The National: Iraq must diversify its economy and facilitate business

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The National: Iraq must diversify its economy and facilitate business

According to a research published in the British daily The National, Iraq must diversify its economy after decades of warfare, corruption, and malpractices hampered economic improvements.

The report, which was translated by the, quoted a senior official at the International Finance Corporation as saying that Iraq should take advantage of the current political stability and improved security situation to diversify its oil-dependent economy and implement reforms to strengthen the private sector.

Hala Shekhorokho, Regional President of the International Finance Corporation for the Middle East, Central Asia, Turkey, and Afghanistan, stated yesterday, Tuesday, in Baghdad, that “the goal requires simplifying how business is managed in the country and fighting rampant corruption,” adding, “Time is of the essence, and we need to act quickly and work hard to implement the necessary steps to improve the quality of services and their accessibility for all Iraqis.”

She explained that “the aim of her visit to Baghdad is to strengthen the role of the private sector in the Iraqi economy and to enhance economic reform efforts in the country, as the country is the largest producer in OPEC after Saudi Arabia, and oil revenues constitute about 95 percent of the annual budget,” indicating that “it is very important Enabling the private sector to flourish and be a good destination for investment by local Iraqis, Iraqis in the diaspora, regional

She goes on to say, “This requires simplifying and facilitating doing business, and finding ways to simplify bureaucratic processes.” It also emphasized the importance of efficient registration and tax procedures.