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National Lending Strategy
Economic 10/16/2024
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The Iraqi economy is witnessing an important stage of engagement with the international formation that moves according to the liberal market system on the one hand, and adapting to the form of the market economy locally on the other hand. This stage is fraught with many difficulties due to the form of transformations that may require more time and effort to engage in, or due to the application of the aspects of these transformations in an environment that is still based on the foundations of the state economy in many joints, and in the contexts of the culture of public opinion.
Hence, the responsibility is doubled for the parties responsible for economic files that directly affect people's lives, specifically the file of financial and monetary policies and the file of the labor market and activating the role of real sectors, as these files have a significant impact on creating a state of stability in the movement of the market and the growth of the business environment and thus contributing to creating an attractive climate for investment.
For years, efforts have been ongoing to reach this stage, through the transformations witnessed by state functions, in the banking infrastructure and in legislating or amending some laws related to these files, but the efforts did not bear fruit, due to a number of reasons, including the procrastination that affected the lending cycle in the many initiatives launched by the relevant parties.
This has apparently prompted these entities to launch the "National Strategy for Bank Lending" in the hope of reconsidering the experiences of previous initiatives and achieving the aforementioned goals, because growth and development strategies cannot be achieved unless the cash issued in the banking arena is first recycled, through loans that practically achieve their goals according to grant mechanisms that reduce the links of administrative flabbiness, and the methods of bureaucracy and corruption disappear from their vocabulary, within the framework of plans targeting all types of real projects and their support and their various capacities, whether small, medium or large projects, in addition to micro-projects.
It is important here to oblige the owners of large and medium projects that will be financed to specify the number of workers in the project in advance in the feasibility studies that will be submitted to the banks, and to oblige them to register the names of these workers in the Social Security Departments at the Ministry of Labor, and to keep the projects financed by this initiative under supervision throughout the loan repayment period to be transferred later to the Ministry of Labor to ensure that workers are not laid off, and here we will guarantee one of the treatments that can contribute to employing unemployed youth.
This can be done by supporting borrowers of large and medium projects with customs and tax exemptions at rates that are proportional to the size or nature of the project. Successful projects can also be supported by reducing interest rates on loans in cases of expansion, or in years of achieving increased production and so on. Private banks can adhere to this matter according to instructions issued by the Central Bank.
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