The White Paper for Economic Reform
Comments on the White Paper Bill 2020:
The White Paper has been seen as the path to success by the current government, however, this has to be followed up by wide-scale law reforms that are harmonious and up to date with the rest of the world.
It is not sensible for Iraq to implement legislation that is not followed or enforced on an international scale because this would lead to the isolation of the country. This would also worsen the already shake relation of trust between foreign companies and countries with the state. For example, of such an unrealistic method, rules of drafting and organizing government contracts which need to develop and follow the FIDOC which is adopted by all countries that are looking for overseas investments. Lastly, activating treaties that prevent “Double taxation” along with updating other tax-related laws.
The following is an example of the reforms that are targeted in the Bill:
– Modernising and rehabilitating the financial sector
– Establishing new trading markets, such as a commodity market and a currency exchange market (Forex)
– Modernising and rehabilitating the banking system, supporting the development of private banks, reforming government banks and introducing and activating the Core Banking System in Al-Rafidain and Rasheed Banks
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