World Bank: What Does The Business Environment In Iraq Mean For 2018 ?

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World Bank: Iraqi economy continues its development progress due to recent reforms

 

Economy News _ Baghdad The World Bank said on Thursday that during 2016-2017, Iraq has 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 shortening the time required to register companies," said a statement issued by the Bank, which was published on its official website, "Al-Iktissad News." Entrepreneurs no longer have to register their companies independently In the General Authority for Taxation, and reduced the time required for registration of companies, because of increased resources available in the registration services and improve the electronic registration system. He added that "Iraq has worked to improve access to credit information through the launch of credit registry managed by the Central Bank of Iraq As of 1 January 2017, the register included 234,967 customers and 4,877 commercial borrowers, and included information on their history of the five years Past ". "The Doing Business data reveal that fragile economies continue to reform and deal with crises as opportunities to improve business systems," said Saroj Kumar Jha, regional director of Mashreq's World Bank. "As part of Vision 2030, the Iraqi government has embarked on a fundamental reform agenda based on the General Government Framework Program (2014-2018), which places priority on institutional economic reforms and the development of the private sector," he said. "The commitment of the World Bank to support the Iraqi government's efforts to implement priority reforms that will enhance the business environment and achieve better growth and opportunities for all Iraqis," Jha said. Iraq ranked 168th in the ease of doing business compared with 165th ranked in last year's report.     Views 343   Date Added 09/11/2017

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World Bank: Iraqi economy continues its development progress due to recent reforms

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November 9, 2017

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The World Bank confirmed Thursday that during 2016-2017, Iraq has been able to implement fundamental changes in the domestic regulatory framework in two main areas: starting business and obtaining credit.
“Starting a business is easier in Iraq by combining multiple registration procedures and reducing the time required to register companies,” a statement issued by the bank said. “Entrepreneurs are no longer required to register their companies independently with the General Authority for Taxation, The time required to register companies, because of increased resources available in the registration services and improve the electronic registration system.
He added that “Iraq has worked to improve access to credit information through the launch of credit register managed by the Central Bank of Iraq As of 1 January 2017, the register included 234,967 customers and 4,877 commercial borrowers, and included information on their default history during the five years Past “.
“The Doing Business data reveal that fragile economies continue to reform and deal with crises as opportunities to improve business systems,” said Saroj Kumar Jha, regional director of Mashreq’s World Bank.
“As part of Vision 2030, the Iraqi government has embarked on a fundamental reform agenda based on the General Government Framework Program (2014-2018), which places priority on institutional economic reforms and private sector development,” he said.
“The commitment of the World Bank to support the Iraqi government’s efforts to implement priority reforms that will enhance the business environment and achieve better growth and opportunities for all Iraqis,” Jha said.
Iraq ranked 168th in the ease of doing business compared with 165th ranked in last year’s report.

[yota691]

 

World Bank: Iraqi economy continues its development progress as a result of recent reforms

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BAGHDAD (Reuters) - 
Iraq has been able, during 2016-2017, to make fundamental changes to its domestic regulatory framework in two main areas: starting business and obtaining credit, the World Bank said Thursday.
"Starting a business is easier in Iraq by combining multiple registration procedures and shortening the time required to register companies, as entrepreneurs no longer have to register their companies independently with the Commission," said a statement issued by the bank. And the time required for registration of companies has been reduced due to the increased resources available in the registration services and the improvement of the electronic registration system. " 
He added that "Iraq has worked to improve access to credit information through the launch of credit registry managed by the Central Bank of Iraq As of 1 January 2017, the register included 234,967 customers and 4,877 commercial borrowers, and included information on their history of the five years Past ".
"The data reveal that Doing Business reports that fragile economies continue to reform and deal with crises as opportunities to improve business systems," said Saroj Kumarja, regional director of Mashreq's World Bank. 
"As part of Vision 2030, the Iraqi government embarked on a fundamental reform agenda based on the General Government Framework Program (2014-2018), which places priority on institutional economic reforms and private sector development," the statement added. 
"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," Kumarja said. 
Iraq ranked 168th in the ease of doing business compared to 165th ranked in last year's report.

[yota691]

DOING BUSINESS IN IRAQ: ON TRACK TO WIDER ECONOMIC REFORM

 | Nov 13, 2017 |

A few months into his term Iraqi Prime Minister Haider Al-Abadi laid out his vision for reforms in front of global leaders at the World Economic Forum in Davos. By the summer of 2015 his political reforms had grabbed all the headlines, overshadowing the reforms he was bringing to the military and economy. But as the fight against Da’ish draws down, the focus has turned back to the economy.

