Economic Overhaul for Iraq

[CADsortaGUY]

Economic Overhaul for Iraq

<snip>
The new policy, enacted on Saturday by U.S. administrator L. Paul Bremer, allows foreign firms to enter and potentially dominate key elements of the economy, from banking to manufacturing, that had been off-limits to outside ownership.
...
Iraq's new finance minister, Kamil Mubdir Gailani, said at an international banking conference in the United Arab Emirates that the new rules would create a "free and market-oriented economy" that would be unprecedented in the Arab world. He pledged that the reforms would "promote Iraqi economic growth and raise the living standards of all Iraqis as soon as possible."
...
The World Bank's Iraq country director, Joseph Saba, told the Associated Press that the steps outlined by Gailani were "major steps forward in terms of creating an environment for investment."
</snip>

Need to have a bit more security(as the article also points out), but overall it will lay the foundation for Iraq to rebuild itself upon.

CkG

 

[BaliBabyDoc]

Foreign firms should certainly have the opportunity to work in Iraq but Iraqis would be wise to limit the duration and ownership rights. IMHO, rights to Iraqi crude in particular should be sufficient to promote development but not lock the Iraqi people into crappy terms . . . ala CA energy crisis. Furthermore, the Iraqi Governing Council . . . particularly one led by shady characters like Chalabi . . . should not decide the long term ownership of Iraqi resources.

 

[CADsortaGUY]

Originally posted by: BaliBabyDoc
Foreign firms should certainly have the opportunity to work in Iraq but Iraqis would be wise to limit the duration and ownership rights. IMHO, rights to Iraqi crude in particular should be sufficient to promote development but not lock the Iraqi people into crappy terms . . . ala CA energy crisis. Furthermore, the Iraqi Governing Council . . . particularly one led by shady characters like Chalabi . . . should not decide the long term ownership of Iraqi resources.

"Gailani said Iraq would "allow up to 100 percent foreign ownership in all sectors except natural resources." He said Iraq's oil reserves -- the world's second largest after Saudi Arabia's -- would remain in government hands for now. Other Iraqi officials have said decisions on privatizing the oil industry, which is forecast to generate $14 billion in revenue next year, would be decided after a democratically elected government is seated."

This would be my hope too. The article states that OIL is not open to outside firms.

CkG

 

[BaliBabyDoc]

I apologize for my laziness. I should have read the article before commenting. In addition to oil, I would not allow foreign domination of telecommunications. For instance, the proposal to place a CDMA network in Iraq instead of GSM. The Wild West character of Iraq requires some entity look out for the best interests of Iraqis. I trust neither the CPA nor Chalabi in such a role. Granted an efficient system of telecommunications or power transmission (even a monopoly) is preferable to an unreliable one, IMHO.

 

[Moonbeam]

Need to have a bit more security(as the article also points out), but overall it will lay the foundation for Iraq to rebuild itself upon.
-------------------------
I hope its more thought out than that sentence was thought upon.