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For transparency in open loans .... The eighth
2/25/2016 0:00
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Pages for the reform steps in the government Abadi, prepared by an ad hoc committee followed these steps since its inception derived from official sources, and studies and research centers, they are not an official document, although they are based on sources in most cases. Such an approach in the presentation of the challenges and achievements of more than a year of the reign of Iraq's primary purpose is to get closer to the objective approach in the assessment, away from the harassment and hostility, or Altazoiq
and exaggeration. Launch granted industrial and agricultural loan and housing mechanisms based on the first package of reforms presented by Mr. Prime Minister Dr. Haider al-Abadi, at the center of economic reforms to revitalize the economy in the country and run the unemployed, it has acknowledged the crisis cell at its sixth meeting on 08.24.2015 under the chairmanship of Prime Minister and lending mechanism in the industrial and agricultural area and housing, which will be awarded in accordance with the instructions issued by the Central Bank and other banks. As shown: industrial lending mechanism , agricultural and housing (CBI loan program for the year 2015) I. General Conditions 1. It is granted a loan from the central bank for each specialist Bank (agricultural, industrial, real estate, housing fund) for five years, including a grace period for a period of 6 months, extendable to five years with the approval of the Central Bank at the request of the bank borrower or the Fund. 2. Amounts distributed to banks and housing fund according to the following percentages: - ● 33 percent of Industrial Bank.● 33 percent of the Agricultural Bank. ● 17 percent of the Land Bank. ● 17 percent of the housing fund. 3 for sale. Banks ask the CBI to convert the amounts allocated to them in the form of payments as needed. 4 for sale. It opens a checking account for each bank the CBI special loan under this name (the central bank a loan account) under a contract with the Central Bank and Ministry of Finance to ensure the banks mentioned and the Fund. . 5. All borrowers to provide an insurance policy for a comprehensive project window until the payment of the last installment of the loan. 6. Classification of projects covered by this loan specialized banks to the following: - a. Small projects and lend a higher limit (500) five hundred million dinars. B. Medium enterprises and higher lending limit (3) three billion dinars. C. Large agricultural and industrial projects and to lend in excess of three (3) billion dinars, provided they do not exceed the upper limit of twenty (20) billion dinars. D. May be granted large loans for agricultural and industrial projects are economically feasible to increase the upper limit for twenty (20) billion dinars after obtaining approvals from the Economic Committee of the Council of Ministers or the proposed lender. 7. These loans are distributed among the provinces according to population ratios and rates of poverty, and as needed. 8. What is provided above loan contract between the specialist and the Housing Fund of banks with the central bank and to guarantee the Ministry of Finance. Second, lending mechanisms 1. Allocates the appropriate bank amounts of borrowed money to small and medium enterprises and large depending on the needs of each province and in coordination with the General Directorate for Industrial Development in the Ministry of Industry for loans Industrial and Department of Planning and Follow-up in the Ministry of Agriculture for agricultural. Loans 2. It must be an Iraqi student loan company or a natural person and an Iraqi aged 22 years and over and full civil. 3 for sale. Loans to meet acceptable collateral granted under domestic laws and regulations for each bank, and as mentioned in paragraph (8) later. 4 for sale. Interest on loans granted by banks and specialized housing fund for projects by 4 percent annually be. . 5. A / be the length of the loan depending on what is included in the economic submitted feasibility by the borrower that does not exceed the term of the loan (5) years for industrial and agricultural loans and can increase the life of the loan by the lender to reach the duration to 10 years with the approval of the Central Bank. B / be for mortgage loans to citizens according to the regulations and directives adopted by the Land Bank and the Housing Fund that it does not exceed the term of the loan (5) years and can increase the length of the loan term up to 10 years with the approval of the Central Bank. 6. In the case of the reluctance of the borrower to repay the loan amount imposed on the borrower benefits Tojerih by window instruction for each bank and the Fund. 7. A percentage of the benefits accruing for each bank and fund this program as rewards for employees to support the program and those determined by the Board of Directors of both the Bank and the Fund in accordance with objective criteria. 