Post-Daesh economy

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Post-Daesh economy

 Samir Abbas NasiriPublished on: 10/05/2017 - 22:19

That most of the countries, especially developing countries and Iraq, one of them based curricula and its economic thought, philosophy and ideology that believes in the political system is based on the economic, human and natural resources, infrastructure, structural, master available to the economy and strategic goals to be achieved for the welfare of society and to ensure the basic needs of the people that make him feel that its political system works for the service and build their future, but in light of the political, security and economic special circumstances that our country is currently experiencing a special and about the suffering of the troubled economic reality and Alazm Financial, which began affecting influence and clear the obstruction of the implementation of the government's plans and the private sector to contribute to economic development as this crisis causes the current and future implications because of the sudden drop in oil prices in the global market, the main supplier of Iraq economically, which constitutes up to 60% of GDP and 95% of annual revenue in the general budget is clear and the failure to create new economic resources and poor economic planning and lack of coordination between fiscal and monetary policies and the continuation of the deficit from one year to another year in public budgets because of the lack of retention precautions Cash for lack of the existence of a sovereign fund, similar to other oil countries.

In addition, in-depth vision of economic confusion and backgrounds by the Iraqi rentier economy and the migration of national capital abroad due to self-conditions and objectivity above. That which concerns us here is the Iraqi economy and what is new in which what are the degrees of development and backwardness in basic episodes and what are their implications for sustainable development? What are the economic strategy after Daesh

In order to achieve this we propose the following:

the general frame

1. Draw progress on the road and strategic level roadmap for re-drafting of the new economic approach to Iraq and based mechanisms transition to market economy

2. Activating the decisions reached by the Committees experience the problem in the Council of Ministers in 2015 for each economic sector holds the implementation of the roadmap for each economic sector and is subject to the implementation of these decisions for follow-up, monitoring and evaluation

3. The formation of a joint legal committee to re-drafting and amending and issuing new laws that serve the implementation of the road map that is approved which all environmental laws governing legislative and manages the new Iraqi economy Bmenhjh.

4. Draw and the development of policies and mechanisms to ensure that the partnership between the private and public sector and private sector involvement in economic decision-making and management of the economy and the establishment of market leadership council of private sector representatives and its functions are on as stated in the private sector development strategy for the years (2014-2030)

 

 

 

Economic reform and the banking methodology proposed:

First, review, evaluation and re-structural and institutional system of the economy building

According to the following: -

1. Establishment (Economic Council) is linked to the Council of Ministers and the wide participation of government experts and the private sector jointly with experts and specialists and technocrats independent assume the strategic planning of the economy and to identify operational policies and follow-up and monitoring of implementation shall be issued by law committed by the ministries and all institutions and sectors of the state and its decisions are binding force after ratification Council of Ministers. And it shall supervise and follow up the following national economic institutions: -

A- National Provident Fund

(B) The Supreme Committee for the import, export and investment, and the National Reconstruction Fund

D -ganh support and protection of national production

E-Commission Small and Medium Enterprise Development, and the Public Service Commission

 

Second: - Review and re-evaluation of the financial and monetary policies applications

Although the Central Bank of Iraq to prepare and launch Asttrajith years (2016-2020), which included sub-prime targets and to achieve financial stability and development of the banking system according to the mechanisms and new points of work, but that does not prevent the central bank following the priorities:

1. The Central Bank and Ministry of Finance analyzed the financial position of the banks, the current projected for the years (2017-2020) and to determine the actual need for liquidity to sustain the cash trading in the Iraqi market and stimulate the economic cycle in all areas and to develop a proactive plan to prevent bankruptcy and the collapse of some banks and sustain the banking wheel under the current circumstances and the use of tools for new applications of monetary policy mechanisms.

2. The structure of the current bank financing mired many failures and constraints and in order to increase the credit product and financing from banks and activate their contribution to various aspects of investment and reconstruction and push the development process and move the economic cycle in Iraq, we see a fundamental step serious is to reconsider the policy of lending and bank financing and activate to maximize funding for projects small and medium social and economic target with a special and urgent priority and be the Central Bank of Iraq and the role of supervisory oversight effectively.

3. Amendment of economic legislation in Iraq, which regulates the economic and banking work for the advancement of economic reality and banking special about the Central Bank Law No. 56 of 2004 and the Banking Law No. (94) of 2004 and the Law of Companies Registration No. 21 of 1997 and the law of the Iraq Stock Exchange No. 74 of 2004 and the investment Law (No. 13) of 2006 and activating the money laundering law.

4. Issuing SME law-sized and small to help and create new employment opportunities and reduce poverty and destitution and contribute to the economic and social development plans and to reduce high unemployment, which exceeded 28 percent and the issuance of the Deposit Insurance Act and the credit guarantee and loans and the establishment of companies concerned.

5. Activating the role of government banks and specialized banks and private banks to provide soft loans to the private sector as well as national solutions to the problems of accumulated taxes and benefits resulting from the stalled project for the owners of production solutions.

6. reconsider the instructions and implementing regulations and guidance on the applications of monetary policy and the development of a proactive regulatory regime for accurate follow-up implementation of a special about with respect to the external transfer window and currency overseen by the Central Bank of Iraq and the development of new mechanisms with respect to the external transfer and documentary credits Here we propose the establishment of the Bank for Foreign Trade with the task implementation of the curriculum for the private sector importation, which must be prepared by the Ministry of Commerce in the light of the consumer need for estimates.

7. Secure the legal and technical requirements for a twinning and wide-ranging between government banks and private banks on the one hand and between the international banks on the other hand, in order to develop the banking, modernization and regulation of the financial and monetary trading in it on according to the latest modern electronic banking systems applied in the countries of the world operations of the payments system.

8. Review and evaluate and re-classification of banks in accordance with the efficiency of the performance standards and the adoption of activity based on the international standards in the process of review and evaluation certified neutral international accounting institutions and under the supervision of the Central Bank of Iraq.

9. The Central Bank is preparing an analytical study to review the reality of banks in the light of the financial results for the year 2015 until 31.12.2016 and making critical decisions Bhikltha and the integration of small-sized banks and weak activity with large and discreet banks in order to develop the private banking sector.

Provided that the banking merger specific foundations and means to address the problems and obstacles to the work of the banking sector and move its banking role to the developmental role.

 

* Economic and banking adviser

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"NEW ECONOMIC APPROACH" I LIKE IT. 

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