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Establishing an independent development authority
Economical 01/18/2024
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Muhammad Sharif Abu Maysam
We have pointed out in several previous articles the fact that there are no specialized banks in the capitalist market economy system, because this system gives more space to private capital in managing the affairs of life, passing through the stage of privatization of state functions and arriving at the replacement of state authority with the authority of the head. Money, which is the main goal that neoliberalism aspires to under the pretext of freedom and absolute ownership in light of non-binding responsibility, and the goal here is purely political and we are not going to delve into it.
While we find such banks as state institutions in the social market economy system, such countries are keen to maintain support for small and medium enterprises, and to keep the financial companies supporting them under state ownership to ensure that the minimum local demand for basic commodities, most notably food, is met. Thus, ensuring the elements of sovereignty in light of the concept of food security, which has become a weapon in besieging and subjugating people as a result of the dominance of globalization companies over the global economy. In Germany, for example, the state-owned German Development Bank provides about 90% of the total lending to these projects in light of free economies and international trade and economic networks led by private capital. In the United States, the US Small Business Administration (SBA), a government agency, provides support to small projects and companies. Under the slogan “Preserving and strengthening the nation’s economy.”
Accordingly, we have tried to draw the attention of decision makers to this vital file, since the Agricultural Facilitated Loan Fund Law No. 28 of 2009, amended, was legislated to be an alternative to the Cooperative Agricultural Bank, and then the Housing Fund Law No. 32 of 2011 was legislated to be an alternative to the Real Estate Bank, and so on. Passing through the initiatives concerned with providing loans to the industrial sector as an alternative to the Industrial Bank.
Instead of this, we said, these banks will be merged with funds and initiatives into a single development body that will be independent and exempt from privatization for which the conditions for economic reform are established, which is a governmental right that can be supported by legislation obligating successive governments to prevent their privatization, instead of merging these banks into a commercial bank. One practices comprehensive banking.
Regardless of agreement or disagreement in this approach, our only option at this stage is to invest in the state’s capabilities and establish an independent development authority that includes all funds and initiatives that provide subsidized loans, with the aim of ensuring support for the national economy and achieving the minimum level of self-sufficiency to face exceptional circumstances, through... Supporting this body with money, expertise, and assets, and we are in the process of merging these banks, meaning transferring part of their ownership and specialized staff to this body.
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