On October 31^st the World Bank published its Doing Business 2018 report, an annual report “measuring the regulations that enhance business activity and those that constrain it” and ranks “the ease of doing business” across 190 countries.

On the surface, the latest report is no different for Iraq than the previous Doing Business reports. A closer look, however, shows a different story. For example, out of ten indicators that make up an economy’s overall score, Iraq improved on six indicators from 2017.

In “Starting a Business”, the first indicator of the report, which looks at the number of procedures, time, cost and paid-in minimum capital required to start a limited liability company, Iraq increased from 164 in 2017 to 154 in 2018. Being 154^th in the world is not usually something to brag about, but it is when we consider that Iraq is competing against 189 other countries looking to improve their image and compete for international investment. This is also a commendable improvement given Iraq’s infamous bureaucracy, which can make obtaining the simplest of government services difficult. Finally, let us not forget that these efforts were undertaken as Iraq fought and defeated the world’s largest terrorist organization.

That’s just one service-related indicator. The others had improvements as well by this amount of points:

11

DEALING WITH CONSTRUCTION PERMITS

17

GETTING ELECTRICITY

14

REGISTERING PROPERTY

1

RESOLVING INSOLVENCY

These improvements are a direct result of the work conducted by the Streamlining Procedures Committee which was established by Al-Abadi in the Prime Minister’s Office during January 2015 and was tasked with identifying the services the government provides to Iraqis (1112 services!). The committee then led the simplification of 108 personal services such as obtaining a driver’s licence or registering property, and 70 non-personal services such as registering a business or obtaining a construction permit, which have a direct result on the economy and improving the environment for the private sector.

The cabinet office established a committee in May 2017 to study the four legal indicators of the Doing Business report and provide recommendations for bringing Iraqi laws and government regulations in-line with international best practices. To ensure the committee is effective it includes members of the State Council and the Higher Judicial Council. The committee is currently working with the World Bank to study the details and methodology of these indicators. Their work might not be reflected until next year’s report or even the year after that, as any changes to laws must pass through the Iraqi Council of Representatives. Nonetheless, work is being undertaken to move in the right direction.

That sentiment is shared by the World Bank which issued a press release on November 9^th confirming that although Iraq’s overall ranking dropped from 165 to 168, it is due to the World Bank introducing some methodology refinement and data revisions that impact how countries rank. In the Doing Business 2017 report, the paying taxes indicator was expanded to include post-filing processes—the processes that occur after a firm complies with its regular tax obligations. This year, the methodology was further refined in accordance to best practices. In particular, the indicator reviewed the way it captures value added tax and corporate income tax audits.” For this reason Iraq’s “Paying Taxes” ranking dropped from 52 in 2017 to 129 in 2018.

Saroj Kumar Jha, the World Bank’s Middle East Regional Director is quoted as saying, “As part of its Vision 2030 program, the Government of Iraq is embarking on a substantive reform agenda that builds on the Governmental General Framework Program (2014-2018) which prioritizes institutional economic reforms and private sector development. The World Bank Group is committed to support its efforts in identifying and pushing forward priority reforms that can help foster the business environment and generate growth and better opportunities for all Iraqis.”

We cannot forget that the Doing Business report includes a Distance to Frontier ranking. “The distance to frontier (DTF) measure shows the distance of each economy to the ‘frontier,’ which represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005. An economy’s distance to frontier is reflected on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. The ease of doing business ranking ranges from 1 to 190.” On this metric, Iraq improved from 44.39 in 2017 to 44.87 in 2018.

The above data paints a picture of an imperfect yet improving economy, which is becoming more attractive to investors as the war against Da’ish concludes and as the world sees Iraq’s efforts to reform as serious and having an impact on the ground.

HASSAN HADAD

Hassan Hadad is an economist with the Economic Reform Unit in Baghdad.

[Officiallytook]

A lot of confusion as of late

[Laid Back]

Soon the whole world will be doing business with Iraq 

 

Go CBI

Go international recognize currency 

Go RV

 

[yota691]

2017/11/15 (00:01 PM)   -   Number of readings: 238   -   Number (4063)

 

 

World Bank: Iraq provides business environment indicators and a relative reduction in taxes

 Baghdad / Zahraa al-Jassim 
 

An annual World Bank annual forecast of Iraq's business environment next year showed progress in business environment indicators for most sectors, despite Iraq's slightly lower tax collection. Advisor to the Prime Minister of Finance believes that the change conducted by the World Bank on the methodology of assessment and mechanisms in the tax sector, is what Iraq and most Arab countries to this decline.

