Economists discuss the role of the banking sector in supporting sustainable development in Iraq

Economists discuss the role of the banking sector in supporting sustainable development in Iraq

economy Since 2017-03-26 at 23:53 (Baghdad time)

Baghdad Mawazine News
The governor of the Central Bank of Iraq Ali al-Alaq that the failure of borrowers to pay their debts is the most prominent problems of banks, which led to non-fulfillment of banks obligations in return, while a member of the Finance Committee parliamentary Haitham Tamimi that the central bank to control the treatment of private banks.
This came during a symposium organized by the Economic Council titled "The Role of the Banking Sector in Support of Sustainable Development in Iraq" and was opened by Ibrahim al-Baghdadi (Masoudi), President of the Iraqi Economic Council, which reviewed in eight minutes the march of the Iraqi Economic Council and the Wafa Initiative for Iraq.
Dr. Hamam Hamoudi, a member of the Presidency of the Parliament, spoke briefly of Park, thanking the orientations of the Iraqi Economic Council and its activities, and the Parliament's readiness to support the legislation required to develop the work of the private sector.
The Governor of the Central Bank of Iraq, Ali al-Alaq, discussed the problems of banks and the reasons for non-compliance of banks with their obligations to borrowers. The banks did not pay their debts and the Central Bank launched an initiative to address the imbalance in the procedures for granting loans to industrial, agricultural and residential projects. Routine procedures and complexities in dealing have led to the lack of use of this initiative.
Dr. Haitham al-Jubouri, a member of the parliamentary finance committee, praised the role of the central bank in addressing the issue of lending to agricultural, industrial, investment and housing projects. He pointed out that the central bank has the task of controlling private banks' handling of the arrears of payments to contractors.
Deputy Minister of Planning praised the efforts exerted by the Iraqi Economic Council to hold seminars on improving economic performance and pointed out that the role of the Ministry of Planning is to follow up the good performance of contractors and the payment of dues as well as with respect to projects and completion.
While Dr. Khawla Taleb Jabbar, Director General of Rafidain Bank, said that the Rafidain Bank is a government bank that adheres to the rules and regulations and is ready to deal with cases that are complete from all sides and entered into discussions on the length of the release of loans and receivables contractors.
Dr. Rashad Khudair Wahid, General Manager of Al Rasheed Bank and his agency talked about the problems faced by the bank in completing the transactions because some transactions are incomplete and therefore they negatively affect the performance of the bank and the bank is trying hard to complete all the receivables and loans.
Bilal Sabah Hussein, director general of the Industrial Bank, said that the number of borrowers applying for loans is 34, noting that only four projects have been accepted.
Mr. Adel Attia Al-Taie, Assistant Director of the Agricultural Bank on the subject of lending and the period specified for that and was answered by the Governor of the Central Bank.
The participants came up with several recommendations, the most important of which was presented by Sheikh Dr. Hammoud Hamoudi Ali Al-Alaq regarding the formation of a mini-committee to convey and discuss the important ideas and proposals that were put forward for improving The mechanism of supporting and financing government banks for investment projects with the relevant officials directly, in order to reach successful solutions to the problems of the government banking sector.

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