Support the private sector and the reform of the banking system
04/08/2013
D. Mehdi Hafedh *
This topic is very important economically and intellectually. As it provides a unique opportunity to discuss the conditions of the private sector and the failure of the banking sector in Iraq. There is an urgent need to address this dilemma in a way that helps to enable the private sector to play a positive role leading role in national development as unanimous in official documents as well as political and economic programs for most of the political forces and academia.
There are many seminars held to discuss issues related to this subject. However things began to take shape more seriously than before, towards deeper and inclusive. I will address this issue in the light of two important reports of the United Nations.
The first is from the World Bank and the second to the Regional Center for the United Nations in the Middle East. First: About a year ago, made a deep study of the UNDP United Nations is looking at the economic consequences of the so-called 'Arab Spring'. And concludes the call to move from «The Political Economy of rentier state to a new development model aimed at social justice, freedom and human dignity and a free economy led by the private sector. As was emphasized on the need to break the vicious circle special systems prevailing in the Arab world, including Iraq and approved to comply with state and enable them to act affairs of society and the economy up to large, creating a condition marked and dominant mated «authority» and »wealth». And often accompanied by bad practices concerning wasting public money and corruption, favoritism and creating a terrible disparity in the living conditions of the people. The great success in the political field and the birth of political powers new is not enough unless accompanied by a shift sound economic safeguard the gains of democracy and pushes society to further achievements, so attention is being paid to create a new type of contract Social (Social contract) reacts and development needs of the proposed and is the so-called mutual accountability between state and society. They revolve mainly around the reciprocal obligations between citizens on the one hand and the ruling authorities of the other hand. Regimes rising on the base of modern tax system as a direct obligation of the members of the community exchange for a commitment on the part of power in the provision of and respect for freedoms and legitimate basis for the ruling regime and the devolution of power in a democracy. This has become a very interesting topic so that today holds a large area of controversy and debate in the local and foreign seminars. The reason is not only on the part of the Economic and Social Council on the high importance, but also to confusion and impotence that characterized the curriculum development of Iraq as well as the blatant confusion in official economic vision. Not strange that raised this dilemma now, but that the continued slowdown in the processing turned into a heavy burden on the performance of the state as a whole and clearly revealed the condition of complete dependence on one supplier yield Gallery of burnout, which is oil. Oil now is the bread of life for the majority of citizens and economic sectors, state institutions and businessmen. This situation limited presence, but in a certain number of rentier states with other meager resources. Indeed, the question was always prominent, how do we describe the case of the private sector in Iraq, in terms of its role in the process of growth and its place in the economic structure and its share of gross domestic product and other features essential for national development. So that the performance of the private sector in these areas, is a critical factor in assessing the economic stature. And can incorporate a number of properties here to confirm the nature of the current national development.
1 - The private sector has become an entrepreneur (for the public sector of the state), like that of other contractors, local and foreign. Which means that he foresees profit from the state (of oil revenues) in exchange for certain services performed by in accordance with the agreements and contracts with official institutions.
2 - The analysis of private sector figures reveal that he would continue in the activities of a quick profit and based on individual work. Any characterized labor-intensive and low capital.
3 - The private sector employs follower and marginal position now because of its reliance on government spending, limiting the phenomenon of competition towards imported goods and services. This phenomenon is clearly noticeable in the local Iraqi markets on a large scale.
4 - Facing the private sector and businessmen Iraqis huge obstacles, both because of the bureaucracy of government agencies or continuation of outdated laws and legislation and obstructive of more than twenty-five thousand. They need to be reviewed and radical reform.
