The Economic Council stresses the importance of Iraq’s transition to the free economy and stresses: Investment is the solution

08:41 – 26/10/2018

The Iraqi economic council on Friday stressed the importance of Iraq’s transition from the totalitarian economy to a market economy or free economy, stressing that investment is the solution. 
 “We congratulate the Prime Minister Adel Abdul Mahdi and the 14 ministers,” said Ibrahim al-Masoudi, head of the Iraqi Economic Council. “We have the confidence of the parliament and we hope to complete the rest of the ministries.” 
He added that “there have been attempts on the ground to develop the economy but shy and not commensurate with the stage and what Iraq aspires to move from the totalitarian economy to the market economy or free economy,” stressing that “we focus on there is support for investment and investors and got some decisions, but still Do not meet ambition. “
He pointed out that “investment in Iraq is the solution and the private sector is part of the investment, but the government banks, which accumulate state funds and funds of citizens and a large proportion of the banks of Rafidain and rational and trade, agricultural and industrial, some of them did not rise to his responsibilities. 
“We hope that ministers and all relevant ministries will deal with the private sector in a stronger and easier way and be more like a consultant in every ministry,” he said. “We have many proposals and we discussed the prime minister a few weeks ago and found him welcome.” 
He pointed out that “the government program despite the weakness of the paragraph on the private sector, but an integrated program and most important is the transition to a market economy and strengthen the approach of partnership with the private sector.”
He pointed out that “the time has come for the country to turn into a corner for economic performance and manage the simplest things because this is not the role of states and the failure that occurred is because of slack in the role of government, which leads to the loss of dozens of companies.” 
He pointed out that “the investment law is theoretically more than good, but our problem is in the implementation.” He stressed that “if we overcome this delay, fear and hesitation from irresponsibility, we think we will follow the path of success.”



One thought on “The Economic Council stresses the importance of Iraq’s transition to the free economy and stresses: Investment is the solution

  1. i believe that in order to have a “free market economy” they have to have an international currency.

    What is a totalitarian economy?
    Of, relating to, being, or imposing a form of government in which the political authority exercises absolute and centralized control over all aspects of life, the individual is subordinated to the state, and opposing political and cultural expression is suppressed: ”

    What is a free market economy?
    Free market refers to an economy where the government imposes few or no restrictions and regulations on buyers and sellers. In a free market, participants determine what products are produced, how, when and where they are made, to whom they are offered, AND AT WHAT PRICE—all based on supply and demand.

    I believe this is very good, once it is implemented. The article says they already have the laws in place. Now if we look for “implementation” we will see a new currency approach of supply and demand. I believe there is a lot of demand for what Iraq has… that means prices can go up. That also means that the money is worth more. I could be wrong but I don’t think they can achieve a free market economy without a viable international currency system.

    Man, they are moving it right along!


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