Warnings to circumvent the central bank initiative

2/7/2016 0:00

BAGHDAD - morning

warned of the economic and investment commission member of the parliamentary proof Maamouri of the consequences of wasting money within the Central Bank of Iraq for supporting industrial and agricultural projects to the private sector amounting to five trillion dinars initiative, calling on the executive branch to put monitoring mechanism severe and strict loan before proceeding with the implementation of this initiative. Said Mamouri: that a lot of previous initiatives where hundreds of billions of dinars squandered did not achieve their goals because of the corruption that accompanied these initiatives, noting that his committee will check each file are lending and follow-up on the ground, either agricultural or industrial or residential.

The member of the Committee of Economy and Investment to the initiative is important to move these sectors will be reflected in the form of productive projects reduce imports in addition to finding jobs for the unemployed, adding that past experiences invites us to take real guarantees to each loan and that the project will be a real benefit of the citizen and the country. The head of the National Business Council of Iraq had said earlier, in a statement »Sabah», said the central bank's initiative to allocate 5 trillion dinars to finance the sectoral banks step in the revitalization of the production process in the country, but this step requires adjusting mechanisms and priorities of the ratio of financial process between these banks. And between David Abdul Zayer that define the mechanisms of lending came within the government program of economic reform and support for the private sector, noting that the ratio of 80 percent of the allocation equally between industrial and agricultural banks it needs a pause quality during which determine the ratios according to the actual needs of each sector, pointing out the importance of activating the industrial sector production class basis on the agricultural sector, the percentage goes to the production of specialized aspects of the food industry for its importance in achieving food security for the country.