Iraq Is Entering a Renaissance of Explosive Development
|April 25, 2012||Filled under Iraq Daily News|
Economic seminar drew a map of the reform model and identified the course of the relationship between the public and private sectors Baghdad Yasser incumbent Hussein Tgb
Raised the Business Council of the Iraqi National important questions on the road to illustrate the path of the professional relationship between the government and the private sector during his lecture tagged (TBI basic foundation of the Iraqi economy and the private sector) as banks, government and plays an important role at this stage and immune from international sanctions imposed on the banking sector, the government under Chapter VII.
Four questions raised by the President of National Business Council Ibrahim al-Baghdadi summed up the nature of the financing bank for the investment projects and housing, pointing to the length of the implementation period and interest rates you are encouraging and required guarantees and the extent of reliance on the reputation of companies sober and other questions other. answers to these questions and interventions, which was transparent and courage by the participants and the interventions of high-level officials have turned this specialized seminar Mini to the economic reform to draw a roadmap for the reform of a typical passage of the Secretary-General of the Council of Ministers d . on the Keywords that describe this seminar (morning) that it equaled more than a dozen conferences and a wide Boutrouhadtha and proposals.
Showed The Importance Of Such Forums To Address The Challenges Facing Our National Economy
Baghdadi between the tug of war pointed out the importance of finding radical solutions that enable the private sector to take off in building the new Iraq With praised the constructive cooperation of the Bank of Iraq to trade in some aspects, but he aspires facilities more for the business known patriotism and integrity and as a result he was seeking to reform the image and the relationship is required.
Millions of Dollars
In return The Director of Trade Bank of Iraq Hamdiya dry a full explanation about the potential of the bank and Sratejath new facts of uncertain pursuit of the bank to overcome the obstacles facing the private sector Iraqi Although saying within the powers vested in them and only it is transmitted to the competent governmental authorities.
Prior to that offered to dry the problems inherited from the previous administration, which caused wasting millions of dollars and that we were able to retrieve the section which called on companies and individuals debtors of the bank to speed up payment during the period of one month and reflect them will take legal action and legal through local newspapers or states in which they reside.
Then occur Secretary-General of the Council of Ministers on the Keywords praising the courage and the transparency of the Council of the workers of Iraq to ask such questions and said really it needs to be answered explicitly, if we are serious about actually giving the private sector role that well-deserved in the process of building the new Iraq because there is no building rises without touches of the private sector, according to Keywords.
Then go to talk about the problems suffered by the Trade Bank of Iraq before his new administration, explaining as Chairman of the Board investigative about the violations, which led to what was announced from the many problems we do not want to turn the woes here and will deal with things, absolutely.
Said Keywords:’s important that Iraq is entering a renaissance of developmental explosive and promising hope of you, O honorable who Tstthmron your money to build your own that Tcodoha firmly Those who defeated a few million dollars and Snaidha all legal means available, they will regret what Savutem of the good of the country the next.
Praised Keywords role and mission led by the dry and the team work and said it was working with double first address violations of past and return the money stalled as public money was able to restore section of the efforts of strenuous and Axis II seeks to chart a new road map for the bank to Maintzerh of a major role in the construction and reconstruction.
And interventions of a number of business people on the roof of the demands and facilities and the financing of strategic projects prompted the Secretary General of the Council of Ministers to detect that there is a specialized technical committee to amend the Law of Trade Bank of Iraq in line with the the requirements of the next stage and announced to take the paper work of the Council and his questions into consideration and urged them to present it to the Committee, stressing the adoption of opinions and proposals of the private sector in all economic bills for the future.
Create Bridges Of Trust
And said Keywords: The creation of bridges of trust of the relationship between state institutions and the private sector columns are essential in the system Economic and represent two-sided real economic reality and the degree of perception through the examination of the relationship are feeling the degree to which on which to believe that the private sector a fundamental pillar of the economy, and that the feudal special without infrastructure, banking and financial sector are the infrastructure to be built to service this sector to take the role required.
