Iraq’s Council of Representatives (Parliament) on Thursday approved by a majority the government program presented by Prime Minister Mr. Mustafa Al-Kadhimi.
The program outlines several measures the new government will implement to address current economic challenges, including:
- Reducing public spending, ending non-essential expenditure, developing an effective system for collecting customs tariffs, and starting negotiations to restore Iraq’s oil production share which was reduced recently
- Working with global financial institutions, including the International Monetary Fund and the World Bank, to develop programs to minimize the impact of the economic crisis, especially in relation to reducing the budget deficit, and ensuring efficient management of financial resources
- Establishing the Supreme Council for Construction and Investment which will be responsible for drawing up a comprehensive plan for building Iraq’s infrastructure, and for encouraging investment in all provinces
- Submitting to Parliament a draft Iraqi National Oil Company Law, and establishing a team to negotiate with oil companies changes to Iraq’s oil licensing rounds to reflect recent developments in global markets
- Launching a “Made in Iraq” national project to encourage local industry and agriculture by adopting appropriate mechanisms and laws, and through the consistent and effective application of customs tariffs
- Directing the Central Bank of Iraq to develop a plan within a year for the modernization of the Iraqi banking sector
- Undertaking comprehensive administrative reforms of state institutions, removing unnecessary procedures, and implementing anti-corruption measures
- Restarting the e-government and transparency projects to include all state institutions
- Adopting programs to empower young people to access jobs in the private sector and provide them with social security benefits similar to those enjoyed by their counterpart in the public sector
- Expanding the scope of social security benefits to support low and fixed income groups
- Adopting automation and modern technology in state institutions, especially at the Border Crossings Authority and in the customs system
Iraq Business News
07/05/2020
