The World Bank confirmed Thursday that during 2016-2017, Iraq has been able to implement fundamental changes in the domestic regulatory framework in two main areas: starting business and obtaining credit.
“Starting a business is easier in Iraq by combining multiple registration procedures and reducing the time required to register companies,” a statement issued by the bank said. “Entrepreneurs are no longer required to register their companies independently with the General Authority for Taxation, The time required to register companies, because of increased resources available in the registration services and improve the electronic registration system.
He added that “Iraq has worked to improve access to credit information through the launch of credit register managed by the Central Bank of Iraq As of 1 January 2017, the register included 234,967 customers and 4,877 commercial borrowers, and included information on their default history during the five years Past “.
“The Doing Business data reveal that fragile economies continue to reform and deal with crises as opportunities to improve business systems,” said Saroj Kumar Jha, regional director of Mashreq’s World Bank.
“As part of Vision 2030, the Iraqi government has embarked on a fundamental reform agenda based on the General Government Framework Program (2014-2018), which places priority on institutional economic reforms and private sector development,” he said.
“The commitment of the World Bank to support the Iraqi government’s efforts to implement priority reforms that will enhance the business environment and achieve better growth and opportunities for all Iraqis,” Jha said.
Iraq ranked 168th in the ease of doing business compared with 165th ranked in last year’s report.