World Bank issues optimistic report on Iraq, points to 'major transformation'

by **Rocky** Today at 4:27 am

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World Bank issues optimistic report on Iraq, points to 'major transformation'

by Rocky Today at 4:27 am

World Bank issues optimistic report on Iraq, points to 'major transformation'

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Baghdad Today - Baghdad

The World Bank issued, today, Thursday, October 3, 2024, the Business Ready 2024 (B-READY) report, which indicated that Iraq is witnessing a major transformation in improving the business environment, "noting "the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and effective for local and international companies, including:

1. Regulatory Stability: Iraq has made significant progress in creating a more stable and business-friendly regulatory framework. It has improved the ease of doing business by streamlining company registration processes and eliminating minimum capital requirements. This improvement is making Iraq more attractive to entrepreneurs, especially small and medium-sized enterprises (SMEs), which play a key role in job creation and economic diversification. Positive impact: Aligning Iraq’s 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 utilities and infrastructure: Iraq has made significant progress in the utilities sector, which is essential for businesses’ operations. The government has reduced the time it takes to access basic services such as electricity and water. Infrastructure investments are underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already reduced operational disruptions and increased investor confidence in the market, although further improvements are needed.

3. Strengthening labor market regulations: 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 helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

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 before it was collected, before the current government’s reform initiatives and the general stimulus budget fully came into effect.

Given that the government has given great attention to the private sector, the business environment, according to the report, “has developed significantly over the past two years and will continue to develop at an accelerated pace over the coming months and years when the fruits of 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 achieved in many areas, including establishing a more stable regulatory framework.”

The World Bank indicated 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."

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by **Rocky** Today at 4:38 am

Rocky

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Post n°2

World Bank issues optimistic report on Iraq, points to 'major transformation'

by Rocky Today at 4:38 am

World Bank issues optimistic report on Iraq, points to 'major transformation'

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[rtl]Baghdad / NINA / The World Bank issued today, Thursday, the Business Ready 2024 (B-READY) report, which indicated that Iraq is witnessing a major transformation in improving the business environment, "noting "the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

The report showed some positive developments and achievements made by Iraq in making the business environment more attractive and effective 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. It 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-sized enterprises (SMEs), which play a key role in creating jobs 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 utilities sector, which is essential for businesses’ operations. The government has reduced the time it takes to access basic services such as electricity and water. Infrastructure investments are underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already reduced operational disruptions and increased investor confidence in the market, although further improvements are needed.

3. Strengthening labor market regulations: Iraq has 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 has 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.

Despite the positive points documented in the report, it is based on out-of-date data collected in 2023 by the Business Ready private sector team – and the data reflects the period before the current government’s reform initiatives and the stimulus budget were fully implemented.

Given that the government has given great attention to the private sector, the business environment, according to the report, “has developed significantly over the past two years and will continue to develop at an accelerated pace over the coming months and years when the fruits of 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 achieved in many areas, including establishing a more stable regulatory framework.”

The World Bank indicated 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." / End 8[/rtl]

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World Bank issues optimistic report on Iraq, points to 'major transformation'

World Bank issues optimistic report on Iraq, points to 'major transformation'

World Bank issues optimistic report on Iraq, points to 'major transformation'

World Bank issues optimistic report on Iraq, points to 'major transformation'

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