Iraq's New Market Economy

Central strategy supports the transition to a market economy
7/7/2015 0:00

BAGHDAD - Hussein Tgb
Many countries around the world through a similar experience and overcome the transition phase in the economy quietly and smoothly and mechanisms certified executive and the involvement of public and private sectors and relevant experts within the central goal is to move to a stable and free economy and the adoption of mechanisms and ways and procedures are clear for all to give the Iraqi banking sector is a key and leading role of the private sector in the economic wheel and lead the market management.
Member Baghdad Economic Forum Samir Alnasiri stressed the importance of the strategy of the Central Bank of Iraq for the next phase include activating pre-emptive censorship and review the instructions and implementing regulations and guidance on the applications of monetary policy and a precise regulatory system to follow up on implementation, and in particular that concerns foreign exchange auctions currency overseen by the Central Bank of Iraq.
He said in an interview for the "morning" to the importance of completing the information technology system procedures and the national payments system and divided the executive and other projects for the development of modern banking.
He urged the development of the scope and quality of monetary and financial data with banks with an emphasis on disclosure and transparency, the development departments of Statistics and research in all banks and holds the organization and preparation of the data and deliver it to the competent departments of the Central Bank of Iraq Bmeidha specified in order to take advantage of the indicators in forecasting and analysis and take the necessary measures to reform and develop the sector, the central decisions Iraqi banking.
Alnasiri stressed the need to develop human banking resources by adopting modern methods in training, rehabilitation and development capacity and functional expertise specialized, and approval of accounting and international standards and Maasdr all related to the global economy and international banking organizations and try to take advantage of it in the development and reform the banking operations
He said the current private bank financing structure to undergo a lot of failures and constraints, and in order to increase the credit product and funding from private banks and activate their contribution to various aspects of the reconstruction investment, and push the development process, and moving the economic cycle in Iraq, we see serious as an essential step is to start to maximize the funding of special projects small and medium, as the goal of all social and economic private and urgent priority. And develop and promote the financing of small and medium enterprises.
Alnasiri said: that the central strategy can not be the drafting of the executive its mechanisms without real and effective participation of the public and private sector banking, through opinion and advice, study and analysis of the reality of the banking sector and its impact on economic reality.
He suggested the formation of cell crisis holds the study and analysis of the economic reality and the role of the banking sector in sustainable development, and draw priorities preparation strategy of the Central Bank of Iraq for the next five years according to Maaherna earlier, and the development of operational mechanisms and contexts for the application of the strategy on the ground and determine the time their tracks and recommendations, as well as took follow-up mission and monitoring and evaluation of the strategic objectives.
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Government banking sector seeks to open up to the world






7/7/2015 0:00

BAGHDAD - Mostafa Hashemi
Iraq aims to develop and promote external economic and trade relations through openness to the Arab and foreign banks what would improve the performance banking and government developed especially after the long years of isolation due to sanctions Atah.ovi this regard said economic researcher verse just that the public sector banks move towards opening up to Foreign banks, Arab and foreign, comes as a natural result of the liberation of Iraq from Chapter VII of the UN Charter restrictions, especially in regards to the movement of funds and the opening of branches of Iraqi banks abroad so as to enhance Alforeig.oadavc just economic cooperation in an interview for the "morning" was the consequences of UN resolutions Economic big on Iraq, where inflicted great damage to the sector the government banking in the nineties through the freezing of the funds and the closure of the branches of the Rafidain Bank abroad, adding that it reflected negatively on the economic and trade relations between Iraq and the countries of Alm.orot that after the liberation of Iraq from Chapter VII and the return of life Economic to recovery after 2003 the government's efforts began to comply with international decisions to lift economic sanctions on the country what yielded declare Iraq out of Chapter VII in the summer of 2013, saying he was actually move to re-open a number more of the branches of the Rafidain Bank in abroad, especially in Arab countries and the Pacific Alakulaima.ookdt that openness to the world banking government would develop banking experience, especially after the long years of isolation from the world and keep up with evolution movement in the banking sector in the countries of Almamorh.aly confirmed that Rafidain Bank, seeks to support the national economy, by keeping up the progress and cooperation with Arab and international banks, noting that it will contribute to an increase banking Alforeigh.oukal general manager of the bank on behalf of Kamal al-Hassani, in a statement that "open horizons of banking cooperation with Arab and international banks, will contribute to increasing the volume of external banking transactions through opening letters of credit, and the issuance of letters security and conduct foreign investment and remittances operations. "
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Baghdad Economic Forum .. ideas about the mechanisms of the market economy and its applications

31/05/2015 (00:01 pm)

BAGHDAD / Adel Mahdi

The theme of the private sector strongly present in the panel discussion held by the Baghdad Economic Forum when it began its activities a few days ago in Baghdad, where ideas were put forward almost close in outlook to the Iraqi economy directing supplies to a market economy private Maitalq of the importance of establishing and resettlement of the mechanisms of action to achieve this goal in accordance with the setting priorities and decision-making.

And determines the Chairman of the Forum Fares Al Salman vision to the problems of the Iraqi economy in the important part, the overall outlook to be adopted in the search for before the market economy model taking into account the factors determined by the Al-Salman said:
First, the economic situation and the political and social reform, Iraq and conditioning theory commensurate with this Privacy privacy.
Second, develop a plan for the gradual transition to a market economy in a scientific programmer away from Gorges circumstantial and far from harming any social segment of Iraqi society.
And determines the Al Salman also his approach to reach the goal, a strategic market economy based on multiple options as determined by the experience of international experiences of Japan and Germany after World War II, and the experience of South Korea after the Korean War and others). And in this area agree spokesman Al Salman with the ideas proposed by Dr Majid picture during the debate that the right model for the Iraqi situation is a social market economy theory also known as social democracy.
Al Salman was keen in this regard much mention several important stations that accompanied the activity of this power or Maysmah political thought, which calls for peaceful and gradual reform of capitalism in light of representative democracy and the rule of law, and say: Democracy is the term (social) later became limited to the advocates of the change and the gradual development of the capitalist system, by trying to fix it and make it more equitable and humane, and believes that the democratization (social) modern calls to increase workers' rights, and the expansion of economic democracy to ensure adequate rights of joint management of all workers and employees and the application of free public social services such as health, education and the care of children and the elderly.
Also, the social democratic parties in the workers and staff unions where programs promote reform and negotiation that aim to nail more compensation for the benefit of staff workers. Adopt democracy (social) mixed economy and social market economy system as democratic mainstream and social organizations reject oppression, poverty and inequality caused by the free market as undisciplined refuses centrally planned economy.
The works of this trend today on the existing capitalist system reform by combining elements of the socialist system with elements of the capitalist system to ensure social justice and building the welfare state.
Social Democratic apply Islamic economic thought liberal, since the essence of Islam is uplifted the individual and society and to promote collective ego while maintaining the privacy of the individual ego within the limits of personal freedom governed by ethical controls based on the legitimacy of the provisions binding in predominantly and optional in some of them with the existence of exceptions and sees Al Salman said and vacations based force majeure legitimacy.
In the opinion of Al-Salman said countries which provide their constitutions that Islam is the official religion of the State and that the majority of Muslim population did not have the advantage of absorbing the spirit of Islamic thought, but merely the application of the texts did not reflect the economic policy at the very least, noting that there are a lot of leaders of Islamic Thought raised the social market economy theory look through Islam.
And keen Chairman of the Forum Al Salman to emphasize that for the Aaroj Islamic ideology as a religion, because as he put it is not Islamic preachers but put to discuss the economic outlook in Islam economist as an alternative system based on the spirit of the existing social solidarity on the principle of justice and not on the principle of equality, because justice is the concept of a more comprehensive and achieve equality.
Al Salman and goes far in explaining his ideas with reference to the Swedish experiment, which represents an integrated system of political, economic and social system include, where she introduced herself to the third theory in a world split into two camps, socialist and capitalist.
He says that the Swedish model experiment succeeded in achieving socio-economic balance and the same time the market economy theory applied in accordance with the Swedish privacy.
Swedish economic system has been able to avoid the economic storms that passed by the European continent.
Swedish experience has also succeeded in achieving social justice in terms of the level of health services, education and housing sectors, pension funds and the distribution of income as well as improved working conditions, and maintained a strong trade unions to defend human power and their rights with a move away from the class struggle and the imposition of social and economic peace through constant consultation between employers and trade unions and the government.
Al Salman also mentioned models for many applications in Europe relating to the economic approach, what is happening in Norway, Iceland, Austria, Switzerland, Belgium and Italy also singled out Al Salman France by saying:
The French Socialist Party social policies adopted socialism, trying to develop the theory of socialist French Democracy, which is socialism advocated by Mitterrand gathered between faith in democracy and social pragmatism outlook humanitarian and liberal orientation while maintaining private ownership of the means of production privacy. Thus Mitterrand away party for the French Communist Party, who stuck to his principles of Marxism.
He was a member body of the Forum Foundation D.magd the picture may between his intervention in the market economy is the supply and demand economy and free competition, and the liberalization of prices of any limitation imposed except as free competition is monopolistic. However, the market economy does not mean, in any way, the absence of the public sector and the state's role in the organization of economic life, and in the estimation D.alsouri that the social market economy are summarized and fabricators theory and Mtabgaha Alfred Amark when combining the ideal of justice, freedom and economic growth in a reasonable balanced system ). And translate that into reality by:
(A) achieve a fair competition and prevent monopoly, with not allowing business operations to offend social order.
(B) reducing unemployment and alleviating inflation.
(C) provision of social services.
(D) establish criteria for the work and commitment.
The mechanisms used in so dependent workers to form trade unions and professional organizations strong. Contribution to the establishment of production companies and reconstruction reinforced by banks.
Attention D.alsouri that a lot of countries that have applied this approach, such as Germany, Sweden, Austria and some other European countries managed to achieve sustainable economic development and the provision of services to the community with a large proportion of equity in the distribution and redistribution of income, as the enterprise body member Abdul Aziz Hassoun called on the private sector participation in the dialogue to be looking at the possibility of providing the same and taking a course and employ its energies away from the government to continue to support its claims.

