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Consensus on the importance of planning in achieving sustainable development
Economic 11/17/2024
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Participants in the conference on the transition to a flexible economy in Iraq agreed on the importance of planning that contributes to the diversity of resources and its role in facing the challenges and economic shocks facing countries that depend on a single financial resource. The opinions came towards working hard to invest in the components of economic progress and giving the knowledge economy the required attention in light of the presence of a segment of young people capable of mastering this trend.
The Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq, said during his participation in the conference that "the flexibility of the economy carries an important title for the economy, and the extent of the economy's ability to face shocks and challenges, and this concerns us in Iraq as we depend on the oil resource as a source to cover state expenses."
Comprehensive strategy
Al-Alaq added that "the economy's ability to use resources ensures economic growth and achieves clear development, and here there must be a comprehensive strategy for the Iraqi situation, identifying the requirements for creating a diversified economy and a real partnership between the private and public sectors, and mobilizing financial policy tools to support these trends."
He pointed out that "the budget represents the money paths and determines the centers of public spending of the state and the economic directions of the state," noting that "the Prime Minister's call to restructure the Ministry of State contributes to redefining the economy and increasing production capacity," noting "the possibility of achieving resources from several sources."
Investment aspects
He stressed that "adapting to the decline in oil prices is reflected in the investment aspects of the state's general budget," explaining "the Central Bank's support for the private sector to be a partner with the public-private sector in making economic decisions, and we hope that its role will be clear."
Al-Alaq stated that "90% of housing projects in Iraq are funded by the Central Bank, which has stimulated the local market and provided great job opportunities. "
Knowledge Economy
He stressed "the importance of the knowledge economy in Iraq, as we have a segment of young people who can make the knowledge economy present, provide electronic services, and achieve benefits from the transformation that
the world is witnessing."
Flexible Economy
In turn, Osama Al-Shabib, Executive Director of Al-Baidar Center, the organizer of the conference, said: “We are working to present a vision that puts the economy on the right path and moves towards adopting the concepts of a flexible economy, which means drawing up flexible plans that address all the challenges
facing the economy.”
He added that “the flexible economy gives the state qualities that do not make the economy decline in times of crises, and does not crack when facing challenges. In global crises, the flexible economy has proven its role in maintaining its levels, and we hope to benefit from global experiences.”
Al-Shabib stressed “the importance of planning and its role in consolidating the economy and placing it in a position of strength in the face of the challenges facing the country or countries of the world.”
Public utilities
As for the Prime Minister’s Advisor, Dr. Amer Al-Adhadh, he said that “the state’s economic role is centered on defending producers and preserving public utilities
from misuse.”
Al-Adhwaf touched on ways to enhance the local market, the role of the national force in supporting the national economy and creating an effective market that supports the local economy and the mechanisms for the success of local companies, starting from developing solutions that address cases of failure in the national market, and ensuring the movement of the
monetary mass within the economy.
He stressed the "importance of good planning with acceptable financial reserves, and the presence of a capable banking system; because its role is essential in managing the monetary mass."
Foreign investments
Chairman of the Securities Commission Faisal Al-Haitham said that "the financial markets are flourishing with the entry of foreign investments, which operate with different portfolios in more than one financial market," noting that in the Iraqi Stock Exchange, there are 9 foreign financial portfolios of different nationalities, and we are working to increase foreign trading
in stocks.
He pointed out that "the lack of flexibility in economic activities represents one of the challenges facing trading in stocks.
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