Today
The World Bank confirmed, today, Thursday, that Iraq is witnessing a major transformation in improving the business environment and public services, which has made it competitive globally.
The Ministry of Finance said in a statement received by the Iraq News Outlet: "The World Bank issued the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."
She added, "The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and efficient for local and international companies, including:
1- Stability of the regulatory framework, as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework, and has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements. This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy. Positive impact: ""Aligning Iraqi commercial regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.""
2- Improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for business operations. The government has reduced the time required to access basic services such as electricity and water, and infrastructure investments are currently underway to improve the reliability of service delivery in the future. Positive impact: ""These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, despite the need Further improvements are underway.""
3- Strengthening labor market regulations, as Iraq introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government also expanded public employment services and training programs to meet the needs of the private sector. Positive impact: ""These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.""
She pointed out that, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector, and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the stimulus general budget were fully implemented.”
She continued, “Because the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as:""reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others"". Therefore, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including establishing a more stable regulatory framework.”
The ministry stressed that "the Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today.
-------------------------------------------------------------------
Even with outdated data the this report shows the positivity towards Iraq's reforms on many key fronts that have revenue streams considered. The report would even better now with all that has since taken place since real reforms got underway this year. Wow.. I like it, as it supports our notion that Iraq is further along in her reforms that many ever thought. Awesome data to know. imo ~ MM |
|
|
|
Home
» utube 11/5/24 MM&C MM&C News Report-ICC-Investors-RIYADA BANK-Port of Faw-3 Presidents Seated-Removi
» utube 11/2/24 MM&C Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operati
» With the document.. Cancellation of the suspension of the agricultural plan in the Iraqi "breadbaske
» Economist criticizes government's neglect of tourism, agriculture and dependence on oil
» Al-Sudani: The development path will be an artery linking most countries in the region
» Parliamentary bloc: Popular Mobilization Forces retirement law ready for voting
» Al-Kadhimi: Financial costs and government insistence will force Americans to withdraw militarily
» Parliamentary Committee Rejects Inclusion of Public Money Thieves in Amnesty Decision
» Al-Mashhadani directs to resolve differences over draft laws before submitting them to Parliament
» Emaar: Launching the housing loan application form in early 2025
» Parliamentary Health: The environment needs 2.6 billion dinars to operate air purification stations
» Al-Sudani: We faced major challenges in implementing the “Greater Iraq” project
» Iraqi Ports reveals in numbers the percentage of completion in the Grand Faw Port projects
» More than $300 million.. Central Bank sales increase in today's auction
» Faw Port prepares to receive the first commercial ship
» Service Effort of {Sabah}: Completing all projects with high implementation rates before the end of
» Government agency for digital transformation
» Parliamentary Committee: Final version of the National Day Law
» Al-Imar to {Sabah}: Launching the housing loan application form at the beginning of 2025
» Iraq looks forward to a new phase after Trump's victory
» Training workshops to help the unemployed in Kirkuk
» Nineveh to open oncology hospital in early 2025
» Service Effort: Completion of all projects that exceeded 80% completion rates.
» Parliamentary Health: The environment needs 2.6 billion dinars to operate air purification stations
» Transportation: 20 public transport lines to be launched this month
» Al-Emaar to {Al-Sabah}: Launching the housing loan application form in early 2025
» The most prominent achievements of Al-Sudani's government in the youth care and sports sector files
» Planning: The percentage of women in the workforce does not exceed 13 percent
» Baghdad is the capital of Arab tourism
» Al-Sudani: The Grand Faw Port is Iraq's largest project
» Parliamentary Foreign Affairs Committee to NINA: This is what is delaying the selection of the list
» Parliamentary lawsuit to challenge the contract with the International Finance Corporation
» Minister of Justice issues directive regarding foreign lawsuits file
» How will Trump's victory affect Iraq?