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The government plans to launch a strategy to promote local industry and the private sector
24/05/2015

BAGHDAD / long-Presse

Your national team revealed prepare strategic promotion of the private local and industry sector, on Saturday, on the government's intention to launch the strategy next week, and as he emphasized that the final touches completed and pending the allocation of money to her, pointed out that hundreds of thousands of beneficiaries forces pinning its hopes on that strategy.

A member of the national team to prepare a strategic promotion of the private as the sector Jamil Anton said in an interview to the (long-Presse), "The team in charge of the prime minister to end the finishing touches on a special strategy for the advancement of the sector of the private sector", noting that "the Office of the Prime Minister promised that he will be fired strategy During the next week. "
Anton added that "it is linked to the executive approaching that the allocation of the necessary funds for its implementation", noting that "the Prime Minister's Office approved the proposed team that this team of experts contributes to the process of follow-up, monitoring and comment this strategy and to ensure its implementation as planned and not be merely ink on paper. "
He stressed Anton, that "hundreds of thousands of beneficiaries of this plan in the agricultural, industrial and tourism sector workforce is pinning its hopes on a strategy to create a dynamic economy, renewed and put an end to the economic downturn," pointing out that "the strategy proposed is different from its predecessors that have remained trapped in the paper were not implemented on the ground ".
Anton said that "the strategy laid the foundation for rules to enhance the contribution of the private sector and national industry by at least 10 percent of the gross domestic production," noting that "the new strategy proposed a number of measures, including legislation to protect the private industrial sector and activate the product and the consumer protection laws, and customs tariff, and prevent dumping, as well as activating the role of the Central Agency for Standardization and Quality Control. "
Anton said that it "also emphasized the tax and customs exemptions for the private industrial sector and granted soft loans, and the establishment of entanglement between public and projects that are meant restructuring the private sector, and with government and private banks, which owns large amounts of frozen".
It is noteworthy that the advisers in the Iraqi Council of Ministers announced (January 31, 2015) announced the launch of the national strategy to develop and nurture the private sector before the middle of next February, while confirming that the strategy will include the diversification of sources of income and the creation of Mschmran the private sector an attractive investment environment, they have indicated that they will contribute in the State gradually move away from care projects directly.

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Cabinet Secretariat confirms the seriousness of the government to activate the role of the private sector

  2015/5/5 18:35
Cabinet Secretariat confirms the seriousness of the government to activate the role of the private sector
{Baghdad: Euphrates News} examined the General Secretariat of the Council of Ministers with a number of Iraqi businessmen the economic fortunes development mechanisms, and activation work in the private sector and involvement in supporting Iraq's economy, and the government's efforts to activate and overcome the difficulties in front of him.
 
The Secretariat said in a statement received {Euphrates News} a copy of it today, that "the government is serious about the involvement of the private sector for the development of Iraq's economic wealth within the orientations of the government program in line with the procedures, and the possibility converted into a stepped process and investment proposals and translate them on the ground."

She's decision yesterday to allocate cell crisis {2} two billion dinars to negotiate a reimbursement Contractors.
This has been discussed and the recommendations of the seminar for businessmen on the development of the private sector in Iraq, and overcome the obstacles under the conditions of the financial crisis experienced by the interdependence between sectors and to overcome the financial crisis.

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Information / Baghdad / .. 

14/03/2015
Said the Iraqi National Business Council, on Friday, new mechanisms central bank capable of creating a banking market in Iraq has supported economic activity, indicating that the banks will take over the work of the taxes levied in accordance with the pricing and detailed tables furnished by the Customs and Excise.
The council said in a statement received by the agency / information / "The new Iraqi Central Bank mechanisms, which recently announced regarding the mechanism of calculating customs trusts established in the tariff and the amount currently Banking Law ratios, it is possible to create a banking market in Iraq."
The council said that "every Iraqi banks, especially private, seeking to support the banking sector, the private sector, in particular, is pushing to stabilize the market and exchange rate stability as one of the monetary policy of the Central Bank of Iraq tools," adding that "the central bank tries to make the banking sector's role in economic development. "
And between the Council that "new mechanisms will create a market between banks, whether government or private, and thus achieved a banking sector enjoyed an economic activity that supported possible financial liquidity to be provided by the central bank to private banks," pointing out that "the new mechanism will take over the banks, business taxes and pricing are levied according to the tables provide detailed customs and taxes for each substance subject to customs duty as well as guess commercial profit. " Ended 25 K

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Baghdad Investment: We have issued more than 315 investment license since 2008 .. and delay disrupts the development projects

Baghdad Investment: We have issued more than 315 holiday since 2008 .. and delay disrupts the development projects
23/05/2015

Baghdad / al-Suhail Ahmed

Baghdad Investment Commission indicated issued nearly 315 investment license in various sectors since 2008, and as pointed out that these projects delay leads to disruption of the economic development process and delay jobs, economists called for the establishment of production plants to increase the gross domestic product of the country, and argued that the majority of investments are in the commercial aspects and not industrial.


The head of the Investment Commission of Baghdad, Shaker al-Zamili, in an interview for the "long" that "the Commission has issued nearly 315 investment license in different ones sectors, up to 72 vacation housing sector and 80 leave the trade sector and nearly 40 leave the industrial sector and 30 leave in the tourism sector, as well as granted licenses to invest in the education and health sectors. "
He Zamili that "the body depends class basis on the investment map to determine the actual need of the projects include all sectors and the extent of the needs of Baghdad each sector, including" pointing out that "the Commission is working with designs circle in the Municipality of Baghdad because the design basis for the city of Baghdad, determines the nature and type of investment effectiveness."
He pointed out that "there are conditions and requirements, according to the text of the Investment Law No. 13 of 2006 amended, determine the extent of our acceptance of the investment project, offering companies financial efficiency of an accredited bank and a feasibility study and preliminary designs and Plan of Action and in the light of these data, the Commission shall approach the relevant authorities, which owns land and approvals aggregated to give ground and after obtaining approvals return of the body of the project and presented to the Board of Directors of the Authority for approval, "noting that" the delay is due to the actions of other parties. "
He continued by saying that "the dilemma of non service we deliver good returns to the investor's lack of authority the power to land allocation, pointing out that" the imbalance is not a law, and we hope to be fully applied. "
He stressed "the need to be played all ministries and departments not associated with the Ministry prepares a list of territorial candidate for investment, as the law requires other duration of 15 days to answer the body and deliver the ground within 30 days quarters, but did not abide by the law, and this is the main reason for the issuance of licenses and direct problems and we have Nearly 135 projects stalled due to lack of contract and delivery of the land and not to ratify the completion of measures "attributing this to" bureaucracy rampant in official circles. "
He pointed out that "this number delay of projects means delay nearly 200 thousand jobs and delay the revenues of the state and disrupt the process of development and thus the impact on jobs," he said. "The problem is not the lack of laws, but not the obligation to apply those laws."
He pointed out that "the figures issued by the Ministry of Planning and Investment about the size of vacations inaccurate, where the report says that the Baghdad Investment Authority granted 19 vacation only, but we actually gave us 315 vacation at a cost of $ 14.5 billion and officially Snfath ministry to amend the report."
He continued by saying that "we have nearly 130 investment projects have been handed over land and began work and nearly 40 projects completed 100% completion rates, especially in the commercial and industrial aspects."
And the weakness of industrial investment between Zamili that "the conditions for the satellites are preventing the entry of industrial investments, you must first apply a number of important laws that help industrial production, such as the Consumer Protection and the law of the local product protection and tax law and customs, as well as poor infrastructure and problems in to provide electric power and high fuel costs are all factors weakened competition from the local product with imported goods, "pointing out that" the problem of the country's economic environment. "
Furthermore, he said economic expert, on behalf of Anton, in an interview for the "long" that "Iraq needs investment in the productive sectors of industrial, agricultural and tourism sectors such as, but the problem is that the majority of commercial investments and add little to the economy."
He noted that "there is a difference between granting the license and start working, where given us a lot of vacations actually but it did not begin to work, and that many of them are unemployed, it is just vacations and are not at the required level," calling for "activating the industrial and agricultural investments that lead to lay off large imports and operates manpower. "
He pointed out that "the establishment of production plants will increase the gross domestic product, and lead to the reduction of unemployment and transform individuals from consumers to producers and dispensing large imports come from abroad, as well as the reliance on local raw materials which adds to the gross domestic product and refreshes Alaguetsalad and thus reduces rates of poverty. "
He noted the existence of "a lot of obstacles to industrial investments, as the legal environment still unprepared as required despite the hard work by
Prime Minister's Office and the staff of this framework, but still we have a lot of problems related to issues of security for workers and problems in the Registrar of Companies and the income tax system and banking and insurance, as well as security problems experienced by the country. "
The Ministry of Planning has announced, (17 May 2015), that the number of licenses granted since 2008 until the end of last year amounted to (1067) vacation investment cost of $ (53.9) billion, broken down by sectors and Baghdad share were 19 investment license .
And announced the Baghdad Investment Authority, in (January 24, 2014) for the assignment of "four huge housing projects being worked out will contribute to the solution part of the deficit in the housing sector in the capital, and indicated that it" will provide 270 thousand housing units for about a million people in 2020, "while called "activating the housing projects and low cost."
Parliament approved, in October of 2006 investment law, which it was said at the time that it would open the doors to foreign investment because of presenting a lot of facilities to foreign investors and equated the Iraqi and foreign investors in all privileges except owns the property the project text in paragraph 11 as foreign investor can lease the land for 50 years, subject to renewal, but he is not entitled to possession.