Second: a year ago or more, I went «Ministry of Finance and the Central Bank of Iraq request to the World Bank to make full disclosure on the financial situation and cash in Iraq. This was achieved and was a very important report, addresses this situation and calls for a set of recommendations and conclusions. The importance of this report lies not only in its aspects analytical deep axes situation in Iraq, whether in the banking sector (government and private) and not in the presentation of the obstacles and dilemmas that stand in the face of any positive development, but also in the development of a critical mass of conclusions and recommendations for the bypass Crisis in and put the country on the gate of the desired progress. Notable of these conclusions, counting the conditions of the banking sector the biggest gap in the financial and monetary situation. As well as to call for the restructuring of the bank «Rivers and Al Rasheed who Isthoman on more than (90) percent of bank deposits. And it is not new, but has been discussed several times at the level of the bodies responsible from the 'Governing Council' and the successive ministries and to the joint memorandum to the Ministry of Finance and the Central Bank issued in 2006. Remarkable that the spacing between the government banks, which are supervised by the Ministry of Finance (which is seven banks) and private banks that there are more than forty and supervised by the Central Bank calls for serious thinking and objective research. Banks civil was still limited importance in terms of financial volume and daily performance, but it represents a trend significant to support the private sector and provide air required for private investment, domestic and foreign, or freedom of competition and promising development for the construction experience new economic in Iraq, this principle, which is repeated constantly in the literature of the government and economic bodies different. This find that report «Bank» criticizes this disparity in care of banks and calls for support of private banks and provide an environment similar for both groups at the level of privileges and official censorship but builds high hopes for the potential role and advanced domestic banks and enable them to participate actively in the leadership of the national economy. Back to the report 'World Bank', is imposed by the country's economic need as he sound response to the commitment that represents the position of the Ministry of Finance and the Central Bank, which was reflected in the joint signing on the same report. Then there is the phenomenon of chronic reflected the presence of high liquidity in Iraqi banks. They run with the international rules and some of the directives of the Central Bank. As a result, some of the negative consequences, including: The low profitability of banks, and depriving the national economy of capital is disabled and their participation in national development and investment projects. This phenomenon has multiplied if it was to increase capital of local banks is also rumored to now. So is thinking establishment gathered Banking Consortium banker to do to provide syndicated loans Syndicated Loans to the business sector in order to finance investment projects. This requires the support of the Central Bank and conditioning orientations accordingly and facilitate the Ministry of Finance to grant loans for investment projects. Then we come to some dilemmas or shenanigans practices related intellectual process of fiscal and monetary bodies in the recent period. There first position minor and harmful focuses on a comparison between the financial and monetary situation now and before 2003. This is something unacceptable in principle because of the new situation in Iraq based on a radical change and economic primarily deduced from the data and the properties of the old system. That any objective desire in comparison, must be based on the current situation and the characteristics of the hand and the need to build a new and advanced in terms of objectives and mechanisms of modern and contemporary. This is the logic of economic orientation new and desired to Iraq and who looks to him the whole community and is supported by international organizations and friends change in Iraq stems from this misperception claim that criticism of the central bank is due to people close to the high authorities of the State, and that the independence of the central bank a matter of principle and not subject for discussion in any way. May not be touched accumulated cash surplus with the central bank of around (70). Then referred to the role of the central bank to play a key cut the foreign debt that handcuffed the Iraqi economy in the former regime. These views deserve respect and need to be discussed in isolation from any threat or accusation in an atmosphere of freedom available in the country. Perhaps very useful to recall that the external debt dilemma solved by representatives took specialists from the U.S. authorities and its Western allies, notably the then Mr. (Baker) former minister of state. Where intensive deliberations with the major creditor nations and find solutions to certain, it was mostly down America for the debts on Iraq. Then negotiations were conducted in the framework of the Paris Club at the end of 2004. The dispute exists about the details of this agreement as a result of the disparity between Ray International Monetary Fund and the draft submitted to the Paris Club and I was then (and Minister of Planning) is keen to provide the best conditions and most beneficial to the Iraqi side. There is no benefit to anyone to resolve this issue only cooperation that has emerged through the support of the U.S. and its experts specialists as well as the support of some Iraqi officials. For the record, I recall that the debt unresolved Gulf states this very moment, a matter of concern without a doubt. The claim that there is a financial surplus with the Ministry of Finance, it is important and must be proved actually. To maintain cash reserves very sensitive issue and requires continuous efforts of the State and its competent bodies. But this issue can not be looking in isolation from the main source of this reserve is escalating oil prices and increased oil exports to the outside, which puts this reserve at stake if exposure oil export any obstacle, including the potential dangers on the transport and channels, Cglq the Strait of Hormuz and the like . That the dispute or the diversity of views on the use of this reserve is mainly based on the need for the country's financial to achieve the goals of economic development and reform. They installed the constitution issue in one of its articles. It is not justified to accept the idea of external loans, while enjoying the country this large volume of cash reserves. Would it not be possible to examine this question in conjunction with the economic and development needs of the country. There is no economic theory and economic rules prohibit use according to the special needs related to development and economic development. Opinions were not provided outside the circle of diligence and effective competition as a framework to resolve this issue. The fact is that addressing imbalances and confusion in the financial sector and monetary require a high degree of calm, objectivity and sense of national responsibility and benefit fair trials economic development of countries other within agreed modern sophisticated and targeted to strengthen Iraq's resources and financial investment properly and profitably. Conclusion concentrated now in the need to find the best means and policies to re-establishing the private sector and development in the forefront of reform of the banking system as an effective tool to enable investors and businessmen to enhance their role in national development and tackling unemployment and creating jobs and improving services and repair infrastructure.
