Dear guests,
Despite the challenges facing our Region and despite all shortcomings, it is important to highlight the achievements of our Region during the past 12 years. Since 2004, the economy of Kurdistan Region has witnessed remarkable growth. The KRG has taken steps to facilitate economic opportunities in the Region. More than $30 billion has been invested in the Region between 2006 and 2013 of which $5 billion was foreign investment.
All of our social indicators improved considerably during the past 10 years. However, our economy is facing structural and institutional impediments - onerous regulation, inefficient financial markets, and an inflexible labour market.
At the same time, we should look critically at missed opportunities, examine mistakes we have made and the reforms that we failed to introduce in a timely manner. To achieve more for our people we have to plan for the future by facing current challenges and committing ourselves to strengthening our public institutions, to reform our economy and to strengthen accountability.
Therefore, we as government will work as key partners with our business community, unions, syndicates and academics to support the reform process. This year will be the year of reform and modernization across government institutions. We will put in place policies aimed at reducing poverty, strengthening productive sectors, and pursue a growth agenda for our future generations.
As for the current situation, in tackling the financial crisis the government will set in place urgent austerity measures. The measures will include withholding a portion of the salaries of public servants that will be paid back later.
I would like to say that we do not look at austerity measures as part of our economic reform plan. Austerity measures are required at this particular time to balance our budget. Short term austerity measures, therefore, should not be confused with long term comprehensive reform plans that we are here to announce.
Ladies and gentlemen,
I believe we must transform not just policies related to individuals, but drive changes in the very way government functions. We count on the success of the reform programme of the Ministry of Finance & Economy to usher in a new era that will bring about effective policies to improve services and accountability. More importantly, it will be an opportunity to unite around common cause that will lead to a prosperous and brighter future for all citizens.
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