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The advisory board determines Moaadaloda implementation of private sector strategy mechanisms

Group: economy
Published on Thursday 0.05 March / March 2015 12:36
Written by: Sheikh Salem

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Chairman of the advisers in the Cabinet Thamer Ghadhban announced determine on the 18th of this month as the date for the development of mechanisms for implementing the strategy of the private sector in an expanded meeting, noting that the development strategy of the private sector within the government program.

He said Ghadhban's (IMN) that "an expanded meeting will be held on 18 of this month to take executive actions and recommendations for a roadmap private sector strategy launched by the Prime Minister middle of last month," explaining that "the meeting will include representatives from the government, the private sector and the United Nations."

It is noteworthy that the prime minister Haider al-Abadi announced (February 12, 2015), the launch of a strategy for the development of the private sector within the government curriculum, according to the government's commitment to the government program and care workers in the private sector.

Economists and workers in the private sector and believes that the launch of the strategy will raise great weight on the oil sector and diversify the sources of the state.

From: Ammar Ali, the Open: Ali Al-Shammari

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Adel Abdul-Mahdi: Iraq will be a rising economic power

574 Show January 22, 2015 21:36
10945644_888596644538210_6421521653394502357_n

(Independent) .. Oil Minister Adel Abdul-Mahdi stressed that Iraq will be a rising economic power, but with conditions.

Abdul-Mahdi said in a publication on Cefanah to my Twitter and Facebook to communicate, "Iraq will be a rising economic power ... the conditions, call for investment and do other sectors is the oil sector."

He added, "We have a large human potential and minds notebook ... we will rely on the strength of economic policy planning ,, and will give priority to local products ... the market will flourish and we will get rid of inflation. The call on investment and do other sectors of the non-oil sector."

He noted that "we have a large human potential and minds notebook ... we will rely on the strength of economic policy planning ,, and will give priority to local products ... the market will flourish and we will get rid of inflation." (End)




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Parliamentary Finance emphasizes the importance of activating the private sector

 2014/11/28 10:48
Parliamentary Finance emphasizes the importance of activating the private sector
{Baghdad: Euphrates News} parliamentary finance committee stressed the importance of supporting and activating the private sector in the country.


Said committee member Mona Ghorabi told Euphrates News} {today that "activating the role of the private sector in the country would support the country's economy as well as the operation of labor and absorb unemployment.
"The fundamental problem in Iraq is to rely on a single supplier of oil," calling "the competent authorities to develop a strategy for the Iraqi economy and re-activating the role of the private sector and other pieces in order to revive the economy of the country."
The Oil Minister Adel Abdul-Mahdi, "about a plan for the advancement of the national economy, the condition of its success to activate the neglected sectors such as industry, agriculture," adding that "the integration of roles between these sectors will put the economy on the right track."
Abdul-Mahdi said that "oil and comprehensive economic development alone does not achieve what is not accompanied by the rise of industrial and agricultural sectors of the economy and other sectors, and the integration of roles between these sectors will put the country's economy on the path prosperity" .anthy m

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Finance Committee Member: All of Iraqi economic laws enacted need amended

Posted: January 26, 2013 

A member of the Finance Committee MP Abdul-Hussein al-Yasiri, the importance of economic amend all laws enacted previously according to a legal formula is consistent with the current economic situation.

Yasiri said in a press statement that “The Iraqi economy is undergoing a conversion of central totalitarian which was dominated by the former regime to a free market economy, who believes in the system of competition in price and quality for products in the market.

He added: that such transfers need to fit with the legal legislation developed and aspirations, in addition to economic amend all laws enacted previously in the House of Representatives as a central bank law, banking and trade, and other companies.

He continued: as well as reconsider the decisions of the dissolved Revolutionary Command Council, which includes limits (13,500) thousand decision other useful and need to be amended and cancellation for the purpose of supporting the national economy and promote

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Investment law will undergo amendments including allowances for transitioning from central economy to a free market economy

11/18/2012 12:00 am

BAGHDAD – morning
revealed the National Investment Commission, Saturday, from entered proposed amendments new investment law and some laws that have to do side venture, indicating that the amendments being discussed in the Council of State.

said Chairman Sami al-Araji’s (Center Brief for the Iraqi Media Network) that “Investment Authority and when Law was amended investment and the application of amendments on the ground diagnosed some problems that need to be modified.”

and added that “the national investment made ​​modifications to the Council of State and Council of Ministers for consideration by the discussion and approval,” pointing out that “the amendment in investment law grants 45 days to get the investor on a vacation investment and the sectoral granted 15 days to answer the question the Board on the quality of the investment project.

“He Araji that” change from a centralized economy to a free economy still faces routine tired, which affects the final outcome in the granting of the license investment ” , pointing out that “it is not possible to put a paragraph in the investment law says it does not work with any text inconsistent with this law that other institutions have laws which also includes a paragraph does not work with any text contrary to law.”

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What of the Iraqi economy's market economy under the tent?
Iyad Aljassani
Posted 02/10/2012 12:26 PM
1 - How Iraq entered the world of the market economy?
I find it important to start to know the reader market economy before entering to talk about our topic. Not difficult today on each of using a computer to go to the free encyclopedia Wikipedia to find: the market economy or free market economy is the capitalist economy or economic system whose economic liberalism essential component in it, and the idea of ​​a free economy is not state intervention in economic activities and leave the market adjusts itself. And liberalism depends mainly on the idea of ​​individual freedom, and to find out the idea of ​​a free economy or a market economy in a positive way the definition is that an individual is born free, thus the freedom to make any economic activity.

The definition of a market economy negatively, it means that the state should not make any economic activity can an individual or group of individuals to do. This economy based on private ownership of the means of production and individual initiative, and is subject to the interaction of supply and demand and free competition and liberalization of prices within the market and depends mainly on the private property of individuals, institutions and capital. However, the market economy does not mean in any way the absence of the public sector and the state's role in the organization of economic life. It is useful to refer to the theories of Adam Smith in this regard.

As for the foundations upon which the economy of Iraq Everyone knows perfectly well that our economy is an economy is a product except largesse by the nature of the presence of the oil wealth depleted over time under its territory and which produce 95 percent of state revenues that depend on them overall budget fully. And the fear that the supply of oil someday through the Strait of Hormuz, which is exposed to the threat to close it all the time in the light of the next war in the Gulf region. We have seen how select Israeli Prime Minister Netanyahu a date to launch this war against Iran in the next spring through delivering his speech at the UN General Assembly last month. The war took place, what will the Iraqis then? But here I want to cut short and remind the reader how Iraq was taken and thrown in the maze of a free economy or a market economy by force without any motive or the will of the national forces. 

We knew how occupied by U.S. forces of Iraq and entered Baghdad on 9 April 2003 and toppled Saddam Hussein and how he became the fate of Iraq in the hands of the Administrative Governor Paul Bremer U.S. diplomat expert not only in the economy but in terrorism and little experience in building a modern state and known for Bremer he studied History at Yale University and business administration at Harvard such as former President George W. Bush himself, who made him enjoys his trust and admiration when he decided his choice to assume the presidency of the Coalition Provisional Authority in Iraq. Hence became Bremer faces the toughest task in history. Since Bremer took office as governor in Iraq and administrative faced great difficulties in the management of reconstruction work on the Japanese model or German in a country where the despot is everything in the Saddam Hussein era. Aspiration Bremer work faster and make quick decisions without regard to their practical application.

He also expressed his desire to turn Iraq into a free market economy, starting with the sale of state property of those decisions that were serious and fateful determined without a national government. Because the Interim Governing Council which was formed to appoint 25 of the Iraqi figures and under the command of Bremer full became a council walking Barchadath and decisions when subjected its members to pressure the signing of the interim constitution despite reservations by them upon, because it stated that the laws and regulations, orders and directives issued by the Coalition Provisional Authority , will remain in effect, including Bremer's decision No. 39, which is of the Iraqi constitution old even open the door to foreign investment in all sectors in Iraq to have 100 percent ownership of Iraqi companies, except companies operating in the natural resources sector any oil, as well as the treatment of foreign firms an equal footing with local Iraqi companies and give them the right to take profits, out of Iraq with allowing foreign banks to enter Iraq and ownership of local banks also 100 percent to open the way for the privatization of the Iraqi economy. In this way, the public sector was liquidated economic system was changed in Iraq, which was the property of the state of the capitalist system to a market economy.

