize in certain economic areas, And taking the necessary measures to adjust the balance of payments with other countries by following new export and import policies, accelerate the transfer of technology and expertise to Iraq, try to develop the telecommunications sector and the areas of manufacturing, and Iraq will enter the field of satellites.
Twig stressed the importance of transforming the informal economy into a formal one, limiting outward spending that drains Iraq's wealth, and farmers working in the manner of simple companies and then developing them to support agriculture
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