8. The application for the borrower to borrow the relevant bank and the Housing Fund Facility with the priorities of the project and its location and vacation property and place it, type and nature of the project ... etc. The requirements are divided according to the type of project; a. (Industrial and agricultural) project: a feasibility study of a competent authority and verified bank application, and complete its requirements and must be enabled to work one window to complete the measures no later than one month. B. Housing Projects (the Land Bank and the Housing Fund): lending by the procedures followed to secure guarantees and exchange with the introduction of the single window to facilitate the achievement and be lending units of housing for citizens, not exclusively investment housing projects. C. The bank gave approval to begin within a period of 15 days if the prerogative of the Director General and (30) days if the validity of the Board of Directors at the completion of all loan requirements. D. The granting of loans at the completion of not less than 20 percent of the project and if the borrower's request to be approved by the bank granting a loan before you start certifying the project could be for the bank to give initial approval to allocate the requested loan in exchange for the borrower's bank guarantee of not less than 5 percent of the loan amount and confiscated in if the failure of the borrower to the implementation of the project by at least 20 percent within a period of 12 months from the approval of privatization and eliminating the need for the letter of guarantee from the borrower while access to the percentage of completion of 20 percent, and when the first installment of the loan. Exchange e. The disposal of loan amounts in cash to borrowers (the Land Bank and the Housing Fund) are only offered as collateral for open credits for purposes of production lines for processing factories and equipment for agricultural projects in accordance with the foreign exchange rate determined by the Central Bank in accordance with the following mechanism: - and. The borrower provides the necessary guarantees 50 percent of the credit value (real estate, banking) and another 50 percent are covered by ensuring the project itself. G. It opens reliance manufacturer's equipment may not be exclusively the opening credits for the views and intermediates. H. Provide shipping documents as the agricultural or industrial bank is not the clearance of goods contained only with the consent of both banks above and Kiemanma stamp "policies" and other shipping documents. Third, the powers 1. To be granted the loan limit the amount of 500 million dinars from the prerogative of the Director General after the transaction legal and accounting aspects are met within a period of 15 fifteen days. 2. What has increased the amount of 500 million dinars will be the prerogative of the Board of Directors and shall be referred to the Ministry in the Council Meeting Minutes and according to the law. ● Note Helms own financial authorities to grant loans in regards to the housing fund and in accordance with the laws and directives of the fund. ● Higher Committee meets once a month for its information on the achievements and follow up the implementation of loans and rates of completion of projects under the reports. ● introduces a Web site of this Committee to make complaints and publish a summary banks and fund loans granted under this initiative, and the percentage of completion. Fourth, supplementary materials1. Form a higher committee to oversee the functioning of lending by order of the Prime Minister's Office programs include including representatives from relevant government agencies and the Central Bank and representatives of the private sector (industrial, agricultural, housing). 2. For transparency, all of the industrial, agricultural and housing bank is committed to publish a quarterly report on their websites or in the media and sends a copy of the report to the House of Representatives / the economic and investment commission and the Office of the Prime Minister and the Central Bank of Iraq report: number, and includes a borrower code, loan amount, loan term , the project description, the province, the number of employees expected when running the project and the purpose of the loan (new establishment, expansion, rehabilitation). 7.Challenges encountered in the implementation of the government program and government measures to overcome the first economic -althdiat represent economic challenge a range of influences key: ● price calculated barrel of oil Source: synchronize the launch of the government program and the preparation of the budget for 2015, with a steady decline in oil prices, as was revenue from the export of calculation crude oil at an average price of $ 56 dollars per barrel, and the rate of export of $ (3,300,000) barrels per day (three million three hundred thousand barrels per day), including 250 thousand barrels per day producer in the Kurdistan region and (300) thousand for the amount of oil produced by Kirkuk province, but when preparing the budget, the price dropped to reach rate (44.9) per barrel dollar rate of decline (28 percent) for the price of a barrel when the budget is calculated. ● security challenges in the north fields and control Daash on a tube of Mosul influenced line negatively on exports of them, as well as administrative problems between the central government and the Kurdistan Regional government, which prevented access to the ceilings set for the production according to the federal budget for 2015. ● lack of cash, which was reflected on the delay in the launch of the financial allocations to the executive bodies Exchange.
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