Iraq to switch to free market economy

Aswat Iraq
Iraqi Prime Minister Nouri al-Malki said on Wednesday Iraq would switch from a centrally-managed economy to a free market economy but gave no time frame for such a move.

"Iraq is determined to change the economy from a central one to a free market one,” Malki told parliament.

He also said his government would assign one trillion dinars ($666.66 million) to a social safety net in the coming budget and double the number of beneficiaries to two millions next year.

He also promised investments in the agricultural sector and support for domestic industries to enable them to compete globally.

Malki also said an investment law to be presented to parliament would safeguard Iraqi sovereignty.