The ranking of Iraq in the ease of doing business according to the report to the rank of 168 compared with the rank of 165, which filled according to a report last year. 
The World Bank, in its annual report published recently, obtained a copy of it, that in 2016-2017, Iraq was able to implement fundamental changes in the domestic regulatory framework in two main areas: starting business and obtaining credit, noting that the start of business It has become easier in Iraq by combining multiple registration procedures and shortening 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 for registration of companies is reduced. Register Improving the electronic registration system.
The report added that Iraq has worked to improve access to credit information through the launch of a credit registry managed by the Central Bank of Iraq, as of 1 January 2017, which included 234,967 customers and 4,877 commercial borrowers, The past five years.
A report by the World Bank's Mashreq Regional Director, Saroj Kumar Jha, said that Doing Business data shows that fragile economies such as Iraq continue reform efforts and deal with crises as opportunities to improve business systems. 2030, where the Iraqi government embarked on a basic reform agenda based on the General Government Framework Program (2014-2018), which places priority on institutional economic reforms and private sector development. The World Bank is committed to supporting the Iraqi government's efforts to implement priority reforms that will strengthen Leah business growth and better opportunities for all Iraqis. "
Financial Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh, said in an interview with (Mada) commenting on the report of the World Bank, this report called the facilitation of the business environment in Iraq, confirms that, despite the decline in tax collection, it shows a rise in most indicators of other sectors, because The World Bank has changed the methodology of the tax clause, which has shown Iraq and most Arab countries to decline in order, but said: On the other hand, the report shows that there is a substantial improvement in the indicators of the business environment in Iraq for most sectors or activities adopted by the World Bank for the year 2018 for Iraq, Promising for investment sectors T and foreign contractors to work in peace and stability in Iraq's economy.
Saleh said: Unfortunately, there is a change made by the World Bank on the methodology of assessment and mechanisms in the tax sector exclusively, which led to the decline of the position of Iraq relative to the overall rate in ranking among countries compared to the previous estimate, but, on the other hand, there is Significant improvement in corporate registration, in addition to other indicators.
In a study released in response to the World Bank report, Hassan Haddad al-Abadi, a few months after the start of his term, revealed his vision for reforms to world leaders at the World Economic Forum in Davos. By the summer of 2015 , His political reforms have captured all the headlines, and although the World Bank's Business Doing Business 2018, which measures systems that promote business and those that restrict it, classifies "ease of doing business" in 190 countries, "Doing Business" To Iraq, but a closer look at him show a different story, for example, that among the ten indicators form the overall outcome of the economy, we see improvement in Iraq in six indicators starting in 2017, in the "Starting a Business"
The expert goes on to say that when we consider that Iraq is competing with 189 other countries looking to improve its image and compete for international investment, there is also a commendable improvement here in view of the tyrannical Iraqi bureaucracy that can make getting the most basic government services difficult. Finally, Let us not forget that these efforts were made because Iraq fought and defeated the world's largest terrorist organization.

[yota691]

World Bank confirms Iraq's progress in business environment indicators and low taxes

Readers

 

 

World Bank confirms Iraq's progress in business environment indicators and low taxes

 

15-11-2017 01:15 PM

 

The Euphrates -

 

An outlook for the business environment in Iraq next year has made progress in environmental indicators for most sectors, despite a slight decline in Iraq's tax collection, according to an annual World Bank report. 

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 shorter time 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 has been reduced. Due to increased resources available in the registry and improved electronic registration system '. 

"The Doing Business data shows that fragile economies such as Iraq continue to reform and deal with crises as opportunities to improve business systems," said Saruj Kumar Jha, regional director of the Mashreq World Bank. "The Iraqi government has embarked on a fundamental reform agenda based on (2014-2018), which places priority on institutional economic reforms and the development of the private sector. 

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.

[DinarThug]

CNN. Broadcasting Promising Opportunities For Foreign Investment During A Peace Economy !

 

 

 

http://annabaa.org/arabic/econ.....cles/13182

World Bank: What does the business environment in Iraq mean for 2018 ?

18th November, 2017

According to the Doing Business report for 2018, Iraq ranks 168 out of 183 economies.  Iraq ranks last among 18 economies in the Middle East and North Africa region, and its index in terms of tax payment ranked 129th. In real estate registration it ranked 96th, Most countries, in the business closure index ranked 183, trade across the border 179, and in the start of business 154.

