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Prime Minister: Economy needs real reforms
First 2024/07/16
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Prime Minister Mohammed Shia Al-Sudani stressed, yesterday, Monday, the need for private sector companies to adhere to the retirement and social security law for workers; in order to expand care for them in this sector, and increase the number of insured persons, noting the importance of carrying out real reforms, and directing resources in the right direction, so that reliance on oil revenues does not continue as the sole source of income, and meeting the requirements of the operational and investment budget. The
statement of the Prime Minister's Media Office stated that Al-Sudani chaired a meeting of the Ministerial Council for the Economy, during which the most prominent decisions related to economic affairs were discussed, and work within the framework of the basic determinants of financial and administrative reform included in the government program.
During the meeting, which hosted a group of businessmen specialized in the oil industries, the Prime Minister reiterated the government's support for the active private sector, and its belief in its ability to support the Iraqi economy by providing job opportunities, and establishing a national industry that meets the needs of the local market, indicating that there are practical steps to achieve this support, as it is the only option for the government to cover the needs of citizens, and achieve the requirements of reconstruction and services, in implementation of the government program.
The Council discussed the work of the Diwani Order Committee (24573 in 2024) on studying the economics of oil and gas in the country, leading to the adoption of showing the real costs along the value chain, according to economic foundations.
It was decided, at the meeting, to find a mechanism for marketing petroleum products expected to increase in the coming years, and to audit the quantities of petroleum derivatives supplied to factories and plants by the Financial Supervision Bureau, as well as to know the size of the current support for factories, the amount of benefit achieved from it, in addition to evaluating factories according to production capacity and actual production and the extent of compliance with controls.
It was also decided that government support provided to companies would be based on products, the number of insured workers, and the factory's ability to export according to a specific mechanism. A committee was formed that includes the Ministries of Oil and Industry, the Investment Authority, and National Security to follow up on the work of factories and verify information. It was also decided, during the meeting, to grant brick factories a period of one and a half years to convert their accreditation from black oil to liquefied gas.
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