That the reasons under which took Paul Bremer decisions to change the Iraqi economy is influenced by the most prominent who promoted this concept, but is Philip Bobbitt of neoconservatives, who said: "The nation-state Nation State will drift from its place in the twenty-first century to be replaced by what he called the state of the market Market State which he says they state borders and political system, like the nation-state, but will move the Msioulyat essential government to the private sector. Is that the principles of market economy achieved benefit of the people of Iraq? Will able Governments multi since leaving Bremer and after the withdrawal of U.S. forces became capable to act wealth of the country or is it left to companies and foreign organizations the freedom to work and act wealth Iraq without allowing these governments be directed wealth to support the industry and reconstruction and helping the poor? It is understood that the Ministry of Industry, Ministry of Ibrahim al-Jaafari previously started in business privatization of eight companies from the public sector companies and sold.

We do not know the fate solution out and who seized. said Iraqi Minister of Industry at the time that the country needs to build a new state affects the change all joints of life, including the economy. everyone knew exactly how devastated the economy in Iraq and what has been privatized has become looting and locations of corruption., who keep a record of looting in the Integrity Committee in the Iraqi parliament in corruption cases in the rest of the provinces ستصيبه shock from the horror of what recorded robberies and failed projects at the time of the market economy in Iraq. has exited the Iraqi draft constitution, carrying Article 110, which states : "that the government and federal governments producing regions and provinces together will draw up the necessary strategic policies to develop oil and gas wealth to achieve the greatest benefit for the Iraqi people, relying latest techniques of market principles and encouraging investment." Hence we know that the principles of free market means delivering the country's fate in the hands of foreign companies do not unrelated to the interests of Iraq and Iraqis.

FIA considers it would defend these interests after received these companies nerve Iraqi economy and seized control of the oil wealth and controlled the destiny? will not forget how focused Bremer to call for the study of privatization Iraq's oil industry government-owned, and opening to foreign investment by that holds the Iraqi government permanently in governing the country. has reached the number of decisions taken by Bremer to 98 decision weeks before leaving his duties in Iraq and I am not here studying these decisions serious known to all. never forgot Bremer until Multi taxes which issued a law specifying the 15 per percent maximum tax, in line with the policy of privatization of the Iraqi economy, which turned whereby more than 500 state-owned enterprises to the private sector. what achieved by Iraq permission from the market economy? The answer came from Bremer himself in his book which was released two years ago under the title: Ami in Iraq, which drew the most criticism to Iraqi politicians working to take care of the market economy today and benefit from the looting of wealth and many examples are innumerable (1)!

2 - Iraq and the chaos of the market economy

After that follow the economic news in Iraqi newspapers and statements by Iraqi officials in the Parliament, we learn the aspects of chaos the Iraqi economy, which attest to the lack of experience Almsiwoln entrusted to them Almsiwolh addition to weak government measures that hover around the scourge of corruption scandals devastating march the country's economic. Not possible knowledge of all aspects of this mess, but I will follow what comes news about the crucial issues of interest to the Iraqi citizens and the country's economy. Will not go away Vsakedm another reader regarding issues of the Iraqi economy, but which was heard by everyone around the infrastructure bill put forward by Prime Minister Nuri al-Maliki to parliament recently. He stressed economists that despite the importance of this law to bring more of the operating companies advanced in establishing projects strategy could benefit to Iraq in the future and the pursuit of law to establish important projects of the country by international companies, but it could clog the country indebtedness extra by the principle of payment on credit, which can be large and would have on the country for the benefit of companies that will work within the law, suggesting that is achieved number thoughtful of projects each year, provided not affect the budgets of the country's financial, and only a burden on Iraq's revenues in the coming years (2 ).

Through this approach, we find that economists have given the alternative for this project to be timid and without stirring. As critic Adnan Hussein has warned of the fall of the law at the mercy of thieves Baghdad and the scourge of rats corruption when he wrote sarcastically: Certainly we need to comprehensive national program and quick to set up infrastructure. Need major projects for electricity and drinking water, irrigation, industry, agriculture, oil and minerals, transport, environment, telecommunications, transport, health and culture, education, literacy, housing, sanitation, training and rehabilitation. That most objectors objected that the law could open the door to financial and administrative corruption welcome from the current doors open do Msariaha knowledge and familiar masters of the state and with the full involvement of some of them. 

The past ten years almost lost, nothing of value done by successive governments. Projects targeted by the law would cost trillions of dollars. To ensure that you go infrastructure projects to companies sober and guaranteed, safe and reliable would be required to verify the state in all cases financial and administrative corruption that has wasted hundreds of billions of dollars in less than ten years only, Fjrman corruption at large will remain lookout for infrastructure projects. As one lawmaker said in parliament that he keeps files show levels of public spending in the country and the size of the corruption that nation affected. He stressed that "nearly $ 600 billion spent by successive Iraqi governments since the Governing Council Bremer and so far polyvinylchloride general of the country," adding that this "amount equivalent to the money spent on updating the countries of Europe and developed since 1960 and until 2006 (3).

This project did not come from a vacuum, but that the state began allocating huge sums in order to attract companies to invest in Iraq. The Minister of Planning Ali Yousef Shukri for the allocation of $ 275 billion of investment over the next five years. He explained during his participation in the conference of finance and investment, which was held in London between 18 and 19 of the last month that the allocation of these funds will have a positive impact on the pay and the pace of development to Imam these amounts came under preparation and the Ministry of Planning Development Plan for the years 2013 to 2017 and that will give the investment area large, well, inviting foreign companies to take advantage of these opportunities (4). Hence, we find that our minister has opened the floodgates to foreign companies to invest in Iraq during the next five years at a time when the economy is still Iraq lacks more ingredient in dealing with these companies. .

So why all this mess and where our experts Iraqis? Talk to me with one of the Iraqi economists Dr. Kamel Adhadh on the subject of market economy and law structures greeting mentioned thanked him for his values, which allowed me to summarize it as follows: see advocates of free market economy that in order to do this market should check several conditions, including the provision of the infrastructure and complete information to the producers and consumers with the availability of their awareness, but the question now available such conditions in a country like Iraq after the occupation and before when he was living under an international economic blockade for 17 years? Of course not. In a country with a yield depends on depleted resources are oil, owns and manages the government's vast resources, but is located on this government has an obligation to employ them and invested for the purposes of industrialization and development?

If Iraq weak in its infrastructure must play key roles in government guidance and development of the economy as a prelude to the development of the private sector. Hence we conclude that the invitation to the free market at this stage is to invite subversive aims to open markets Iraq against imports capitalist countries, particularly the United States Add to this that the political process has mortgaged the forces of sectarian factional failed and incompetent, which led to a coup things Tdahr economy and industries Local and agriculture, among others. No permission from the rational numbers Act funded infrastructure lending and isolation from the national development plan and development away from the perception of a comprehensive development plan financed mainly from oil resources (5). .

And communicated to us News Network Iraqi: I have accounted for Multi law infrastructure interest economists and stakeholders from parliamentarians and government prompted the Institute Iraqi economic reform to hold a seminar during which discuss the draft law, because of its importance in the process of accelerating economic development programs desired, have included the symposium study by economist Dr. Kamal Al-Basri, select which benefits law infrastructure, and focused on the need to adopt the principle of private sector participation for the year also criticized many aspects weak when stressing that the consequences of this law right will be a heavy burden additional to the ministries or agencies technical entrusted with the administration requirements this law.

As the Angels ministries present time does not have sufficiently advanced skills which leads to poor performance in quality and quantity. As that of the consequences of this law to deal with global financial institutions with devices advanced technical, and because of the scarcity of talent the current time was better that law contains explicit work on the formation of a body or council for reconstruction is machined away from the pattern formation of ministries or public functions under quotas, stressing that this body requires attracting the best talent and rewarding assignments Iraqi. He says: that the absence of such a body to keep the door open for negotiations with international companies and institutions disproportionately. The case diagnosed in such acts is the absence negotiator who speaks the language of negotiation technical and economic study concluded to emphasize that it is appropriate to allocate paragraphs in the law to curb corruption inherent in the contracts, as contained in the draft law of oil and gas, which stipulates the draft on the grounds contracts void if corruption is detected (6).

As for the crisis in the country's oil industry where oil did not begin until the day the law of oil and gas Maliki's government has sought to finally adopt a policy to address the chronic problems. But despite all attempts, there there are many doubts about the possibility of success. It was agreed to form a committee composed of six members, headed by Deputy Chairman of the House of Representatives Qusay al-Suhail of the Sadrist movement and the membership and oil minister in the federal government and the Minister of Natural Resources of the Kurdistan region and three deputies from the major political blocs. The task of the Six-Party Committee in the selection of the draft law, which parliament must be discussed (7).

As for the tragedy of the destruction of local production factories, Iraq has witnessed a major disaster as a result of dumping of products imported window to bad acting and made vulnerable Iraqi lives at risk which affected negatively on domestic production activity. The bore, an economist Jalil al-Rubaie, the responsibility of the government flooding the market these shoddy goods and others to meet international standards, as a result of non-activated laws important for the national economy and that limit the entry of shoddy materials to the country. He also said that the responsibility of the phenomenon of dumping local goods shoddy and that are imported from the origins unknown is due to the imposition of government controlled full of border crossings and the absence of legislation that limit the breadth of this phenomenon, as the standardization and quality control and consumer protection law and customs tariff.

