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Financial Reform Emergency Cell

5/15/2020

Financial Reform Emergency Cell

 

Samir Al-Nassery

 
In the second session of the new cabinet, an emergency cell for financial reform was formed to manage the financial situation in the current circumstance and find remedies and solutions to overcome the country to the complex economic crisis for the known reason, which is the drop in oil prices due to the Corona virus that swept all the countries of science and led to economic stagnation and affected most countries ’economies and slowing growth For the global economy. Therefore, the formation of this cell headed by Mr. Prime Minister Mustafa Al-Kazemi and the membership of the competent ministers and the governor of the Central Bank and the advisers means that the government has already begun to put its urgent plans and draw a road map to overcome The economic and financial crisis that Iraq is going through.

 
Based on the bold decisions taken by the new government at the beginning of its journey, I find it necessary for us economists and financial experts to support and cooperate with the government in implementing its plans for economic and financial reform. Therefore, we propose to the Emergency Financial Reform Cell to study a package of urgent and immediate treatments that can be implemented quickly and strategic solutions that It requires a period of time exceeding one year, which constitutes a driving force for comprehensive and radical reform policies, as follows: -


Prompt and immediate treatments:


First - Preparing an emergency budget based on the expected revenues from marketed oil for the year 2020 at the minimum price forecast, and a monthly balance is approved from which to spend according to the specified priorities.


Second: Reducing government expenditures by 50 percent for the three presidencies, the House of Representatives, special grades, and special pension salaries, and upwards of the Director General’s level, including those who previously worked in these locations since 2003. Excluding the salaries of employees, retirees, and social welfare from the reduction.


Third - Securing the funds for dealing with the Corona pandemic to the Ministry of Health.


FourthSecuring the amounts allocated to the reform decisions that the resigned government committed to implement the demands of the demonstrators.👈


Fifthly, coordination between the financial and monetary policies to maintain the stability of the exchange rate and maintain the standard adequacy of the foreign monetary reserves of the Central Bank and to determine the rates of internal borrowing and not to go for external borrowing.


Sixth: To stimulate and encourage the private sector and its involvement in the management of the economic process, and its involvement in economic decision-making.


Seventh Halting the import of semi-essential and luxury items and restricting the import of ration card materials, medicine and medical supplies, while increasing the food basket for the Iraqi family.


Eighth: Establishing the National Emergency Fund.


Ninth: Exclusion of staff, economic and health career experiences, and higher education from the law of referring them to retirement implemented from 1/1/2020. And fixing the special grades who had a fundamental role in overcoming the economic and financial crisis that Iraq experienced in 2014-2014.
 
Strategic economic treatments:


First, there is a need for a systematic movement to map a road map for economic reform by Iraqi elites and economic, financial and banking efficiencies and for economic mobility to be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of creating sustainable development, achieving diversity in resources and developing economic and human structures For the sake of proper building of the national economy and building the premises of the transition to a social market economy.


Second ‐ Draw a realistic and ambitious road map that depends mainly on managing and distributing public money in a transparent and fair manner, provided that the beneficiaries in the results and outputs of the people and that the citizen feel that his national economy, resources and goods are dedicated to ensuring decent living as mentioned in the articles of the permanent Iraqi constitution.


Third, the formation of the Supreme Council for Economic Reform to be enacted by a law binding on the ministries to implement its decisions and has the power to monitor, monitor, and evaluate, and to form and preside over and chair a membership of elite government experts and the private sector.


FourthMoving to the central administration of the economy so that the principle of (centralization of planning and implementation decentralization) is implemented, and this means that the Supreme Council for Economic Reform takes charge of drawing plans and policies centrally and distributes their implementation to specialized councils for reconstruction and investment and the implementation of development projects in the economic and human sphere 

These councils are: -
* Private Sector Council 
* Construction Council  
* Small and Medium Enterprises Development Authority  
* Public Service Council 
* Local Product support and Protection Council.


 Fifthly: Creating and creating the investment climate for local and foreign investors, motivating and encouraging them, and ensuring their contractual rights to attract their capital and protect them from the pressure of spoilers.


Sixth: Providing soft loans to finance small, medium and large projects and establishing a legal and institutional system for managing, developing and developing them, as well as issuing and amending the laws of the legal environment to regulate the economic process. This means issuing new laws instead of laws issued in 2004 due to the changes that occurred in the national economy during 17 Year.


Seventh, activating investment in the sectors .. agricultural, industrial, energy, tourism, services and housing, as well as working to reform, develop and develop the banking sector through monetary policy applications and regulating the relationship and restrictions that govern financial and monetary policies, as well as a serious approach to reforming the tax, financial and customs system, and handling cases of failure In achieving the required growth rates in national income and exceeding the rise in unemployment and poverty rates.


Eighth ‐ Supporting, developing and motivating the private sector and benefiting from its capabilities, capabilities, capital and investments in building the national economy and involving it in managing the economy.


IXDeveloping a new methodology to overcome the challenges of instability in the financial system and the monetary system, and this means developing balanced and coordinated plans to overcome the challenges of monetary policy and the challenges of the deficit in non-oil revenue and the deficit in the balance of payments.


Tenth - Reconstruction of a new structure of the government apparatus in line with the assertion of centralization of planning and decentralization of implementation, including the adoption of a strict and disciplined market economy system as is currently the case in China according to Iraqi doctrine and experience, especially in economic construction, that depends on the material, natural, economic, and human capabilities of Iraq.


Eleven ‐ laying the proper basis for the transition to the health system in Iraq in terms of the number of hospitals, the number of beds, the number of doctors and those with health professions, the manufacture of medicines and medical supplies locally, the development of expertise, and the attraction of Iraqi competencies abroad.


Twelve راع Accelerate the implementation and coordination of the e-government program with the electronic payment system.

 

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What?  Another year or more?  Am I reading this correctly?

 

Therefore, we propose to the Emergency Financial Reform Cell to study a package of urgent and immediate treatments that can be implemented quickly and strategic solutions that It requires a period of time exceeding one year, which constitutes a driving force for comprehensive and radical reform policies, as follows: -

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7 hours ago, Floridian said:

What?  Another year or more?  Am I reading this correctly?

 

Therefore, we propose to the Emergency Financial Reform Cell to study a package of urgent and immediate treatments that can be implemented quickly and strategic solutions that It requires a period of time exceeding one year, which constitutes a driving force for comprehensive and radical reform policies, as follows: -

looks like "urgent and immediate treatments that can be implemented quickly "..For Right Now......And "strategic solutions that It requires a period of time exceeding one year" .

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1 hour ago, blueskyline said:

looks like "urgent and immediate treatments that can be implemented quickly "..For Right Now......And "strategic solutions that It requires a period of time exceeding one year" .

 

Thanks, Blueskyline.

I guess I was being a pessimist in thinking the RV was in the latter statement instead of the former.

I was thinking the "urgent treatments" was printing money, like they're doing here in the US.

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I think the man on the street would have a different set of priority.

First, work on recovering all the stolen billions the politicians have

taken out of country. Maliki alone is said to have about 80 billion.

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Now that all the congratulatory & supportive phone calls, telegrams, smoke signals & carrier pigeon sickly sweet smarmy notes are over with, are we in for a wait of at least ANOTHER year, OR is this just yet another false lead to put us off the scent ?  

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