Editor: BK, NF
13/03/09 18: 58
bankers, attacked Saturday fiscal policy in Iraq, and said the
country's banking system is the "most backward" between the States of
the region, while the Central Bank orientations of private banks have
made "irregular and without, so officials attributed to many internal
challenges and political environment producing crises and non-reassuring
messages to the world, stressing the need for the $ 1 trillion to
stimulate the economy, and that" corruption "of the administrative and
bureaucratic procedures in some institutions" turned to ways to
The first annual Conference of businessmen in Iraq,
held at the headquarters of the Islamic Supreme Council in the capital,
in the presence of a group of bankers and businessmen, attended by
Al-Hakim: Iraqi banks in the most backward region
of the Islamic Supreme Council Ammar al-Hakim in the Conference call,
that "Iraq has is the most backward banking system among the States of
the region," adding that "banks have no capital and did not adopt
international standards in their work."
Al-Hakim, said that "the
reality of State banks is bad and is mired in red tape and far from mere
development funds for the transfer of Government funds and distribution
of grants and salaries", stating that "Iraq is facing a big problem in
the first episode, in the economy and the banking system is not
effective activities to book profits."
He asked Chairman of the
Islamic Supreme Council, on "how to build a strong private sector in
Iraq, requested that the risks and risks all his capital in economic
projects, without providing security", pointing out that "the need is
urgent to update the administrative and accounting legislation and
protect the private sector from unfair foreign competition.
Relationship: non-reassuring messages to the world
statement the Secretary-General of the Council of Ministers in his
relationship with Congress, "classification of the World Bank in a
recent report for Iraq that ranked 156 out of 185 States on reform and
progress measurement procedures and labour legislation".
relationship, he said, that "Iraq faces many challenges due to the
political crisis and producing non-reassuring messages and influencing
the legislative environment in slowed down with a crippling laws for km
work", saying that "corruption and cumbersome government procedures and
bureaucratic in some institutions turned to ways to blackmail."
Secretary-General of the Council of Ministers, "when we speak of the
reforms required in institutional environments we are talking about the
need to reform the administrative leadership, organization, and is not
provided by the political environment and possibly even negatively."
Al-araji: $ 1 trillion to stimulate the economy
President said the national investment Commission, Sami Al-araji, in
his speech, that "the report of the World Bank involved non-reliable
information that some institutions did not initiate the release of
information that is difficult for the investor and businessman," adding
that "Iraq had put the five-year plan for the years 2013-2017 and then
the second" five-year plan.
Al-araji, said that "preliminary
calculations indicate the need for between 700 million to $ 1 trillion
to activate various economic sectors", indicating that these amounts
come from oil and gas imports and economic sectors and foreign and
But the words, has angered many of those
present, including the Chairman of the Board of Directors of the Bank of
the Iraqi economy, Hossam Obeid, who openly expressed his frustration
about the "do not allow him to put up his remarks," and then proceeded
to leave the Conference Hall.
Private banks: Central Bank around for anomalous entity
contrast, said Managing Director of the country's Islamic Bank, Iyad
al-Yahya, that "the private sector has not received any attention of
Government," returned "the Iraqi banking sector lags behind for over 50
years the World Bank special needs the support of the State while still
governed by laws.
Yahya said that "Iraq's imports are deposited
in good government and banking", describing the private banks that they
are "atypical and not her dad-particularly the Central Bank applies
He called the Managing Director of the
country's Islamic Bank, the "legislation law regulating Islamic
banking", he says that "private banks are now investing in their
Yahya said, that "the State is fighting private banks
and no deposit where funds", noting that "Bank country warrior by the
State because of its investment projects in Najaf and Basra.
Managing Director of the Islamic Bank of the country, Baghdad "has
transformed the land bank for housing project to a rubbish dump costing
cleaned now more than 100 billion dinars," bomber "CBI only on the
Yahya, suggested that "Iraq needs per day to $ 300 million, while the Central Bank spent only 70 million."
Managing Director of the country's Islamic Bank, Iyad al-Yahia, to
finish his speech at the request of the management of the Conference
with "rah die and they see off me from its Central Bank" (die and they
see off me because of the actions of the Central Bank).
Parliament approved in October of 2006, Iraqi investment law that was
said then it would open the door wide to foreign investment by providing
a lot of facilities to foreign investors, many foreign companies still
hesitate because of fear of unstable security reality in Iraq, adding
that bureaucratic procedures and other obstructive problems including,
inter alia, with regard to the allocation of land, and the weakness of
the financial and banking infrastructure, to name a few.
amendments to the law as the most important of these amendments
relating to "give the Iraqi and foreign investor the right to own land
for housing projects.
The private sector has seen a great decline
after 2003 due to increased government support and private industrial
sector from which most of the plants and factories stopped work due to
its inability to compete with subsidized imports come from countries
which are not subject to fees.