In the World Bank's annual report, the outlook for the business environment in Iraq next year has made progress in environment indicators for most sectors, despite the decline in Iraq's ranking slightly in the field of tax collection. The report, which was published earlier, showed that there is a substantial improvement in indicators Iraq's business environment for most of the 2018 World Bank-approved sectors and activities for Iraq. 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 a business is easier in Iraq by combining multiple registration procedures and shorter time Companies are no longer required to register their companies independently with the General Authority for Taxes, while the time required for registration of companies has been reduced due to increased resources available in registration departments and improvement of the electronic registration system.

The World Bank's Mashreq Regional Director, Saroj Kumar Jha, said the Doing Business data showed that fragile economies such as Iraq continue to reform and deal with crises as opportunities to improve business systems, adding that the Iraqi government has embarked on a fundamental reform agenda based on (2014-2018), which places priority on institutional economic reforms and the development of the private sector.

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 The first indicator of the report, which looks at the number of procedures, time, cost and minimum capital paid to start a limited liability company, has become more attractive to investors at the time the war is ending against a dodger. The world sees Iraq's reform efforts as serious and having an impact on the ground.

Future investment opportunities

On the other hand, there have been international reports that Iraq is seeking to find a foothold in the path of economic development and investment after a defeat is encouraging, where some investors see opportunities in Iraq, because of the country's opportunities to encourage them and encouraging the country's budget financing agreement of 5.4 Billion dollars, approved by the International Monetary Fund last year and the US gave Iraq a loan of $ 1 billion, some investors say that Iraq stands on the ground of solid opportunities to become a point of attraction for major investors in the world, although some challenges remain.

"The global support for a unified Iraq, which is almost collective, should be translated into financial support for its reconstruction projects and the promises made in the past to strengthen the economic situation in the country to prevent Any chance of a resurgence of tension and tension in the country, and following the military victories in Iraq, the reconstruction of infrastructure and the promotion of another coming from oil will help to give momentum to the recovery of the economy, despite the obstacles accumulated at the present time.

"While the successful campaign against Da'ash has certainly been a big positive point, we do not believe that the victory achieved in Raqqa is a major change," says Raufael Obarti, a researcher at the UK's BMI Research Center for Financial and Economic Research and Analysis for the Middle East and North Africa. In the game for Iraq, adding: This may indicate the achievement of a contraction of security risks in the region, but the organization will continue to cause threats to security through bombing attacks, and Iraq is still facing several security challenges, noting that, nevertheless, the signs of Has been on the horizon, especially in the oil sector of the country, so the return of oil prices to rise, is a positive for the Iraqi economy, as the government of the country depends on its revenues rely heavily on oil exports.

While Britain's BMI is expected to see an improvement in economic growth outside the oil sector, the organization also expects that this improvement will remain modest over the coming years, and for this reason it will restrict a certain imposition to investors. Confirming that the private sector in Iraq has occupied the lowest rank in the index of transparency and corruption standards.

[tigergorzow]

DT Thanks,   DV, We are witnessing "Babylon Rise From The Ashes" and will partake when the Trees bear ripe fruit...

 

GO Unity Of Iraq

 

GO International

 

GO RV / RI

[Laid Back]

Looks like the WB is letting the world know Iraq will be open for international business in 2018

 

Go Investment 

Go diversification of the economy 

Go new monetary policy 

Go RV

 

[Boozer]

A Walmart in every city 

[Half Crazy Runner]

11 minutes ago, Boozer said:

A Walmart in every city 

 

When that happens, then we’ll know we’re finally there! 

[10 YEARS LATER]

33 minutes ago, Boozer said:

A Walmart in every city 

 

. . . and a McDonalds Burger Stand inside that Walmart - Nothing says artery clogging, obesity and diabetic American chow like  " Mickey Ds "

[Wiljor]

4 hours ago, tigergorzow said:

DT Thanks,   DV, We are witnessing "Babylon Rise From The Ashes" and will partake when the Trees bear ripe fruit...

 

GO Unity Of Iraq

 

GO International

 

GO RV / RI

 

3 hours ago, Laid Back said:

Looks like the WB is letting the world know Iraq will be open for international business in 2018

 

Go Investment 

Go diversification of the economy 

Go new monetary policy 

Go RV

 

 

Gents, good afternoon, they are definitely moving forward and hopefully we will see the trees start to bare fruit in 2018