Disclosure of World Bank Conditions in the Financial Budget for 2018

Disclosure of World Bank Conditions in the Financial Budget for 2018

Wednesday, December 6, 2017 12:56 pm

Disclosure of World Bank Conditions in the Financial Budget for 2018A member of the Finance Committee, Hossam al-Aqabi, on Wednesday revealed some of the conditions of the World Bank, which was included by the government in the draft bill of the budget of 2018, noting that the government stressed the need to abide by these conditions.

“The draft law of the budget of 2018, sent by the government to parliament a few days ago, has obligations on the conditions of the World Bank and these obligations is the need to pay the government’s foreign and internal and confirmation of the commitment with rounds of licenses for companies operating in the oil fields,” he said. That “many of the observations of the World Bank did not see them because the meetings are held only between the government and the World Bank without the entry of the House of Representatives as a party in these meetings.”

He added that “there is a confirmation in the financial budget law on the commitment of ministries to collect their revenues concerned some fees and services as well as revenues obtained by the non-oil revenues, which are collected through taxes and customs.”

The World Bank’s annual report said earlier that the outlook for the business environment in Iraq next year has made progress in the environment indicators for most sectors, despite the decline in Iraq’s ranking slightly in the field of tax collection.

The report, published earlier, showed that there has been a significant improvement in Iraq’s business environment indicators for most of the World Bank’s 2018 sectors or activities. There are promising opportunities for foreign investment and contracting sectors to work in the country’s stability and peace economy.

The World Bank confirmed that, during 2016-2017, Iraq had been able to implement fundamental changes in the domestic regulatory framework in two main areas: starting business and obtaining credit.

“Starting business is easier in Iraq by combining multiple registration procedures and reducing the time required to register companies. Business owners no longer have to register their companies independently with the General Authority for Taxes, while the time required to register companies is reduced. Because of the increased resources available in the registry and the improvement of the electronic registration system. ”

He noted that the World Bank is committed to supporting the Iraqi government’s efforts to implement priority reforms that will enhance the business environment and achieve better growth and opportunities for all Iraqis.

According to analysts, Iraq has improved in six indicators starting in 2017. In the “start of business”, the first indicator of the report, which considers the number of procedures, time, cost and minimum capital paid to start a limited liability company rose, which became more attractive to investors At a time when the war is over, and the world sees Iraq’s efforts to reform seriously and have an impact on the ground. End 3

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