Economic Reforms in Iraq is Much Necessary : Economic Experts

A large number of famous economic and financial experts have predicted about reform package. An expert Dr. Acer Yasin said that most of the Iraqi decision makers are being confused that which decision should be taken at this crucial stage. The oil prices still showing a continuous decline in the global oil markets, it should be considered in preparing the Iraqi general budget 2016. Unemployment rate in Iraq is also a major problem which should be controlled by improving Iraqi private sectors. The reform package includes a handsome decrease of unwanted posts and its employees and reduction in the amount of salaries in the governmental sectors. It would also increase unemployment ratio and can create a critical situation in the country.

The Iraqi government should focus on its private sector to support the Iraqi economy. Most suitable and perfect reform mechanisms in the private sector should be implemented because it is much necessary and according to the need of Iraqi people. There is another option, reform the Iraqi public sector and privatization of most of the Iraqi public institutions. It would bring a positive change in the Iraqi economic policies in order to maintain Iraqi resources for the social and economic development in the country. The future governmental policies should be according to the need within the specific timetable in order to avoid wastage of its resources. So, reforming in the Iraqi private sector is considered a much better way in order to diversify sources of Iraqi public revenues by encouraging the non-oil sectors which would also help in reducing the budget deficit.

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