» State Administration Coalition holds meeting with Al-Sudani and Al-Mashhadani in attendance
» Formation of the regional government.. How much influence does the new US administration have on the
» Al-Sudani announces the receipt of the five berths that represent the backbone of Al-Faw Port
» Despite its global rise... Iraqi oil returns to the red zone
» Iraq Counts on the Grand Faw Port, and an Expert Says: It Will Change the Economy - Urgent
» Rafidain Bank expands comprehensive banking system to include 48 branches
» "The reference" indicates the seriousness of the situation... and the political forces "shuffle the
» Criminal wanted by Iraqi judiciary.. Rashid and Al-Sudani’s congratulations to Trump spark widesprea
» State Administration Coalition holds meeting with Al-Sudani and Al-Mashhadani in attendance
» Parliamentary Security and Defense: There are “fake” security companies run by “suspicious” figures
» Fares Issa meets the Czech Ambassador to Iraq
» Al-Sudani issues several directives to lift the ban on Iraqi Airways
» Makkia: Iraq is heading towards a major investment marathon
» Al-Fatlawi: The population census enumeration and numbering process exceeded 98% throughout Iraq
» Ministerial Council: Talk of using Iraqi territory as a launching pad for false pretext attacks
» Türkiye: Our relationship with Iraq is witnessing positive development and we are keen to strengthen
» Basra Gas Company announces the return of production and export operations to normal
» Former Minister Reveals “Exciting” Details Concerning Leaks... What’s the Story of the Electronic Fl
» Al-Sudani receives the five berths of Al-Faw Port from the Korean company
» Implementation of judicial memoranda of understanding on the table of the meeting between Faeq Zidan
» List of dollar prices in Iraqi markets today, Thursday
» It will include smaller areas and eliminate the sponsor.. Insistence on legislating the “Housing Fun
» Prime Minister: We are facing a new Iraq and the path of development will be an artery linking most
» Completion rates have increased fivefold in two years.. “Amazing” information and scenes from Al-Faw
» Central Bank: Importance of cooperation and money transfer to facilitate trade with Azerbaijan
» Iraqi Businesswomen Council: A safe environment to support women’s entrepreneurship and develop skil
» Economist: The value of the dinar will decrease and the financial deficit will increase
» American website: Iraq's budget suffers from a deficit of $49.3 billion
» Good news for journalists and writers.. The "financial grant" will be launched on this date
» Iraq is the third Arab country in gold reserves
» Wanted by Iraqi judiciary.. An "Iraqi-American" diplomatic crisis with Trump's victory in the US pre
» Central Bank of Iraq sells more than $280 million in auction today
» Trump's victory... will it be a lifeline from the "judicial guillotine"?
» After winning the presidential race, Trump talks about a “strong mandate”
» Al-Sudani chairs meeting with IATA delegation
» Central Bank Governor stresses need for cooperation to facilitate trade with Azerbaijan
» utube 11/6/24 Donald Trump's full victory speech
» Deep State Confronted by Trump.. Will Elon Musk Lead America, the World and “Mars”?
» Alsumaria Noon Bulletin Files: Trump's Victory and Objections to the General Amnesty Law
» Parliamentary bloc explains reasons for demanding extension of legislative term
» Al-Sudani discusses with an international delegation lifting the ban on Iraqi Airways
» Axios: Washington warned Baghdad that Israel may attack Iraq if it does not prevent the Iranian atta
» Trump declares victory in US elections: I will not start wars, but I will end them
» Parliamentary Foreign Affairs: Trump is wanted by the Iraqi judiciary, but the country's interest co
» "Al-Eqtisad News" publishes the full decisions of the Cabinet session
» Bitcoin Hits All-Time High in Early Trading
» Iraq tops the list of countries importing Arab products related to construction activity
» 2025 Strong national economy and sound banks
» Government stresses the need to secure petroleum derivatives for energy production
» Anbar: The second phase of the electricity connection with Jordan has reached its end
» Iraq's gold holdings rise to more than 152.5 tons
» Al-Alaq stresses to Azerbaijani ambassador the importance of cooperation in transferring money to fa
» 7 decisions on the general population census
» The world awaits the new US president
» Sudanese demands stopping the Zionist aggression
» Wasit: Distribution of seeds among farmers with a support rate of 70 percent
» Trade: Central markets {hypermarkets} to officially open in 2025
» Civil Service Council: Controls for appointing land donors
» Baghdad Municipality: Measures to avoid damage from oil spills in the Tigris
» The Board of Trustees discusses a number of topics related to developing the work of the media netwo
» Sovereign guarantees boost labor market
» Mazhar Saleh: No impact of oil price drop on operating budget
» Iraq's share in the IMF
» Trump's "Historic" Victory: World Leaders Congratulate Him