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Specialists: Supporting projects strengthens Iraq's economic position
Economical 2023/07/25
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: Muhannad Abdel Wahhab
In light of the urgent need to support the local product and limit imports, parliamentary calls and claims by specialists continue to demand the release of industrial loans by the Central Bank, while at the same time they are surprised that they were suspended for a period of 8 months without any reason.
The Parliamentary Investment Committee directed an inquiry to the Central Bank in this regard, while calling on it to expedite its launch and finance important industrial projects. At the same time, specialists believe that supporting the local industry through these loans strengthens the position of the Sudanese government in negotiating with Washington regarding supporting the local product and reducing dependence on foreign trade.
In 2015, the Central Bank of Iraq launched an important initiative to support the banks of the industrial, agricultural and real estate sectors and the housing fund with loans, while this initiative contributed to reviving the economic situation and the liquidity of those banks.
The head of the Parliamentary Investment and Development Committee, Hassan Al-Khafaji, told Al-Sabah: “The committee directed a parliamentary inquiry to the Central Bank regarding stopping industrial loans within the lending initiative, after receiving many complaints in this regard,” noting that “these loans were financing a large number of small, large and medium projects.”
He added, "The Central Bank responded to the inquiry that these initiatives have a time limit, while the Central Bank promised the committee that it will soon finance industrial projects and launch loans through new initiatives."
The head of the committee pointed out that "the Council of Ministers amended Resolution 245 of 2019 called Improving Business and Investment Vision, which includes new initiatives, most notably financing industrial projects through the issuance of loans," pointing out that "the committee is waiting for the Central Bank and banks to implement this decision."
Al-Khafaji called on the Central Bank to support industrial projects and improve the industrial reality, with the need to build an integrated strategy to facilitate lending
banker.
For his part, economist Mustafa Akram Hantoush, in a statement to "Al-Sabah", was surprised by the central bank's delay in implementing the Cabinet's decision, which includes the launch of industrial loans, noting that "industrial development loans have been suspended for more than 8 months."
He believes that "the suspension of these loans caused a halt to the industrial development movement, which witnessed a qualitative boom due to previous initiatives," explaining that "their launch could strengthen the Sudanese government's position by negotiating with Washington regarding reducing imports and supporting local industries."
The US Treasury had recently imposed new sanctions on 14 Iraqi banks, months after imposing similar sanctions on 4 important banks, while Baghdad intends to hold talks with Washington on the file of foreign trade, reduce imports and support the local industry.
Hantoush called on the Central Bank to launch initiatives immediately to support the industry and activate the wheel of development in general
country.
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