He added: Product Iraqi suffered a lot of circumstances that caused away from local markets since the eighties of the last century and so far as a result of wars and sanctions, which passed on Iraq, calling for the rehabilitation of laboratories Iraqi produced for the purpose of put local products of good quality and meet international standards to the Iraqi market to compete with foreign product and excel. On the other hand is another unfolding importance to us chaos import and the role of the private sector companies in Iraq owned by the leaders of political blocs and senior Iraqi leaders in the pyramid of power themselves and us a clear example of the telecommunications companies in Iraq today. Iraq has seen a major disaster as a result of dumping of products imported window to bad acting and made vulnerable Iraqi lives at risk as well as his legacy remnants of war radioactive materials are the most dangerous (8).

What about the development reality in Iraq? The low development projects in Iraq due mainly to a number of reasons comes in the forefront of decline side productive and stop industrial and agricultural projects, and has prescribed Iraq to revive those aspects across a number of important measures Kalmpadrh agricultural and allocate financial loans for industrialists, criticized President assembly Iraqi industrial Abdul Hussein Al Shammari The process of granting loans to industrialists and agricultural alike are confronted handicaps routine many resulted in a clear decline in the volume of production projects in the country, explaining that the cons so it on the economic reality in general is great, especially since the decline in industrial production will increase the volume dependence on imports of industrial flooded the local market and thus missed the competition and stop production. Shammari believes that failure to overcome these obstacles will increase the gloomy economic picture in the medium and long term, pointing out that this matter will increase the size of unemployment arising from the disruption of industrial projects and the survival of near-total dependence on imports from abroad.

It is worth mentioning that Iraq suffers from stop nearly 90 percent of its projects productivity as a result of open borders wide open to entry various kinds of goods and commodities, as well as the absence of government support necessary to revive this reality through grant loans and land to set up factories able to meet the needs of the market, which caused extensive migration of many industrialists to work outside of Iraq, as well as the increasing number of unemployment due to lay off hundreds of workers in factories and laboratories in the private sector. He estimated Iraqi Federation of Industries industrial projects stalled by 40 Alpha, pointing out that more than 80 percent of the factories turned off from work since 2003, due to power outages and scarcity of fuel and the high cost of transport and the lack of raw materials, as well as migration of the owners of capital.

He explained economist Star Ani that Iraq has 18,000 industrial project special full incorporation, but mostly depends on production or work cards low productivity, and there are 14 thousand industrial project under construction is not completed established for several reasons. Pointed out that the most important sector's problems of high fuel prices , and hence the cost of production, and the inability of the local product on price competition with similar goods imported, and the weakness of the instrumentation and quality control, which led to the entry of industrial goods is to meet international standards to compete with domestic goods that are committed to specifications approved globally or locally. News indicate that the Iraqi Grain Board bought 150 tons of Russian origin wheat in the international tender closed this week (9).

3 - Ttoralrosmalah market crisis.

Most economists acknowledge that the financial crisis faced by the world and in particular capitalist countries, did not come out by the Department of periodic crises that do not extradite them the free market and capitalist economy. What the world is witnessing a result of the financial crisis has made theories of capitalism and free market economies stands at stake because capitalism is determined by private interest, they are separate people and turn them into enemies competitors or Mtsaraein, for the most sacred sanctuaries capital a profit, so in their quest toward profit , the capitalists trample on all human values, the fate of the people who are in their surroundings, their country, or the humanitarian community as a whole, do not care at all, they put their selfish interests above all else. It is likely that the disastrous social consequences of the global economic crisis will not have a capital alone, as well as the free market, the final word in deciding the fate of mankind. Vallibralah unrestricted economic and undisciplined but the laws and rules of the market, she's theory untenable long (10).

Despite all these financial crises experienced by capitalism in the world and the chaos that came out of the market economy does not appear on the capital today is any indication Anahtatha so it has not deviated toward socialism advocated by Karl Marx by more than a century and a half. After more than 150 years the Communist publication, which was announced near the dissolution of capitalism, it is still more powerful and effective than any other system. Not surprisingly, to return its capitalist and find them in the Arab Gulf countries today strong rules for prosperity and development as we see in Dubai, Doha, Kuwait and Riyadh, but in Baghdad with chronic corruption cancer (11). .

And us in the suffering of the economy of Western capitalist countries a good example where the experts are busy, economists and Western politicians and writers today in the study of the causes of the financial crisis experienced by the Western capitalist system in the euro zone and decisions issued around. And most refuse the argument to blame financial systems and budgets member states EU debilitating culture of indifference or corruption in countries Mediterranean as they look to save their currency euro after abandoned their national identities, which have become the rule forgetfulness and walked towards the adoption of global policies more comprehensive policy but looks far from sound technocratic nor benefit from the political point (12).

Inevitably front Iraqis today after entering the economy market economy devastating controlled global capitalist system maker crises only by the economic system new political order in Iraq based on the re-distribution of wealth in a fair and implementation of the decisions by which the exploitation of this wealth and transformed through the tools and techniques of effective that would that serve the interests of the public good. And there is no need to wait for the revolution because they are present in each of us the same. Through these efforts we will reach a post-capitalist world (13).

.

In conclusion has been shown to us which provide that the Iraqi economy in a market economy is suffering from high inflation, which reached 14 percent of last August and a draft budget flaccid worth 118 billion for 2013 include investment projects worth $ 45.5 billion and a deficit of $ 15.5 billion with $ 100 A degree and new career. The combination of the Iraqi economy current is that this economy strong rentier works on two contradictory: first economy-dominated state on 80% of GDP or income-generating national mention his direct responsibility in the supply of 99% of inflows into the country from criticism, and other extreme: a market economy, which has partial biggest economic and effectiveness in the administration of indirect results of the country's economy, which reflected the general budget through massive expenditures accounted for 60% of total public spending.

In equation dominance of the free market with the absence of vision is important for its development strategy, development and advancement of economic reality, turning the economy into a bilateral severe rentier in the supply of foreign currency to foreign trade and finance import trade nature of consumer pure and make way for profit opportunities and the best investment in the external economies and make Iraq Incubator consumption and collection of wealth and economic exported to kegs outside the country. The crossroads is in dire need of power decision demonstrates general lines of the Iraqi economy in the economic system is not complete features and Atjahth and Aadiologgioth always talk about the transfer of $ 180 billion between the years 2003 and early 2012 after spending $ 450 billion over the public budgets of the same duration did not benefit them economy to the absence of development and development approach attractive Mnachadtha in country coexist over oil resources, its consumers are at home and Mdkhrōha looking outward.

Unless resolved the economic vision of this contradiction today before tomorrow, and release mechanisms of the free market as desired emerging economic powers after 2003, the results of economic stability will continue vague and would be disastrous to the stability of prices and the standard of living and are obsessions daily painful economic life for Iraqi families and the general economic activity ( 14).

This was a study brief coup in the history of the Iraqi economy after moving to a market economy with a few examples of the reality of economic life in Iraq under the tent of the capitalist system, who wanted Bremer to enter Iraq to the world of free market economy at the hands of the occupiers Americans who left the country under a tent chaos market economy. No market economy achieved for Iraq economic growth real Ten years ago almost no good life dignified Aomcharkh real vast oil wealth to the Iraqis that are promised by every day and success in the march of democracy imported wanted former President George W. Bush to reform the political reality corrupt and that became a disaster for Iraq and Iraqis in a market economy fake and political conflict that knows no mercy and wastage of a culture of ethics of citizenship between the new Iraqi politicians in the political process along with the loss of security and the continuing bloodshed Iraqi daily and the failure to provide urgent services that Iraqis still dream of achieving.

* Ph.D. in economic history - France

Club member Diplomatic Academy Vienna - Austria

Sources:

(1) - Ayad Aljassani: the occupation of Iraq and the U.S. draft democratic reform - Facts and illusions - Arab Book House - Baghdad's Mutanabi Street 2008.

(2) - Iraqi al-Sabah newspaper 22 September 2012.

(3) - Adnan Hussein: infrastructure and rats Babinaoz September 24. And Iraqi newspaper Evidence: Iraq's expenditure during the nine years the equivalent of what it spent in Europe 46 years September 26, 2012.

(4) - updated five-year plan imposed by the vagaries of oil and the global economic crisis: Naseer Goldfinch in life 23 September 2012

(5) Iraqi economic expert, Dr. Kamel Adhadh in person dialogue with him from Lebanon on the Internet September 26, 2012 - see the network of Iraqi economists for more than the opinions of the expert.

(6) economic news in the Iraqi Media Network: Experts: Infrastructure Act can not be delayed for cost and its effects on economic development 25 September 2012

(7) - Walid Khadduri: attempts to cure the problems of Iraq's oil in the life September 23, 2012.

(8) - Economist: Government responsible for flooding the market with shoddy goods newspaper morning September 22, 2012

(9) - Al-Sabah: low growth rates resulting from the decline in productive projects and Reuter Sept. 18.

(10) - Khalid Walid Muhammad: a market economy and ethics platform freedom 14 January 2012.

(11) - Ibrahim Kubba: Studies in the History of Economics and Economic Thought p 514 and Iyad Aljassani: oil and economic and political development in the Arabian Gulf PO 125.1982 and Morris دوفيرجية: orange trees on the shores of Lake Albalton, in his valuable book in French which he criticized the irony policies former socialist Soviet Union, which was traveling in and they just as if they wanted to instill orange trees on the banks of salt Albalton lake r 89, 1980.

