Parliamentary efforts to reduce the interest of bank loans

[size=36]Parliamentary efforts to reduce the interest of bank loans[/size]

[rtl]Baghdad / Al-Ghad Press:[/rtl]



[rtl]The Parliamentary Finance Committee ruled out that the budget for this year 2020 would be voted on due to the lack of time remaining, while its efforts to reduce the interest of banks ’loans indicated that it leads to a decline in the country's economic growth. [/rtl]


 



[rtl]The semi-official Al-Sabah newspaper, which was followed by "Al-Ghad Press", quoted a member of the Finance Committee, Ahmed Al-Hajj Rashid, as saying that "the issue of benefits is one of the methods of monetary policy, and the benefits are measured by the economic activity of the country. The more successful the activity, the higher the benefits and vice versa. If it is weak, the benefits must be few, and if the government wants to reduce public expenditures, it must increase the benefits. "[/rtl]



[rtl]He added that "the economic situation in Iraq is deteriorating and flabby, and the high benefits lead to people not borrowing from banks, and therefore the funds in the banks are idle and inactive, which in turn leads to a decline in economic growth."[/rtl]



[rtl]He noted that "the central bank is responsible for monetary policy and is an independent authority that no one can interfere with," noting that "the Finance Committee will seek during its next sessions to host them and discuss the possibility of reducing interest."[/rtl]



[rtl]As for the 2020 budget, Rashid ruled out that "there will be a budget for this year due to time constraints," noting that "the 2020 budget has a deficit of 50 trillion dinars, and it is still in the Ministry of Finance, and therefore Parliament cannot pass it, and only the financial statements have arrived."[/rtl]



[rtl]To that, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, called the boards of directors of Iraqi banks, to reduce the interest rate on loans.[/rtl]



[rtl]Saleh said: "The economic problem of Iraq lies in the fact that the interest rates are high for many reasons, the most important of which is the liberalization witnessed by Iraqi banks, as it was given freedom to manage the Council of Banks to determine interest on loans and deposits in the central bank, when one participation is called the monetary policy interest that banks borrow from the bank".[/rtl]



[rtl]He added that "the interest of the central bank is very large, and it needs to be reviewed, especially since the maximum rate of interest in the banks of the countries of the world is 6%."[/rtl]



[rtl]He explained that "the imposition of high interest causes great losses and jeopardizes economic life."[/rtl]



[rtl]Saleh pointed out "the necessity of obtaining a fundamental stance from the monetary authority, the banking system, and the Ministry of Finance to reconsider the loans and manage them properly."[/rtl]



[rtl]On the other hand, the Finance Committee chaired by the Chairman of the Committee, Haitham al-Jabouri, and the presence of its members on Tuesday hosted the advanced angel in the Ministry of Finance, which included the Deputy Minister and General Managers in Accounting, Public Debt, Tax, and Customs to set rapid economic treatments at the legislative and executive level to stop the consequences of the decline in the financial situation of the country and low oil prices Globalism.[/rtl]



[rtl] The Finance Committee called, according to a statement received by "Tomorrow Righteousness", the Tax and Customs Authorities to send data on financial revenues for research and find ways to increase them, the most important of which was the completion of all procedures in the border outlets.[/rtl]



[rtl]The head of the Finance Committee, Haitham Al-Jubouri, also stressed the committee's full readiness within its supervisory and legislative roles and harnessing all its efforts to maximize non-oil resources, in addition to submitting a number of proposals to the tax and customs authorities that contribute to increasing revenues for the purpose of reducing the budget deficit and advancing the Iraqi economic reality.[/rtl]



[rtl]The Finance Committee called for an official letter from the Ministry of Finance to provide it with all the amounts spent outside the budget law. The violating party bears all the legal consequences for that, in addition to the necessity to invest the collection by the ministry as it is now not at the required level and because of its importance as a resource in the budget.[/rtl]



[rtl]The Finance Committee sent an official letter to the Prime Minister and the Ministry of Finance to stop the implementation of Resolution 315 until 12/31/2019. The Ministry of Finance bears all legal consequences in the event of continuing to work with this decision.[/rtl]



[rtl]In the same regard, the Finance Committee has indicated its reservation regarding the issuance of Resolution 364 by the Council of Ministers that causes tax reduction at a time when the country needs all revenue to address the budget deficit, as well as directing a formal letter to the Cabinet on its procedures for reducing the state’s treasury share of corporate profits Oil from 45% to 5% only.[/rtl]



[rtl]The head of the committee, Haitham Al-Jubouri, said in statements following the meeting that "the financial committee put in place rapid economic remedies at the legislative and executive levels to stop the repercussions of the decline in the financial situation of the country and the drop in global oil prices."[/rtl]



[rtl]He added that "the steps include the approval of plans to increase non-oil revenues in relation to tax and customs, improve the tax base, and reschedule some of the internal and external obligations of the Iraqi state."[/rtl]



[rtl]The Chairman of the Finance Committee indicated the agreement "with the Ministry of Finance to ensure the distribution of the salaries of employees and retirees and the social protection network and to continue to provide medicines and the ration card", explaining that "the agreement also included the provision of ongoing project funds to ensure the provision of services to citizens."[/rtl]



[rtl]He stressed, "rescheduling some of the internal and external obligations of the Iraqi state, identifying the debt of Iraq and addressing the causes of the low customs revenues achieved at the border outlets."[/rtl]





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[rtl]Follow up / Tomorrow Press:[/rtl]



[rtl]The financial advisor to the Prime Minister, Mazhar Muhammad Salih, called on Wednesday, the boards of directors of Iraqi banks, to reduce the interest rate on loans.[/rtl]





[rtl]Saleh said in a statement to the Iraqi News Agency "conscious", followed by "Tomorrow Press", that "the economic problem of Iraq lies in the fact that the interest rates are high for many reasons, the most important of which is the liberalization witnessed by the banks, as it was given freedom to manage the Banking Council to determine the interest in loans and deposits in The central bank, at one participation, is called the monetary policy interest that banks borrow from the bank.[/rtl]



[rtl]He added that "the interest of the central bank is very large, and it needs to be reviewed, especially since the maximum rate of interest in the world's banks is 6%."[/rtl]



[rtl]He explained that "the imposition of high interest causes great losses and jeopardizes economic life."[/rtl]



[rtl]Saleh pointed out, "the necessity of obtaining a fundamental stance from the monetary authority, the banking system, and the Ministry of Finance to reconsider the loans and manage them properly."[/rtl]





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The financial advisor to the Prime Minister, the appearance of Mohammed Saleh, called the boards of directors of Iraqi banks, to reduce the interest rate on loans, warning of those benefits that threaten the Iraqi economy.
Saleh said in a press statement that "the economic problem of [You must be registered and logged in to see this link.] lies in the fact that the interest rates are high for many reasons, the most important of which is the liberalization witnessed by Iraqi banks, as freedom was given to the Administration of the Council of Banks to determine interest on loans and deposits in the central bank, when one participation is called the interest of monetary policy that Banks borrow from the bank.
He added that "the interest of the central bank is very large, and it needs to be reviewed, especially since the maximum rate of interest in the world's [You must be registered and logged in to see this link.] is 6%." Noting that "the imposition of high interest causes great losses, and jeopardizes economic life."
Saleh pointed out, "The necessity of obtaining a fundamental stand by the monetary authority, the banking system, and the Ministry of Finance to review the loans and manage them properly."




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