Prime Minister Ali al-Zaidi on Saturday met with a group of businessmen, members of the Private Sector Development and Management Council, members of the Iraqi Economic Council, and a number of chairmen of private bank boards. The Finance Minister, the head of the Advisers Commission, the director of the Prime Minister’s office, and the head of the Supreme Committee for Coordination between Governorates were also present.
Al-Zaidi told those present that the government regards the private sector as a partner in its reform agenda and would maintain an open-door policy for business proposals, problems and requests. He called on all businessmen and companies to refrain from making payments to facilitate their work or secure their rights, and said his office is available to address any obstruction carried out by elements within the state.
Key points outlined by the Prime Minister included:
- A Development Fund, intended for the private sector, will receive a contribution of $10 billion from the Central Bank of Iraq (CBI), with public subscription open to all citizens at the official dinar rate. Fund profits will be exempt from tax, and the fund will finance new factories producing goods needed by the Iraqi market.
- A one-million residential plot project is under way; the private sector is invited to contribute to its infrastructure, with allocations earmarked for citizens who do not own property.
- Monthly instalments of approximately 1 trillion dinars ($763 million) have been prepared to settle dues owed to businessmen, companies and contractors, with payments set to increase as crude oil export bottlenecks ease.
- Instructions have been issued to resolve tax compliance obstacles and remove any conflicting regulations impeding public financial management.
- All laws and decisions that hinder economic development or limit private sector partnership are to be reviewed.
- An upcoming official visit to the United States will include a delegation of businessmen to expand mutual investment opportunities.
Businessmen at the meeting proposed expanding consultation with the government on service and development projects, identifying market needs, and finding solutions to economic challenges.