(12) the policies that destroyed Europe: U.S. magazine Alforn Affairs - in an analytical study of the book under the title: save Europe author Carlo September Bstasen 2012.

(13) British newspaper The Guardian: Beyond Capitalism August 23, 2012 ..


((14 d. Appearance of Mohammed Saleh: Equation lost in the Iraqi economy: resolve the contradiction between the state's economy and the dominance of the free market? Independent press agency May 18, 2012) and (economic news bulletin September 2012) ..


This is some of the best information leaning toward our investment that there is!

Editorial Study: Search for monetary policy in Iraq

Posted: February 11, 2012 

Fri 02/03/2012

I like the goal of transition to a market economy and to activate the forces of supply and demand in the management of the Iraqi economy and one of the most important procedural steps.

That have been adopted for the advancement and modernization of the Iraqi economy according to a vision dependent stimulation of individual initiatives and reduce the role of the state that came out exhausted after two and half decades of war and economic blockade.

In spite of the absence of strategic economic specify paths this transformation and the prospects of time in accordance with deliberate steps create economic sectors that contribute to the activation of new directions, but many of the ministries and government institutions took the initiative to reach this goal, which created some confusion in the performance which gave the impression inversely the supporters of these measures.

and in turn has contributed to the central bank through its means of cash to keep pace with this transformation and activation mechanisms of the market economy through a series of technical measures and legal, especially the law of the Central Bank’s new embodies this transformation and allows changing the tools used during the growing reliance on the tools of cash is direct and neutralize the direct tools in light of the new phase, especially since the latter type of tools is a disincentive for private sector activity because it gives a large role for state intervention in economic relations.

In order that the Authority cash in turn to the fullest has been awarded the Law No. 56 of 2004 Central Bank of Iraq recipe independence and Paragraph (2) of Article II that has the Iraqi Central Bank independence, including on his efforts in order to achieve his goals and Aatlqy any instructions from any person or entity, including government agencies, but reportedly the text to the contrary, as well as respect for this independence. In line with Article (26) of the Act in the above, which was banned on the central bank lending to the government or any public body owned by the state directly or indirectly, except for purchase of government securities as part of open market operations, it has become the central bank independent of his tools is also no longer leverage to finance budget deficit in line with what was happening during the two periods of years to meet the needs of public spending and the picture that led to the striking elements of macroeconomic stability and the deterioration of the growth and deflection of investment opportunities.

I have encountered power of cash in Iraq at this stage, significant challenges in the process of achieving economic and financial stability and promoting development at an accelerated pace and causing substantial improvement in the standard of living, especially in light of the unstable security situation, which significantly affected the speed and effectiveness of the tools used and the procedures that have been taken, which raises the question that to what extent the successful power of cash in the use of new tools (indirect) ? What are the prospects for the transformations witnessed by the policy of cash in Iraq at the present stage? Came this study attempt to answer these questions.

Shift in the use of monetary instruments
that policy cash is usually transferred its goals through Adautea direct (the tools of quality) and indirect (tools quantity) to the practical tasks of efficient, effective and flexible and is efficient to attract resources and saving cash to the banking system and distribution as the best either event it means to have the tools monetary impact of rapid financial sector and economic to reach the goals of the Central Bank of The flexibility Vtthdd change tools as needed periodically or non periodically to be carried out in a calm and clear, and certainly the identification tools cash used depends on the goals The final of the authors of the policy cash as well as the degree of development of the economy.

and on the basis that reflected the objectives of the CBI in the new period as stated in the new law to stabilize domestic prices and maintain the financial system stable competitive market-based, with its law the former emphasizes the achievement of the system within the framework of the socialist policy of the state of public finances by ensuring the stability of the Iraqi currency and balance of internal and external as well as contribute to the acceleration of economic growth by providing resources, monetary and financial plans for the necessary development.

With the change of targets has become there is a change in the tools of cash used where the dependent policy of cash in Iraq through the philosophy of the current so-called rules based on information or Acaratneh to generate stability in the financial market, an alternative approach for direct intervention in the market and what might leave behind divisions and deviations unwanted effectiveness of financial intermediation.

The launch means Acaratneh and information at this stage of the work of policy cash in Iraq from the index interest rate of Central Bank of Iraq or the so-called rate policy, monetary ( Policy rate ) which is a rate of interest indicative (compass navigation) to help launch signals a strong impact on the trends and the evolution of the structure of prices interest and the conditions of time of its components through existing facilities, which receives the Iraqi Central Bank and bank deposits, which give under which the central bank credit required to commercial banks all.

On the basis of this principle depends policy cash central base called base (Tyler – Tayler ) imposed on the power of cash raising Central Bank interest rates discussed above when the total spending in the economy is greater than the capacity of the economy and productivity when prices are outside the scope of balances.

So lead the policy cash as part of its operations in the management of liquidity, according to the path is determined by which the growth rates of mass cash equivalent flows of real goods and services, to achieve overall balance across the balance of goods and services market and the money market, ie, achieve the highest growth rates desirable in the gross domestic product at the lowest level of annual inflation to exceed the natural break is usually 3% annually, which is known in the indicators of macroeconomic stability, international.

And it became a clear trend towards the use of tools is direct and this is what we observed through the shift in the tools used, as follows:

First: Gadgets cash direct
1 – the interest rate
is the liberalization of interest rates one of the main pillars of the other major in strategic financial reform since the first of March in 2004, the Liberation immediate and full of interest rates on financial instruments, all local (deposits, loans and securities) in effect and is considered to hold such an important step towards the birth of the financial sector a modern and efficient allows borrowers to make their decisions rather than having them bound by the directives and orders issued by the Central Bank. And it will stimulate the editing business and projects to raise their productivity and increase profitability and then promote the productivity of the economy on a large scale will begin to compete for available funding, and will require editing of the banks to compete and directly for clients or customers to borrow and deposit on the basis of the prices they will be met and services they make will be the final outcome of this procedure more efficient allocation of capital in all aspects of the Iraqi economy.

Instead, the Central Bank began to support the bank interest rate (policy rate), which started on 26/1/2005 at 6% was raised to 12% in July of the same year to 16% in November of the same year also held steady at 20% at the beginning of the first month of 2007 and the aim is to give financial market strong signals to adjust the interest rates accredited to it and in a manner disproportionate and desirable in the temple in time of the interest rates to attract savings as well as their impact on the rates of bank liquidity, something which helps to ensure positive returns to public savers and reduce the gap between savings and investment and that the opinion of the cash that is caused by the presence of real interest rates negative, compared to interest rates monetary nominal and therefore raise the interest rate is a tool indirect access to interest rates static shrinking the gap between the productivity of investment and return on savings, especially when the investor gets a return on real as well as changes in the sidelines of inflation for prices of goods and services and is part Mstalp of return on savings.

2 – credit limits
does not mention the law of the new bank to any plans or ceilings of credit placed by him, contrary to what was included in Article 46 of the previous law that required the bank at the time, select the credit scheme, which began to apply it since 1979 as one of the tools policy cash direct differed Mdyatea depending on economic conditions experienced by the country.

3 – control over foreign exchange
in the orientations of policy cash for the new phase has been canceled the process of control over the foreign exchange provided for in Article 60 of the previous law which was used as a tool restrictive influence on the quantity of the supply of foreign exchange and trends identified by the article to “the requirements of economic development plans” were free to cancel the inspection referred it move currency in and out of Iraq , which will push the exchange rate and makes it more balanced and closer with the market price.

Second: Gadgets monetary indirect

1 – unify the requirements of the legal reserve

is one of the most important tools of cash indirect effect on the money supply through the multiplier cash used by the Bank CBI in previous periods through the application of different rates depending on the deposits and the nature of the bank on the other and continued so until 1/1/1996 where the consolidation ratios for all banks of 2% of the fixed deposits and 5% savings and 20% for Gary.

The use of this tool within the application policy cash new saw a marked difference in style and the application shows the activation of this type of tools and converted from an instrument control tool to monetary policy and therefore, the responsibility for tracking these requirements at the banks was transferred from the General Directorate for the control of credit and banking to the General Directorate of Agreements and loans, has been consolidated the requirements of the legal reserve for all types of deposits since the month of December 2004, 25% and this percentage can be modified from time to time depending on economic requirements in order to make multiple cash more stable, has stipulated that the central bank to deposit 20% has the remaining 5 per % in the coffers of the bank, as well as that the new requirements can be based on the average and not on a permanent basis, which Christolh into a tool useful for the purpose of absorbing fluctuations broad liquidity of the bank, according to everyday situations.

It was bank deposits subject to reserve (the dinar and the dollar-denominated to dinar) in the month of December 2004 is 6.5 trillion dinars, almost while the value of bank deposits subject to a reserve for the month of December 2006, approximately 12.2 trillion dinars, that is, they increased by almost 50%, and pays the bank that fails to maintain reserve a fine to the Central Bank equivalent to the benefit of credit first plus 5% on the amount which the average reserve held by actually less than the reserve requirement was the proportion of fines for the month of December 2004 is 13% while the value in the month of January 2007 was 27%.

