About a year after its adoption, the Iraqi Finance Counts the “Achievements” of the White Paper: We will proceed with its implementation

About a year after its adoption, the Iraqi Finance Counts the “Achievements” of the White Paper: We will proceed with its implementation

2022-07-27 06:29

About a year after its adoption the Iraqi Finance Counts the Achievements of the White Paper - We will proceed with its implementationShafaq News/ The Iraqi Ministry of Finance revealed, on Wednesday, its “achievements” in the white paper it adopted in the economic aspect by reviewing the most prominent projects it has worked on in the past period, while indicating that the government will proceed with implementing its provisions.

The ministry said in a statement received by Shafaq News Agency, “The Iraqi government adopted, at the beginning of August of the year 2021, the implementation of the economic reform paper to be a comprehensive roadmap, with the main objective of addressing the serious challenges facing the Iraqi economy, reducing dependence on oil as the only resource for the state and stimulating production in various sectors.” governmental, private, and other dozens of reform programs and projects.

The ministry added that “the Iraqi government is continuing to implement the terms of the white paper, and the Ministry of Finance has made advanced and successful steps under the guidance and follow-up of Minister Ali Abdul Amir Allawi, and to proceed with the reform paper procedures to consolidate capabilities and facilitate their application to all sectors.”

And she indicated that “work continues to implement the targeted projects, because the nature of their implementation is of a purely professional and economic aspect, and it has positive repercussions on the state’s economy and continuously regardless of changing governments. in the white paper.

The ministry’s statement mentioned a number of these projects, including “the development of the rules for organizing the state’s general budget so that the budget is flexible in its preparation and implementation, as it was formulated to include a basic oil price to estimate revenues and flexible schedules of expenditures implemented according to changes in oil prices and actual revenues, but the absence of a government with full powers This led to the bill not being sent to the House of Representatives, and the internal bonds were issued in the local markets, and they were fully subscribed.”

And the finance statement continued, “Many preparations and seminars have been initiated in cooperation with various international organizations and many countries to try to implement the program and performance budget, and prepare the government debt strategy and have been approved by the Council of Ministers, and preparations have been completed to automate the tax system in preparation for the issuance of a tax number for each citizen and for each A company operating in Iraq and awaiting financial allocations in the budget to complete the work.

And the Finance mentioned the projects in its statement by saying that “work is continuing in the Central Bank of Iraq to develop mechanisms for following up on private banks and activating the work of the Deposit Insurance Company to give full confidence in dealing with private banks, and urging all banks operating in Iraq to activate and increase the use of electronic services for them and their customers, and to complete the re-amendment of the system.” Al-Rafidain Bank’s internal procedure and submitting it to the State Council for approval in preparation for the restructuring of all government banks, and the completion of the draft law on the Securities Commission in cooperation with various economic sectors and the State Council.

The Ministry of Finance also stated that “international consultants have been appointed in the insurance sector, and work is underway to study the insurance market in Iraq in preparation for amending the sector’s legislation in cooperation with the British Adam Smith Organization, in addition to involving workers in the insurance sector in various specialized courses in order to raise their professional competence.”

He pointed out, “Preparing a draft amendment to the Companies Law, including governance standards in accordance with international best practices, which would develop the investment environment in Iraq, and allow the import of damaged cars within the permissible model years and their repair inside Iraq, which would create many investment opportunities.”

The statement also added that “the Higher Committee for Lending and activating the initiatives of the Central Bank by lending, whether within the housing fund or purchase loans for housing units from investment complexes, has been reconstituted, which would solve the housing problem on the one hand and provide job opportunities in these projects on the other hand, in a manner that works to provide development.” The economy in general, and collecting government companies’ data and classifying them into successful, faltering and failed in preparation for presenting it to the next government in order to take the necessary measures to treat it, and to begin normalizing customs automation procedures in Iraq according to the ASYCUDA system and work is underway.”

The ministry’s statement also pointed to “activating initiatives from the Central Bank for lending in a way that encourages the use of alternative energy for electricity in Iraq, and work is underway to complete the electrical connection with neighboring countries, as well as controlling access gates to end cases of smuggling Internet capacities, and introducing fourth-generation technology services in Iraq.” Completing the legislation of the health insurance law and working to implement it.

The statement also referred to “increasing support for groups covered by social protection, fixing the defect in the ration card and increasing its vocabulary, initiating the program to build the 1,000 schools in cooperation with Chinese companies, implementing the electronic system for employment in the Federal Service Council, activating the petrodollar for the governorates and customs imports with the governorates.”

The ministry indicated that “the white paper came to develop a roadmap that contributes to the advancement of all economic, social, cultural, financial and investment sectors to correct the path of sustainable development in the country and move towards achieving non-rentier revenues that contribute to achieving long-term strategic goals, and strengthening the pillars of a diverse, balanced and strong national economy, especially in the current global economic challenges.