The monetary authority activates the tools to revive development and eradicate poverty
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Baghdad: Haider Falih al-Rubaie
Economic affairs specialists welcomed the direction of the country's monetary authority aimed at increasing sustainable development rates, stressing that the central bank's launch of the national lending strategy can achieve a package of important economic steps, foremost among which is the elimination of unemployment and poverty and the movement of the sector's work. private.
The initiative announced by the Governor of the Central Bank, Ali Al-Alaq, according to the opinions of specialists, constituted a starting point towards nurturing economic stability, contributing to growth, prosperity and creating job opportunities, especially since this strategy is directed to support small and medium enterprises that can absorb thousands of labor.
Al-Alaq announced a direction to build a national strategy for lending that will come into effect early next year 2024, stressing that Riyada Bank will be a base for launching and financing small and medium enterprises, and that its total initiatives have reached more than $12 billion.
Bassam Raad, a researcher in economic affairs, praised, during his interview with "Al-Sabah", the Central Bank's approach aimed at using a monetary policy that contributes to reducing the risks of (the unilateral oil economy) on the economic reality, and working to raise the growth rate by creating the economic climate and providing the necessary credit for small and medium enterprises. .
Raad also pointed out that the Central Bank is working on adopting a philosophy of monetary policy that uses "quantitative easing" towards unconventional financial policies, stressing that "the Central Bank's financing initiative for these projects is an important attempt to finance economic development by directing these initiatives and programs to various economic sectors and thus contributing to In treating the structural imbalance of the Iraqi economy.
In order for these initiatives to succeed, the spokesman suggested that "the Central Bank direct some initiatives and programs to large productive projects in the economy, as they create great added value."
For his part, the researcher in economic affairs, Nabil Jabbar Al-Tamimi, stressed the need for the Central Bank to expand the base for cash injection of funds, but in a limited manner commensurate with the volume of growth. The task, which can increase sustainable growth rates in the country, is to expand the financial injection of projects," noting that "the process of lending small and medium enterprises is an important economic step that can achieve many benefits."
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