[You must be registered and logged in to see this link.]
04/08/2013
D. Mehdi Hafedh *
This topic is very important economically and intellectually. As it provides a unique opportunity to discuss the conditions of the private sector and the failure of the banking sector in Iraq. There is an urgent need to address this dilemma in a way that helps to enable the private sector to play a positive role leading role in national development as unanimous in official documents as well as political and economic programs for most of the political forces and academia.
There are many seminars held to discuss issues related to this subject. However things began to take shape more seriously than before, towards deeper and inclusive. I will address this issue in the light of two important reports of the United Nations.
The first is from the World Bank and the second to the Regional Center for the United Nations in the Middle East. First: About a year ago, made a deep study of the UNDP United Nations is looking at the economic consequences of the so-called 'Arab Spring'. And concludes the call to move from «The Political Economy of rentier state to a new development model aimed at social justice, freedom and human dignity and a free economy led by the private sector. As was emphasized on the need to break the vicious circle special systems prevailing in the Arab world, including Iraq and approved to comply with state and enable them to act affairs of society and the economy up to large, creating a condition marked and dominant mated «authority» and »wealth». And often accompanied by bad practices concerning wasting public money and corruption, favoritism and creating a terrible disparity in the living conditions of the people. The great success in the political field and the birth of political powers new is not enough unless accompanied by a shift sound economic safeguard the gains of democracy and pushes society to further achievements, so attention is being paid to create a new type of contract Social (Social contract) reacts and development needs of the proposed and is the so-called mutual accountability between state and society. They revolve mainly around the reciprocal obligations between citizens on the one hand and the ruling authorities of the other hand. Regimes rising on the base of modern tax system as a direct obligation of the members of the community exchange for a commitment on the part of power in the provision of and respect for freedoms and legitimate basis for the ruling regime and the devolution of power in a democracy. This has become a very interesting topic so that today holds a large area of controversy and debate in the local and foreign seminars. The reason is not only on the part of the Economic and Social Council on the high importance, but also to confusion and impotence that characterized the curriculum development of Iraq as well as the blatant confusion in official economic vision. Not strange that raised this dilemma now, but that the continued slowdown in the processing turned into a heavy burden on the performance of the state as a whole and clearly revealed the condition of complete dependence on one supplier yield Gallery of burnout, which is oil. Oil now is the bread of life for the majority of citizens and economic sectors, state institutions and businessmen. This situation limited presence, but in a certain number of rentier states with other meager resources. Indeed, the question was always prominent, how do we describe the case of the private sector in Iraq, in terms of its role in the process of growth and its place in the economic structure and its share of gross domestic product and other features essential for national development. So that the performance of the private sector in these areas, is a critical factor in assessing the economic stature. And can incorporate a number of properties here to confirm the nature of the current national development.
1 - The private sector has become an entrepreneur (for the public sector of the state), like that of other contractors, local and foreign. Which means that he foresees profit from the state (of oil revenues) in exchange for certain services performed by in accordance with the agreements and contracts with official institutions.
2 - The analysis of private sector figures reveal that he would continue in the activities of a quick profit and based on individual work. Any characterized labor-intensive and low capital.
3 - The private sector employs follower and marginal position now because of its reliance on government spending, limiting the phenomenon of competition towards imported goods and services. This phenomenon is clearly noticeable in the local Iraqi markets on a large scale.
4 - Facing the private sector and businessmen Iraqis huge obstacles, both because of the bureaucracy of government agencies or continuation of outdated laws and legislation and obstructive of more than twenty-five thousand. They need to be reviewed and radical reform.
