He revealed the details of the economic reform bill, and it will soon be sent to parliament
He revealed the details of the economic reform bill, and it will soon be sent to parliament
06/29/2020 08:25:55
{Baghdad: Al Furat News} The government is getting close to sending an economic reform bill to parliament for discussion and voting.
The law works to give the private sector a fundamental role in the development and development and raising the efficiency of economic projects, while providing social protection networks and social insurance funds, the launch of loans for projects and the development of the banking system.
The Deputy Prime Minister and Minister of Finance Ali Abdul Amir Allawi confirmed that the government is in the process of forming a complete and integrated program to reform and advance the economy.
Allawi said in a previous press statement, “This program will be presented to the House of Representatives during the next three months and it will be comprehensive,” pointing out that “the plans in the program will address all sectors of the economy and the production and service sectors.”
He added that “the program includes enhancing the state’s revenues from Other sources, such as customs and taxes, stopping waste and also the process of removing suffocation from the economy, stressing that “the government will enhance and strengthen private sector activity, because its growth will provide jobs and increase domestic production.”
For his part, member of the Parliamentary Economy and Investment Committee Nehru Mahmoud Rawandzi said in a press statement that “the law seeks to transform the Iraqi economy into a market economy and give the private sector a key role in development and development and raise the efficiency of economic projects and increase their production and competitiveness”, noting that “the goal of This diversification of economic resources and improvement of efficiency in the management of natural resources in accordance with the principles of fair and legitimate competition, and diversification of funding sources for the federal budget ».
He added that «this law will increase the returns of companies, and facilitate the process of entering into partnerships between the public and private sectors, and the transition from the central administration of the economy to decentralization by granting a greater role to the regions and governorates that are not organized in a region, and also stimulates financial decentralization to ensure financial capacity in order to finance development needs Local economic, to raise the standard of living for members of society and increase employment opportunities ».
He pointed out that «this will ensure the creation of an investment climate to encourage local and foreign investors to manage the ownership of economic units, developing and expanding the activities of financial markets and supporting the broad participation of the public in dealing in stocks, bonds and various securities, and achieving justice in the distribution of the returns of economic activities».
“Achieving the goals of this law comes through proposing an economic policy that includes the provision of public services, taxes and employment, while ensuring harmony between financial, monetary, tax, commercial and development policies and labor policies, and implementing the economic reform program and the principles and rules stipulated in this law,” Rawandzi said.
The MP pointed out that «this law will promote the adoption of good governance in the management of public companies in accordance with international principles and practices, the separation of ownership and management, enhancing the efficiency of management and competition between public companies, regulating relationships between ownership and management of natural resources and facilitating the privatization of public companies, and working to achieve transparency and equal treatment between Stakeholders from the private sector, encouraging dialogue between the public sector and social partners, while providing social protection networks and their integrity, social insurance funds such as pension funds, unemployment insurance, labor market regulation and instructions regulating the labor market, facilitating the establishment and development of small and medium enterprises, and stimulating the provision of soft loans to them from During the establishment of lending funds or financing through partnership between the public and private sectors ».
A member of the Parliamentary Committee on Economy and Investment stressed that “the law will create a legal environment conducive to partnership between companies and private and public institutions, including concession rights, participation contracts, project management, and the role of the private sector to ensure equality and fair competition in the market, and work to remove legal obstacles that negatively affect the development of The private sector, encouraging investment in the agricultural sector, providing basic and adequate inputs, and reforming legislation and procedures related to land and ways of using it.
Rawandzi reported that «the law will work to reform and restructure the banking system and expand banking business operations to provide the financing required for investment, and to provide effective mechanisms to reduce risks, increase credit and work to convert government banks into joint stock companies, and ensure expansion in the banking sector under the supervision of the central bank, and the introduction Modern mechanisms and banking technology to facilitate access to better financing and services. ”
The deputy pointed out that «the economic reform law regulates and develops financial markets by assessing capital according to international accounting standards, stimulating the introduction of modern and environmentally friendly technology, adopting urban development principles and planning to ensure the availability of public lands and facilities to motivate different sectors, and taking the necessary and gradual measures to regulate the restrictions that Financial and monetary policies govern the identification of sustainable development areas in geographical locations that suffer from a lack of economic capabilities and developmental imbalance, and granting these areas economic incentives to attract investors, encourage local companies and set up projects, and work to reform the tax and financial system ».
Rawandzi hinted that, “According to the law, he will establish the Federal Economic Reform Council, which is linked to the Council of Ministers, enjoys moral personality and is represented by the Speaker or whoever he authorizes, and it consists of the Department of Economic and Legislative Reform, the Department of Strategic Planning and Studies and International Relations, the Department of Land Exploitation, and the Department of Legal and Administrative Affairs And the Department of Small and Medium Enterprises Development and the Department of Oversight and Internal Auditing. ”
He affirmed,“ The creation of a department for economic reform in every ministry concerned with that to implement the reform tasks in each sector of the ministry concerned, managed by an employee with the title of director with at least a primary university degree and with experience and specialization. ”
Ammar Al-Masoudi is over
alforatnews.com
