No need to rush Iraq privatisation, says Gailani

24 September 2003
Newly-appointed Finance Minister, Kamil Mubdir Gailani, told the local Gulf News that there was no need to rush privatisation in Iraq, contrary to the 21 September document outlining economic and financial reforms. 'This is my own opinion,' he said. 'I prefer that, because privatisation is new in Iraq.' He said that he would like to see foreign investment in the country, but not until a new constitution is in place and elections have been held.

The Iraqi Finance & Banking Ministry published a document outlining the parameters for foreign direct investment (FDI), international bank entry, commercial banking, taxes, tariffs and central banking, which would be implemented in the near future. Critics have condemned the document claiming that it allows foreign companies to buy up Iraq assets, other than its oil. Gailani said the country will have problems selling public enterprises as long as there is a security problem in Iraq (MEED 22:9:03).

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