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Sunday 03 July 2022 [You must be registered and logged in to see this link.]
Baghdad: morning
Deputy Prime Minister and Minister of Finance Dr. Ali Allawi stressed the inevitability of reforming the banking sector in Iraq in line with global developments in a way that makes it supportive of the Iraqi economy.
Allawi said during the Iraq Finance Exhibition and Conference: "We must create a real supportive banking sector, and make money go in the direction of creating new funds that are commensurate with sustainable development."
He pointed out that "the future will be better with an international desire to be present in the Iraqi market, and this is what we see when international delegations attend."
And he indicated that "the financial distress that Iraq went through called us to focus on adopting the rules of multi-economy and considering the state's financial policies and the external influences affecting the economy."
He stated that “financial institutions are an artery in every economy, and we cannot manage our affairs under the umbrella of the dual transition to a free economy, in light of the dominance of the public sector over the reality of the economy.”
He pointed out that "since 2006, the government has been provided with studies from international organizations for reform."
The Minister of Finance stressed, “It has become necessary to reform the financial sector, and that government banks’ acquisition of more than 75% of deposits is unhealthy.” “.
He stressed the need to "improve the investment environment in the country to attract international companies to develop economic sectors."
He pointed out that "the annual surplus must finance the investment sector, and this surplus is volatile from year to year due to the size of the budget and revenues."
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