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Experts: The national lending strategy stimulates the labor market
Economical 06/02/2024
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Baghdad: Hussein Thaghb
Experts and specialists in financial affairs see the ability of the Central Bank of Iraq’s strategy to stimulate the national labor market and move it to a new stage that will produce projects in various sectors, and it represents the first stop on the development train that the country aspires to.
The national strategy aims to increase credit granted to the private sector by 4% of non-oil GDP by 2029, which is equivalent to approximately seven trillion dinars, as well as to increase credit granted to small and medium enterprises by 3% of non-oil GDP by 2029, which is equivalent to 5 trillion dinars. Approximately trillions of dinars, which means financing approximately 100,000 projects.
The National Bank Lending Strategy in Iraq 2024-2029 was recently launched to represent the road map for private sector development to unify private sector development efforts with the aim of stimulating the growth and development of the private sector, by improving the business environment, attracting more local and foreign investors, and providing guidance to the private sector.
Executive Director of the Iraqi Private Banks Association, Ali Tariq, told Al-Sabah: The initiative complements previous initiatives that have proven their existence and achieved an economic goal, as they have worked to provide financing for thousands of projects, and today we are on the cusp of a new phase of financing targeting strategic projects and other small and medium-sized projects through... Increasing credit granted to the private sector by 4% of GDP by 2029, amounting to approximately 7 trillion dinars, will feed the national labor market.
Tariq stated that the banking system is prepared to deal with all initiatives that work to provide financing for real projects that will move the national economy and raise the gross domestic product, especially since the financing that the initiative will provide represents an important step to address many economic problems.
He pointed out that despite the challenges, the financial sector in Iraq is working to adopt performance paths that regulate all its aspects, especially since this strategy targets the private sector.
The financial affairs expert, Dr. Abdul Hafiz Abdul Latif pointed out that the timing of the initiative is appropriate, as there is an urgent need to strengthen the labor market with the necessary funds, at a time when the government is moving to develop the capabilities of the private sector and make it an effective contributor to the process of sustainable development that Iraq aspires to achieve during the next stage. He stressed that Iraq has the potential for economic advancement and this requires projects in various sectors, and we hope that this initiative will be a catalyst for projects that develop the productive and service sectors.
The Governor of the Central Bank of Iraq was Dr. Ali Al-Alaq said: The Central Bank supported lending operations and the liquidity of the banking sector through its many initiatives, which achieved tangible results that were clearly reflected in the local economy through the establishment and expansion of small, medium and large projects in various sectors.
He added that these efforts aim to complete projects that contribute to creating features of local economic development, through bank financing directed through the initiatives of this bank to achieve the goal of growth as one of the objectives of monetary policy based on Article 3 of the Central Bank of Iraq Law No. 56 of 2004, indicating that this strategy It focuses on supporting the private sector and facilitating access to credit, which requires cooperation and coordination between concerned parties in order to achieve the desired goals during
Specific timings.
In turn, the GIZ organization indicated that the foundation for building this strategy was laid in cooperation with the Central Bank of Iraq and the German Agency for International Cooperation (GIZ) as part of the project launched by the Federal Ministry for Economic Cooperation and Development and the European Union entitled “Strengthening public finances and financial markets” with the aim of supporting the listed reform projects. Within the national strategy of the Iraqi government to confront the economic and financial challenges facing the Iraqi economy, the overall goal of the project is to strengthen financial and tax governance systems that enhance overall financial stability and economic development, by contributing to improving public financial management,
accountability, and revenues.
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