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What is the Sudanese betting on to save the Iraqi economy?
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Monday, December 26, 2022 0:18
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The prime minister may succeed in some items and paragraphs of his economic plan, with some failures in other aspects (AFP)[/size]
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Specialists: The ambitious plan faces a "heavy legacy" of project disruption and worn out infrastructure
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Monday, December 26, 2022 0:18
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The prime minister may succeed in some items and paragraphs of his economic plan, with some failures in other aspects (AFP)[/size]
It seems that the government of Iraqi Prime Minister Muhammad Shia al-Sudani is taking slow steps in its plan to reform [You must be registered and logged in to see this link.] in the face of the obstacles and problems it faces in the government curriculum, which may hinder its implementation on the ground and the achievement of its goal to improve the economic reality experienced by the Iraqi citizen.
Al-Sudani confirmed in a press statement that "the priorities [You must be registered and logged in to see this link.] are based on the social and economic needs of citizens, in addition to its intention to transform the poor groups from recipients of social care to active persons in the labor market, through studied and realistic plans."
Heavy legacy
Economic researcher Bassam Raad says, "The current government came up with an ambitious economic plan that includes multiple axes, foremost of which is raising the slogan of economic reform in the financial and banking aspects, combating financial and administrative corruption, addressing [You must be registered and logged in to see this link.] , working to curb inflation, revitalizing the industrial and agricultural sectors, in addition to creating New job opportunities.
Raad considered, "Despite this ambitious plan, everyone knows that this government inherited a heavy legacy from previous years resulting from the failure to achieve economic development and the disruption of most projects, in addition to the aging of the infrastructure, and despite the current financial abundance due to the rise in global oil prices, Working to achieve economic development and bring about changes in various areas of social and economic life necessitates the adoption of a scientific methodology in determining priorities and how to properly direct resources towards them by directing this abundance towards income-generating investment projects that maximize added value.
He stressed that "the success of the current government's economic program will depend mainly on its ability to shift towards e-government, as harnessing the potential of information and communication technology in all economic fields now enables us to obtain better responses to vital long-standing issues, such as eliminating corruption." Preventing waste of public money and creating new job opportunities, in addition to achieving social justice and increasing societal satisfaction.
Successes and obstacles
Economic researcher Saleh Lafta stresses that the Prime Minister may succeed in some items and paragraphs of his economic plan, with some failures in other aspects for sure, but the amount of success in relation to failure and whichever is more is determined by several factors in Iraq, including the amount of support he gets from the Council The ministers themselves, the seriousness of the ministers in implementing the directives of the prime minister, and the extent to which they can persist in them if the plan conflicts with the interests of their blocs and parties.
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Another factor, according to Lafta, is whether it is possible to provide sufficient resources and the necessary budget to implement the plan? Does the House of Representatives support the Prime Minister to provide the adequate resources needed for the plan? Especially since its success will be credited to the Prime Minister, not to the House of Representatives, nor to the “coordinating framework” blocs and parties that brought him into office.
The Iraqi researcher reveals technical obstacles represented by laws and legislation that do not help the success of any economic plan easily, as well as the type of people he relies on in implementing the plan, their capabilities and expertise.
He explains that the Iraqi Prime Minister is betting on the success of his plan because it represents the last chance for the political blocs to prove that they are with the interests of Iraq, and the blocs cannot object or disrupt the plan, otherwise it will become in the face of the people, and this is certainly wrong.
"We should not be pessimistic about the plan from now on, nor should we be overly optimistic about its success and change people's conditions for the better, and wait until it is implemented and judged. This is better," concludes Lafta.
find solutions
Samir al-Nusairi, an advisor to the Association of Private Banks, says, "All of Iraq's political, security, economic and social problems lie in finding effective solutions to economic problems, and this means that the government seeks to adopt clear and new foundations, policies and programs that are considered a roadmap for economic reform and a radical and comprehensive change to previous methodologies and policies." .
Al-Nusairi presented, in a press statement, the road map for the economic reform methodology in the next phase of the new government, by adopting the involvement of the private sector in implementing the ministerial curriculum, especially since it is at the beginning of its reform and service career, in a way that achieves the goal of being a government of services and achievement.
He stressed the adoption of a new methodology for managing the economy and achieving the central goal of creating sustainable development, achieving diversification in resources and developing economic and human structures for the proper construction of the national economy and building the prerequisites for the transition to a social market economy.
And he stressed the need to rely mainly on managing and distributing public money with transparency and integrity, provided that the beneficiary of the results and outputs is the citizen, and that this be done under the direct supervision of the Office of Financial Supervision, the Integrity Commission and the House of Representatives. Opinion in the ministries, provided that there is a representative of the private sector in it.
horizon of reforms
He continued, "The ministries must abide by the decisions of the Ministerial Council for the Economy and the Supreme Committee for Economic and Financial Reform after the approval of the Council of Ministers, and a central follow-up committee should be formed linked to the Secretary-General of the Council of Ministers and in which the private sector is represented to follow up on the implementation of the decisions."
He added that the implementation of the principle of centralization of planning and decentralization of implementation means that the Supreme Committee for Economic and Financial Reform shall centrally draw plans and policies and approve them by the Council of Ministers, and distribute their implementation to specialized councils for reconstruction and investment and the implementation of development projects in the economic and human field.
He pointed to the provision of soft loans to finance small, medium and large projects from the allocations of the Central Bank’s financing initiatives and loans provided by governmental and private banks, and the establishment of a legal and institutional system for its management, development and development, as well as the issuance and amendment of the legal environment laws to regulate the economic process in the sense of issuing new laws instead of the laws that were issued in 2004 from US Civil Administrator Paul Bremer.
He pointed to the provision of soft loans to finance small, medium and large projects from the allocations of the Central Bank’s financing initiatives and loans provided by governmental and private banks, and the establishment of a legal and institutional system for its management, development and development, as well as the issuance and amendment of the legal environment laws to regulate the economic process in the sense of issuing new laws instead of the laws that were issued in 2004 from US Civil Administrator Paul Bremer.
Al-Nusairi saw the necessity of activating investment in the agricultural and industrial sectors, renewable energy, tourism, services and housing, as well as working to reform, develop and develop the banking sector through monetary policy applications, regulation of the relationship and restrictions that govern financial and monetary policies, as well as a serious approach to reforming the financial system, clarity of financial policies, and mechanization. The customs and tax sectors, and dealing with cases of failure to achieve the required growth rates in national income, and overcoming the rise in inflation, unemployment and poverty rates.
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