2 – open market operations
the Bank can the central influence in bank liquidity surplus and then to influence the interest rates for the short in the market of cash and that the sound management of liquidity through auctions (buying and selling) government securities (bonds and / or treasury transfers), and the diversified financial influence was adopted by activating processes the open market, namely to set up an auction special bonds, Central Bank of Iraq and Pagal different to make a financial depth desired in the long run and to influence the liquidity of public in the economy and adjust Mnasebha in the short term which is also one of the means of policy cash aimed at achieving monetary stability note that the Central Bank of Iraq did not exercise this tool concept of traditional since its inception until 2004, has been open-market operations that practiced during that period, the sale of treasury transfers and government bonds in the primary market only, but there is a new trend in the practice of this tool, especially after it passed Article 28 of the Act New to the bank to conduct open market with commercial banks, winner of the statement by him under the banking law or with the financial intermediaries obtaining the appropriate license, where the central bank buying and selling of treasury transfers in the market first, and work is under way to establish a secondary market have to increase the effectiveness of and deepen the financial market in Iraq

and in the first auction was held 18/7/2004 remittances to Treasury of the Republic of Iraq at an interest rate 6.8% per year and began to decline that reached 1.1% in 7/11/2004 and then began to rise that reached 21% in 5 / 2/2007 and the money orders sold on the three terms are (28, 63 and 91 days) has been extinguished Auctions 28 and 63 days while still an auction of 91 days existed until now note that the total source of treasury transfers for a period of ninety-one days until the auction the fourth and sixty-held on 07.09.2007 amounted to approximately (9) trillion dinars and that the average return (the price of the pieces) for the auction was (5.9%) The value of Public Offering outstanding up to auction the seventh session (8.7) trillion Iraqi dinars, and thus the balance outstanding (1.1) trillion Iraqi dinars, while the total benefits up to auction the seventh session amounted to (148) billion Iraqi dinars, while the total source of auctions of treasury transfers for a period of three and sixty days until the auction VII has been reached (900) billion Iraqi dinars, and the average yield (to Asaralqta) Auction (5.8%), has been paid in full and stop issuance, while the total benefits paid amounted to (9.12) billion Iraqi dinars, while the total amount of the emissivity of treasury transfers for a period of twenty-eight days only amounted to (450) billion Iraqi dinars, and that the average return for the auctions of this type reached (3.8%) was paid in full and stop issuance also was interest paid (8.2) billion Iraqi dinars.

3 – existing facilities
in the financial markets and the wider financial systems is developed on the central bank that depends on the existing facilities are more open market operations to avoid the development of liquidity is expected and Article 28 of the new law took this matter into account, allowing the central bank to provide types of loans and facilities that will replace the exposure and advances that were used previously where the law does not allow the new exposure of assets and bank deposits with the Central Bank. The existing facilities with facilities existing lending and credit secondary ( Secondary Credit ) The third type is a facility of last resort lending.

the challenges of policy cash and future prospects of

the transformations witnessed by the tools of cash approved by the Authority cash at the current stage as well as the challenges facing the Iraqi economy in general and the power of cash in particular, certainly Statr future prospects of these trends or shifts cash a way that supports, depending on the extent of success in the face of current challenges and potential.

In spite of the procedures and the many steps of successful taken by the power of cash in the new era and witnessed the financial environment of the important developments in Iraq in terms of style and tools as well as the procedures that are still under implementation and that of the most prominent development of a system of payments and adjustments towards updated according to the best electronic systems used internationally, but there are some challenges facing the power of cash under the current circumstances experienced by Iraq, all of which affected one way or another on the success of the tools of cash new in particular and the politics of cash in general.

First: the challenges facing the policy cash
that some of the challenges faced by policy cash at the current stage represents the secretions the political and security crisis which delay certainly raised the tools cash new on the variables of economic and financial targets, as are other challenges phenomena has become a quasi-rooted formed in the previous phase as a result the economic siege and later developed as a result accumulations witnessed by the economic environment after 2003, and by reading the reality of the current economic, we can identify the most important challenges facing the policy cash , including the following:

1 – inflation and price stability
although for developments in forming a positive task outlined the case of relative decline in the direction of the phenomenon of inflationary and moderate prices and relative prices, especially during the three years 2003 – 2006 by the inflation which approximately 32% per year and the transition to the beginnings of integration into the international economy, but a change substantially last take that occurs to the trends emerging inflationary again, and since February 2006 until the present time (after the record month of January of 2006, an annual average of 20%, the lowest over the past three mentioned), recording the index of consumer prices, as an indicator of inflation, at the end of the month of May of 2006, adjusted of 53 % compared to May of 2005, to put the Iraqi economy again in the average inflationary trends, which was not familiar since the economic blockade.

Regardless of the bottlenecks aggregate supply and its contribution to the phenomenon of inflationary, the policy cash involved to address this phenomenon and lower levels, in particular the inflationary pressures generated by the demand side total or total spending in the economy. And if we exclude the two paragraphs of fuel and lighting, transport and communications of the index of consumer prices, as an indicator of inflation, could reach the so-called inflation-basis core inflation , which reflects the pressure of aggregate demand, which is estimated at about 30% per year (ie, less than half the annual inflation rate referred to in the above) .

the case of deep-rooted in the phenomenon of inflationary and that Eshrha inflation mainly caused by the pressure of aggregate demand led inevitably to the disruption of the money market in terms of the public’s desire to keep the balances of cash over the supply of those assets, reflecting an increase in the speed of money circulation and an increase in inflationary expectations at a time one, as it became the final source of the continuing phenomenon of inflationary and may be the financial crisis and created the global recession was positive in one of its aspects in terms of effects on the Iraqi economy are represented in the decline in prices of imported goods, affecting positively on prices and inflation, which reduced the index of prices to levels low almost 7%, but the phenomenon of inflation will remain for the foreseeable future one of the challenges faced by policy cash in Iraq.

2 – Coordination of two policies monetary and financial
have someone observers and a case of inconsistencies between policies monetary and financial, have proved this case further after increasing problem stagflation and the different solutions adopted by each of the branches where you see the financial authority to address the recession first, is the most important and put a target at this stage in the opinion of the cash to deal with inflation is the most important and are therefore aimed at price stability as a first stage and prepared an incubator for future growth.

It is believed by many economists This problem will remain valid as long as the Iraqi economy suffers from the absence of the strategic economic, which is a road map that will guide all economic institutions through exploring the set goals of the President, but the talk of setting a strategic economic is still in place and since almost four years without see the light, it which put a new challenge in front of the two authorities monetary and financial includes access to the participants an economic take on its way to implementation.

that the problem of lack of coordination between branches of monetary and financial is one of the new challenges in light of the independence of the cash which was granted her the law of the Central Bank’s new and therefore the central bank must prove that independence is a positive step towards strengthening and strength of the Iraqi economy through the creation of channels of communication with the Ministry of Finance to determine the goals and achieve them.

3 – dollarization phenomenon
known as the Iraqi economy, the phenomenon of dollarization Dollarization in more than a decade, especially form the informal as it came as a natural consequence of monetary instability and economic resulted in cases of war and siege, which passed them, which led to a decline in the value of Iraqi dinar significantly, reaching at times to 3000 dinars to the dollar.

Despite the lifting of economic embargo on Iraq and support the dinar exchange rate by the central bank, but the phenomenon still exists although it is less severe than it was before 2003 and certainly the poor security situation and political instability is the most prominent factors fueling this phenomenon, as well as opening the door of the transfer to the outside freely in line with the transformation of the Iraqi economy to a market economy and the embodiment of the Investment Law No. 13 of , 2006. has become the money is, without doubt confounded, is good value in light of real interest rates (negative) made ​​people inclined to hold foreign currency Kkhozan alternative to value over the spread of the phenomenon of substitution of cash (dollarization) any use of foreign currency in domestic transactions over the narrow and weak in the processes financial market and limited their instruments in Iraqi dinars, which exacerbated the vulnerability of the policy cash in the period preceding the imposition of stability (because of the unstable nature of the cash demand, which came under the influence of the continuing rise in inflationary expectations, which is pushing for a negative in the real interest rate).

that this phenomenon represents one of the most prominent challenges facing the power of cash in the management of liquidity towards the achievement of monetary stability desired and set by the power of cash a major objective during this phase, which calls for meeting this challenge seriously in order to contribute to the reduction of inflation and stabilization.

4 – impossible trinity
concept Trinity is impossible means that any macroeconomic policy can not be gathered at best, but between two of the three elements of the complete liberalization of the expense of the capital and the fixed exchange rate policy cash independent directed towards achieving the goals of local, as can the country that follows the system of floating exchange rate that has a policy of actual cash completely and the movement of free international capital across its borders while can the country that adopted the system of exchange rate constant to be liberated from interest rates, foreign and apply an independent monetary policy, provided the prohibition movement of capital across its borders, but if the exchange rate was fixed and capital movements free, the policy cash to be able to achieve local objectives.

In fact, says that the policy of cash in Iraq will face in the near future problematic Trinity impossible assuming that the free movement of capital to and from Iraq will be a reality after the stability of political and security conditions due to the need for Iraq to foreign investment, which will not come unless allows him to move freely, and this is stipulated by the law of foreign investment law No. (13), while the exchange rate the Central Bank Law New did not include explicitly and directly demonstrates the type of drainage system used, but he had to cancel the requirements of the cover of the currency provided for in Article (40) of the previous law, which can be interpreted as a trend towards flexible exchange rate, but at the same time did not negate the importance of international reserves or foreign currency to be managed and maintained so that the new law gave flexibility to the power of cash in the selection of appropriate arrangements, so it is what is happening now is a kind of floating orbit, which allows a margin of a simple movement and it can not say that Iraq follow the flexible exchange rate system, while the policy cash Independent has the text of the new law because of their importance in the activation of market forces and the abolition of dependence on state deficit financing.

if, we can say controversy that there is freedom in the movement of capital to and from Iraq , and it remains to power cash option of an independent monetary policy Awaldvaa exchange rate, so what will you choose the policy cash in Iraq among the three elements that make up the Trinity is impossible, and how it will deal with this challenge?