Bank And The Financing Of Projects
In the same context, the Hamdiya Dry has pointed out that the bank is to Aimol start-ups, but the project which has a completion rate of 60-70 percent, and wondered if it was not for the investor any post in the capital and wants the government to the ground and loans why would he?
This point controversy sparked a row between business and the bank, so wondered what the benefit of the loan for the project was completed 70 percent of it? They also addressed international experiences in the field of investment, finance, delivered the seminar to the conviction of the need to reconsider these mechanisms for the purpose of expediting the implementation of mega projects and promised Keywords referring this file important to the Commission amend the law on the bank to take it and it grabbed the business a quick solution of representative government is in their interest and the interest of performance banking is required.
The Importance Of The Meeting Touched The Nerve, The Real Economy
In his speech said economic thinker Dr. Mahdi Al-Hafiz said this session of the most important meeting because it is affecting the nerve true of the Iraqi economy that the keeper took me back in memory to his famous in one of the seminars economic, in which he said that the private sector did not provide the step embarrass the government in order to supports and in 2006 in the Babylon Hotel The symposium was how the government supports the private sector and now has achieved the dream keeper job in that the National Business Council of Iraq to embarrass the government and the extract of which such decisions are sound, which he wrote her success would be responsible for accelerating the achievement of construction and development.
He keeper that Masamah of violations requires attention carefully to the report of the World Bank about the reality of the financial system in Iraq and the need to adhere to its recommendations and because neglected will lead the country to the results of Athmd Akbaha especially given that the Minister of Finance and Central Bank Governor has signed a commitment Ptalimadtha He reiterated that the facts that According to warn of disasters to Athmd Akbaha if Nhtd the recommendations of the report.
Fluctuation of Exchange Rates
The meeting were not blind to fluctuations in currency exchange rates, although it is not listed on the agenda, so we said that the seminar turned into a conference to chart a roadmap for Aaslah model came now the role of Vice President of the Central Bank d. the appearance of Mohammed for making statements.
In favor threw the ball in the nets against the International Monetary Fund when he said, everyone knows that the conditionalities the Fund determines the policy of Bank of Iraq CBI and cited in 2008 tried to central bank interest rate cut to 8 percent arose this world was turned upside down, where threatened the IMF to back down from the resolutions debt cancellation for Iraq in the Paris Club, if the oldest Iraq on the move and we stayed under the hammer of debt burdened and Halim enough for the reference
Was an answer for this on the restriction of private banks to finance lending at the time, but he pointed out the existence of solutions to come in coordination with the concerned authorities the banks Amabouksos volatility of exchange rates, there are measures would limit the chaos.
Oil well intervention where The general manager of the Oil Marketing Company (SOMO), which is responding to a question submitted by the Chairman of Bank of the economy Husam Obeid about the decision of the Ministry of Finance to prevent circles Alolh of dealing with private banks, said Falah al-Amiri Director General of SOMO private banks that have failed to address that you want the State on the letters thirsty, pointing out that one of these banks is not a return of the liquid Qdtlkava request our reservation e because of prejudice contracted with us and I see that so they can be to combine all the private banks three Awarbah banks so that they can bear its responsibilities.
We Need Moral Support Does Not Materially
Came respond father Blomase the President of the Board of Directors of the North Bank Nawzad dry that the contributions to the private banks large but Mapalna with those who did not say thank you for business and this is the only support that we require from the government and we do not need to financial support, because our money is now in the draft strategy. and concluded the symposium after listening to the problems of traders and their debts with the ministries and the problems of import to the promise of the Secretary-General of the Council of Ministers to consider all the problems solved and will each receive a right to their legitimate rights for it, this forum would be a good omen for the coming of days and will continue into the morning economic Her Majesty promises and solutions and to serve the economic reform is required.
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