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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Finance Minister: Submitting a study to reform government banks

rocky
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Finance - Finance Minister: Submitting a study to reform government banks Empty Finance Minister: Submitting a study to reform government banks

Post by rocky Sat 02 Jul 2022, 4:45 am

[size=46]Finance Minister: Submitting a study to reform government banks[/size]
Iraq
10:53 - 07-02-2022
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Today, Saturday, Minister of Finance in the Federal Government, Ali Allawi, announced the submission of a study to reform government banks.

Allawi said in a speech during the Fifth Finance and Banking Exhibition Conference in Iraq, that "since we took over the Ministry of Finance, there have been several studies submitted to the government and the Central Bank, and we took the challenge seriously to change and reform government banks."

He added, "The Ministry of Finance saw an urgent need to develop the resources of the economy," noting that "it is not possible to manage matters with the duplicity and dominance of the public sector and Iraq is a free economy."

Allawi added that "in order to make way for the private sector, the competition base must be equal, and that reforming banks is one of the most important priorities of the banking sector," noting that "Iraq is very far from privatization in the banking field."

He stressed that "the most important step is the restructuring of banks, which is not an easy process, and that re-arranging government banks requires time and an economic vision."

He added, "The ratios between the private and public sector are the same 20 years ago, and that the government sector accounts for 70% of the banking business, and this is unhealthy, and these ratios do not exist in any country." 

He stressed that "resource mobilization is an essential part of the economy, and that the savings come from the state, corporate profits or the outflow, and in Iraq the outflow is dependent, and this cannot be relied upon, and the environment must be changed to receive the outflow."

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