To the attention of the honorable Prime Minister, the Iraqi economy is built by his sons
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Greetings of respect and respect
That the observer and observer of the role of economic institutions during the years of economic and security shocks experienced by Iraq in terms of managing the economy to achieve the goal of stability in the financial system and monetary system to achieve economic stability.
It is noted that there are failures, challenges and blurred pages related to the loss of methodology and the lack of clarity of policies and programs and the lack of harmony of strategies prepared in partnership with international organizations and experts and consultants with the Iraqi reality of the Iraqi economy monolithic resources, which depends mainly on oil rent and the result of structural imbalance in the economy because of the deficit Non-oil revenue, deficit in the balance of payments and the continuing wage in public budgets and weak coordination between the fiscal and monetary policies in addition to the mismanagement of public funds and the obvious weakness in the economic leadership of most economic institutions And not to give an active role to the private sector and its involvement in economic decision-making.
All the above failures add to the economic stagnation, falling oil prices, the unstable business environment and the war on terror that led to the failure of visions to build a solid national economy capable of drawing the precursors of transition to a market economy. And that the challenges above created confusion and pessimistic outlook for our economic future in many of our national economic elites and your noble grandfather. You were one of those who responded to these challenges with work, thought and pen, but the honorable Prime Minister of the Council of Ministers.
Despite all these challenges, there were bright points, experiences, policies, promising procedures and success experiences of some economic institutions during the lean years, clearly and effectively over the years (2015-2019).
One of the brightest points in this process is the experience of the Central Bank of Iraq in supporting the national economy while preserving its independence and its functions and objectives set out in its Law No. 56 of 2004, which is its contribution to supporting the national economy and achieving economic steadfastness and strengthening the decisive victory over terrorism.
I do not want to clarify the executive and development procedures and build balanced relations with Arab, regional and foreign banks and the liquidation of (700) negative note confirmed on the financial situation and the World Bank report on Iraq for 2012.
(2016-2020), the results achieved on the scope of monetary policy applications internally, and the conviction of international financial institutions and organizations. As confirmed in official reports, the success of the central bank's policy of achieving an important transition of the Iraqi economy outside the gray zone (monitoring and review) According to FATF.
As far as we are concerned with the economic, financial and banking affairs of the executive procedures and instruments of monetary policy applications, the Bank has played a significant role and a clear and distinguished professional effort based on its team and its economic and financial cadres and experts and its board of directors in supporting the national economy and strengthening the state treasury and its various initiatives and initiatives to revitalize the economic cycle and enhance liquidity. To pay the salaries of employees and the entitlements of contractors and farmers, and to re-establish coordination bridges between the financial and monetary policies and propose new economic and structural policies for the preparation of budgets. General for the coming years and attempts to restore confidence in the banking system.
The most important achievement is to stabilize the exchange rate of the local currency compared to the US dollar and to maintain the maintenance of foreign reserves sufficient in accordance with the standards of the International Monetary Fund.
The Central Bank's management has proved its clear ability to interact and analyze the obstacles to work and create the conditions to overcome the challenges. The road is still long before the Central Bank and the competent government agencies in order to achieve a sound national economy. I urge you to interact with the bright economic points achieved by the Central Bank. Stimulates and supports its steps to work and to make more fruitful efforts for the purpose of implementing what is stated in the government curriculum and completion of achieving the objectives of its main and subsidiary strategy and achieve stability in the monetary system and thus achieve economic stability and build our national economy And the welfare of society. Because the Iraqi economy to its builders except its sons.
* Economic consultant