Second: a year ago or more, I went «Ministry of Finance and the Central Bank of Iraq request to the World Bank to make full disclosure on the financial situation and cash in Iraq. This was achieved and was a very important report, addresses this situation and calls for a set of recommendations and conclusions. The importance of this report lies not only in its aspects analytical deep axes situation in Iraq, whether in the banking sector (government and private) and not in the presentation of the obstacles and dilemmas that stand in the face of any positive development, but also in the development of a critical mass of conclusions and recommendations for the bypass Crisis in and put the country on the gate of the desired progress. Notable of these conclusions, counting the conditions of the banking sector the biggest gap in the financial and monetary situation. As well as to call for the restructuring of the bank «Rivers and Al Rasheed who Isthoman on more than (90) percent of bank deposits. And it is not new, but has been discussed several times at the level of the bodies responsible from the 'Governing Council' and the successive ministries and to the joint memorandum to the Ministry of Finance and the Central Bank issued in 2006. Remarkable that the spacing between the government banks, which are supervised by the Ministry of Finance (which is seven banks) and private banks that there are more than forty and supervised by the Central Bank calls for serious thinking and objective research. Banks civil was still limited importance in terms of financial volume and daily performance, but it represents a trend significant to support the private sector and provide air required for private investment, domestic and foreign, or freedom of competition and promising development for the construction experience new economic in Iraq, this principle, which is repeated constantly in the literature of the government and economic bodies different. This find that report «Bank» criticizes this disparity in care of banks and calls for support of private banks and provide an environment similar for both groups at the level of privileges and official censorship but builds high hopes for the potential role and advanced domestic banks and enable them to participate actively in the leadership of the national economy. Back to the report 'World Bank', is imposed by the country's economic need as he sound response to the commitment that represents the position of the Ministry of Finance and the Central Bank, which was reflected in the joint signing on the same report. Then there is the phenomenon of chronic reflected the presence of high liquidity in Iraqi banks. They run with the international rules and some of the directives of the Central Bank. As a result, some of the negative consequences, including: The low profitability of banks, and depriving the national economy of capital is disabled and their participation in national development and investment projects. This phenomenon has multiplied if it was to increase capital of local banks is also rumored to now. So is thinking establishment gathered Banking Consortium banker to do to provide syndicated loans Syndicated Loans to the business sector in order to finance investment projects. This requires the support of the Central Bank and conditioning orientations accordingly and facilitate the Ministry of Finance to grant loans for investment projects. Then we come to some dilemmas or shenanigans practices related intellectual process of fiscal and monetary bodies in the recent period. There first position minor and harmful focuses on a comparison between the financial and monetary situation now and before 2003. This is something unacceptable in principle because of the new situation in Iraq based on a radical change and economic primarily deduced from the data and the properties of the old system. That any objective desire in comparison, must be based on the current situation and the characteristics of the hand and the need to build a new and advanced in terms of objectives and mechanisms of modern and contemporary. This is the logic of economic orientation new and desired to Iraq and who looks to him the whole community and is supported by international organizations and friends change in Iraq stems from this misperception claim that criticism of the central bank is due to people close to the high authorities of the State, and that the independence of the central bank a matter of principle and not subject for discussion in any way. May not be touched accumulated cash surplus with the central bank of around (70). Then referred to the role of the central bank to play a key cut the foreign debt that handcuffed the Iraqi economy in the former regime. These views deserve respect and need to be discussed in isolation from any threat or accusation in an atmosphere of freedom available in the country. Perhaps very useful to recall that the external debt dilemma solved by representatives took specialists from the U.S. authorities and its Western allies, notably the then Mr. (Baker) former minister of state. Where intensive deliberations with the major creditor nations and find solutions to certain, it was mostly down America for the debts on Iraq. Then negotiations were conducted in the framework of the Paris Club at the end of 2004. The dispute exists about the details of this agreement as a result of the disparity between Ray International Monetary Fund and the draft submitted to the Paris Club and I was then (and Minister of Planning) is keen to provide the best conditions and most beneficial to the Iraqi side. There is no benefit to anyone to resolve this issue only cooperation that has emerged through the support of the U.S. and its experts specialists as well as the support of some Iraqi officials. For the record, I recall that the debt unresolved Gulf states this very moment, a matter of concern without a doubt. The claim that there is a financial surplus with the Ministry of Finance, it is important and must be proved actually. To maintain cash reserves very sensitive issue and requires continuous efforts of the State and its competent bodies. But this issue can not be looking in isolation from the main source of this reserve is escalating oil prices and increased oil exports to the outside, which puts this reserve at stake if exposure oil export any obstacle, including the potential dangers on the transport and channels, Cglq the Strait of Hormuz and the like . That the dispute or the diversity of views on the use of this reserve is mainly based on the need for the country's financial to achieve the goals of economic development and reform. They installed the constitution issue in one of its articles. It is not justified to accept the idea of external loans, while enjoying the country this large volume of cash reserves. Would it not be possible to examine this question in conjunction with the economic and development needs of the country. There is no economic theory and economic rules prohibit use according to the special needs related to development and economic development. Opinions were not provided outside the circle of diligence and effective competition as a framework to resolve this issue. The fact is that addressing imbalances and confusion in the financial sector and monetary require a high degree of calm, objectivity and sense of national responsibility and benefit fair trials economic development of countries other within agreed modern sophisticated and targeted to strengthen Iraq's resources and financial investment properly and profitably. Conclusion concentrated now in the need to find the best means and policies to re-establishing the private sector and development in the forefront of reform of the banking system as an effective tool to enable investors and businessmen to enhance their role in national development and tackling unemployment and creating jobs and improving services and repair infrastructure.
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