II : prospects for future policy cash current
through the previous review of the major challenges facing the policy cash at the current stage and what caused the delay of the effectiveness of the tools used as well as the fact that some of these tools have not used previously, while the use of some new way commensurate with the change in the direction the economy Iraq toward a market economy, the future prospects of the policy cash current will be affected significantly secretions challenges referred to and the success of the tools of cash the new in light of political changes and economic crisis.

has become the money is confounded, not good value in light of interest rates (negative) real, made ​​individuals inclined to hold foreign currency Kkhozan alternative to the value in light of the prevalence of replacement cash (dollarization) any use of foreign currency in domestic transactions over the narrow and weak in the operations of the financial market and the limited tools, exacerbating the vulnerability of the policy cash to stabilize because of the unstable nature of the cash demand In spite of the great abilities demonstrated by the policy cash control to stabilize the foreign exchange market and the stability of the Iraqi dinar exchange rate against the U.S. dollar over the past two years and as Tacherh exchange rates in an auction of foreign currency, but the effects are specific in addressing the phenomenon of radicalization in inflation mainly due to that paragraph salaries and wages, government form alone 60% ​​of GDP, total, two thirds of the percentage referred to is made ​​up of the activities of service a weak link in general with the productive sector commodity note that paragraph salaries and wages referred to was of no more than 35% of the non-oil GDP in the year 2004, and in light of the objectives of the policy cash aimed at reducing levels of inflation, the package adopted by the Central Bank of Iraq under the circumstances is appropriate price moves began in the face of inflation, mainly through the creation of a desire to influence the demand trends in the balances of cash that is less true of inventories available of those assets to achieve a balance between supply and demand of them, through the provision of conditions favorable to the stability of the Department of the cash demand and to reduce the case of substitution of cash, and to address the problems of dollarization, and in the introduction to the importance of providing the right atmosphere between the two activities of economic and price so that the ratio of money to income “Any cash demand,” grow in a stable and consistent goals of financial growth and macroeconomic stability.

Based on the foregoing and in order to determine the future prospects of the policy cash necessary to answer the following questions: Do you think the policy cash management tool indirect? To what extent can these trends continue militant? And what the possible scenarios in front of?

the answer to previous questions it can to paint the features of the political monetary future in regards to the first question we can say that the power of cash has succeeded to a large extent in the management tools monetary indirect Despite the difficulties many have faced in the new phase, but It took upon itself the burden of the continuation of these tools at work, and not the continuation of the Central Bank in support of these tools because she was able to continue throughout this period and this leads us to the second question is to what extent can continue to power cash in their policies radical is this?

In order to answer this question, we say that the success of the tools of cash can not happen with the use of these tools only because these tools require financial environment and developed a stable, where still the financial environment in Iraq is able to keep up with developments in the use the tools of cash because of the weakness of this environment on the one hand and the obstacles that stand before the deepening of on the other. In spite of all measures taken by the Central Bank in order to improve environmental financial in Iraq , but it hit a stalemate the real sector and the weakness of Alastosmaralve influenced in turn factor security, creating a vicious cycle made ​​up of financial growth, economic growth, security and stability.

that the power of cash working according to the vision that the stability Monetary and Financial is an incubator of economic growth and has worked to achieve this for the past four years and are still working on reducing the headstrong expectations of individuals, the future of the signals of price-led, but it can not continue indefinitely.

Politics cash alone will not be able to succeed were not There are financial environment and economic able to respond to the tools of cash and then implemented, and in front of that question arises the third who is looking for the most possible scenarios in front of the policy cash in the future?

Conclusions:
We have made ​​it necessary political and economic transformations taking place in Iraq towards the adoption of mechanisms of market economy and opening to the outside as tools important in the move the wheel of economic development, necessitated the central bank keep pace with these changes by neutralizing its policy towards the policy -governmental organizations on the one hand and a shift towards the tools of cash is direct on the other.

This study showed that the power of cash in Iraq has succeeded to a large extent use the tools of monetary new and was have attempted the task in order to deepen the financial market and provide a stable and balanced, but these tools and faced a large number of challenges that were produced by the security situation is stable, which makes the prospects of policy cash new and its success depends to a large extent the response of the real sector of those tools, especially since the central bank is Unable to bear the delay indefinitely.

From the foregoing, the most important conclusions reached by the study are:
1 – There are a large number of important measures and correct by the Central Bank of Iraq towards cope with the transition to a market economy in the legislative and technical.
2 – There is a clear shift in policy cash after 2003 to use the tools of monetary indirect, especially open market operations and the percentage of legal reserve.
3 – facing the policy cash after six years of transition a large number of security challenges and economic that hinder the effective use of new tools which formed the pressure heavily on the monetary authority.
4 – exploring the future of the policy cash current remains largely dependent on the ability of the real sector on the move and the absorption of these tools as well as the sophistication and depth of the financial market as it helps when those tools to work easily

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Iraqi government, assisted by experts to solve the most important foreign problems of the economy

Posted: February 9, 2012 

On: Wednesday 02/08/2012 22:26

Convene a working group to draw the general economic policy of the Iraq problem by Order Diwani No. (64) for the year 2011 its first meeting chaired by Deputy Prime Minister Acanutorroژ Nuri Shaways Chairman of the Economic Committee and the membership of the Ministers of (financial and oil) and the Iraqi Central Bank Governor Dr. Abdul Basit Turki Said, head of Supreme Audit.

person team was the most important challenges facing the Iraqi economy, which are as follows:

1: the transition to a market economy adopted by the Constitution.

2: unemployment

3: chronic inflation in the body of the Iraqi economy.

4: disruption of the structure of the Iraqi economy.

5: foreign debt .

6: the reconstruction of the infrastructure

7:: laws and legislation inherited from the former regime.

8: financial and administrative corruption.

9: File management style central economic year.

Group agreed on the economy, hiring Iraqis or foreigners from international organizations and university professors Economics. Group also decided to examine those challenges and priorities and develop an action plan based on the scientific study of the purely professional economic policy-making

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Deputy PM looks with economic team on the most important economic policy challenges facing the Iraqi economy

Posted: February 8, 2012

On: Wednesday 02/08/2012 18:04

Baghdad (news) .. Deputy Prime Minister Ruz Nuri Shaways, on Wednesday, with the team drawing the general economic policy for Iraq, the most important challenges facing the Iraqi economy.

A statement by the Office of Shaways received the Agency (news) a copy of it on Wednesday: that the work team economic policy of the Iraq problem in 2011, held its first meeting chaired by Deputy Prime Minister Roژ Nuri Shaways, Chairman of the Economic Committee and the membership of the Ministers of Finance and Oil, and the Iraqi Central Bank Governor and Chairman of Supreme Audit Abdul Basit Turki Saeed.

The statement added that the team person the most important challenges facing the Iraqi economy and included a shift towards a market economy adopted by the Constitution, unemployment and chronic inflation in the body of the Iraqi economy and the disruption of the structure of the Iraqi economy and foreign debt and the reconstruction of infrastructure, laws and legislation inherited from the former regime and the financial and administrative corruption and manage files of economic neo-central of the year.

The statement that the team agreed on the economy, hiring Iraqis or foreigners from international organizations and university professors Economics, and Torteurdrash these challenges, prioritize and develop an action plan based on the scientific study of the purely professional economic policy-making

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This is what everyone invested is waiting for, Iraq to move from a central economy to an open market economy and to do it, they have to RV to gain the strength needed.

Economic Expert: Iraq needs higher authority to manage economy

Posted: November 9, 2011

Economic expert, said Mohammed al-Samarrai Saturday that Iraq has all the elements of a state economic giant of the human potential and natural resources in addition to the excellent geographical location.

Samarrai said in a statement to the reporter (and the Iraqi News Agency Information / INA) that we need economic power top take on the file management of economic, giving greater opportunity for the private sector to play important role and the largest in the economy of the Iraqi state.

Abradarh economic file entirely from proposing the issuance of economic legislation and modify existing ones, and follow up the implementation of such legislation with strict control over the executive bodies and give greater opportunity for the private sector to play a important role and the largest in the economy of the Iraqi state, which entered behind capitalism recently, especially as the private sector is the backbone of the economy of any country with a market-based economy while maintaining on the authority of the state in managing mega-projects which fall within the infrastructure and services sector so that it is for the private sector the role of production with the survival of the practice of the state’s role Salad distribution and to ensure the minimum of justice in the distribution of production and delivery of services to the ordinary citizen and Privacy of economic and social of the country and the Iraqi people.

The Iraqi government has made ​​in recent collaboration with experts from the United Nations projects for economic reform includes the restructuring of the Iraqi economy in accordance with the requirements of the transition from the general economy centrally planned economy to a private market to ensure the expansion of the productive base of the Iraqi economy by adopting the mechanism of free market and organize your prices and foreign trade and internal .

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