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Experts call for changing some economic laws
Iraq 11/09/2023
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Baghdad: Muhannad Abdel Wahab
The opinions of economic experts varied regarding Iraq’s need to change or amend a number of economic laws, including the law of the Central Bank, Securities and Investment Authority, while they called for dividing the budget law into three investment budgets and others for the Investment Authority and the Central Bank to support loans.
The economic expert, Mustafa Hantoush, said in an interview with “Al-Sabah”: The Iraqi economic reality needs to amend some of the laws that work to restore its economic growth in accordance with the development that the world is witnessing, as they need to be reformulated or amended to their paragraphs, noting that the laws that need to be amended
They are Central Bank Law No. 56 of 2004, Banks No. 4 of 2004, Securities Commission No. 72 of 2004, Investment No. 50 of 2015, Tax Law No. 113 of 1982 amended for the year 2004, and Companies Law No. 21 of 1999 amended for the year 2019. He explained
. These laws have a number of problems and do not help direct the Iraqi economy or manage banking operations or state funds correctly, stressing that we need to activate investment in another way and with a greater flow. Even the budget law needs to be divided and made into three budgets, one for investment and another for the Investment Authority and the Central Bank and to support Loans.
In this context, economic expert Hazem Hadi pointed out, in an interview with Al-Sabah, that the Iraqi economic system has a number of distortions, especially since it is burdened by widespread unemployment, deteriorating services, and others, warning that all of these factors, unless they are addressed, cannot improve the economy. The Iraqi.
He pointed out that the solutions lie in changing a number of laws, including the Central Bank Law, which must take its role in controlling the foreign currency in a positive manner and not leave matters to the currency auction, adding that Iraq since 2003 has not witnessed an import plan or approach for what the country needs, and it must Be clear to those working in the industrial and commercial sector and their import needs.
Edited by: Adhraa Juma
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