Economist and Specialist: Post-Chapter VII – the ways to reform fiscal policy in Iraq

Posted by on Oct 26, 2013 | Leave a Comment

06/24/2013 12:00 AM

With the promise of salvation from the complex Chapter VII

examine the experts and specialists means reform of fiscal policy in Iraq, through the adoption of modern mechanisms within the framework of seeking permanent solutions and remedies to the problems of development in Iraq came in a seminar organized by the Institute of the progress of development policies yesterday (Saturday) was devoted to the discussion of the reality of fiscal and monetary policy in Iraq with the participation of many experts and specialists in financial affairs, who represent the government and private banks as well as government officials in addition to the participation of a number of parliamentarians.

And saw the seminar display and ask a lot of ideas and observations that will help solve the problems and constraints faced by the financial sector in Iraq.

growing corruption At the beginning of the seminar, Dr. Mehdi al-Hafez and Minister of Planning and former head of the Institute progress of development policies on the reality of fiscal policy in the country, indicating that there sources of imbalance in this policy are high unemployment rates and the growing phenomenon of corruption and the lack of a clear role for domestic banks as well as the acquisition of State-owned banks around (90 percent) of the deposit. wondered Hafez how to be we could put mechanisms incorrect to correct this situation and these mechanisms include reconsider peace salaries and الايفادات and other privileges that drains a large part of the state budget, especially operational also stressed the need to stop the acts of individual state property.

Tiger Next For its part, indicated the chairman of Commercial Bank of Iraq (TBI) Hamdiya dry to some aspects of reality experienced by the financial sector in Iraq, where revealed that Iraq has a strong economy it takes to be a Tiger next to Asia. drew dry that the political situation in the country and the security side, have had the effect is clear in delaying the process of economic growth, but in spite of all the problems that has plagued Iraq, it does not prevent that represents the Iraqi economy touchstone.

It showed dry that stumbled fiscal policy would adversely affect the delivery of services, calling for the development strategy of the future will find effective alternatives through the use of revenues industry and agriculture as the two pillars of the pillars of the Iraqi economy after the decline in the contribution of these two sectors about clear during the past three decades has It was the reasons for the deterioration of the reality of the agricultural sector is precisely the lack of water.

concluded dry that the financial sector in Iraq has the potential of thing a lot, but it needs to clear policy orientation towards the destination sound from which to be able to contribute effectively to support the Iraqi economy.

fund management economic expert, Dr. Majid picture pointed out that the reality of fiscal and monetary policy in Iraq depends Bassas unconstitutional would help the management of state funds by about true revealing Iraq’s revenues, which amounted to (605) billion dollars since 2003 and questioned the figurehead for the role of banks in the redistribution Income stressing their ability to play this role, which should be great, but we found absent now Valbergm of existence (53) banks in the Iraq government and civil, but the role and performance are still limited, noting that Iraq was until recently considered an important source of export competencies banking good to countries of the world.

went Suri to say that international banks operate under the guidance standards and specifications agreed international while we find our banks are looking to the government to recruit money stressing that he will not be the banks a clear role and moving without the development of the private sector, pointing out that the banks two branches of public and private still without ambition it has not seen any development in the working principles فالمصارف own is able to determine their goals because they rely on government funds.

most serious problem and the figurehead that the most serious problem facing the performance of banks is the general situation and culture of the community and the individual banking alike and there are problems with many other of them running behind achieve rapid profits resulting from the sale of the dollar and there are some banks submitted an initiative to reduce the selling prices of dollar wondering that this problem is solved in this way but he also said .. Both never. , and went on talking, saying: but the reason behind the fluctuation of the dollar is the lack of mechanisms and clear economic policy which leads to the occurrence of this volatility in the price of the dollar in spite of the growing capital reserves estimated at large.

opinions and discussions and saw the seminar a lot of discussions and dialogues that enriched Multi Search has called director of external relations for the Association of Banks, Mr. Shirvan Mustafa to create mechanisms and sophisticated software for the management of state funds that would regulate competition between the banks and the involvement of the public in the reform process required for the financial sector and banking sector in Iraq.

apparent contradiction , an economist appearance of Mohammed Saleh pointed out a contradiction a clear distinction between a policy of government banks and private banks, as it is not reasonable to find two systems in one country, so the relationship between the two sides is not okay noting that a map of the banking market map segmented based on the government control the market and lending operations carried out by government banks is the policy of non-developmental .

mistrust For his part, Chairman of the Securities Commission, Dr. Abdul Razzaq al-Saadi said fiscal policy in Iraq since 2003, is an independent policy stating that the policy of the private banks are causing in some cases a lack of trust of customers by example, there are (5) banks did not submit a plan of the year 2013 So far, stressing that this delays Aaacher non importance of the private banking sector but management of the banking process wrong.

At the conclusion of the seminar stressed d. Mehdi al-Hafez need to consolidate the efforts of official and private to do to address promptly and thoroughly to the problems of fiscal and monetary policy and direction for the development of Iraq on the eve of a new road and to ensure its financial wealthy and proper use and the fight against corruption, waste, and the development of the process of income distribution in a fair and equitable manner and stay away from any actions illegal state property, as well as rely on scientific innovations and modern technology in the process of reform objectives. invitation of the Institute and find economic morning that such seminars are very important in the correct path and reform fiscal and monetary policy in particular, and it coincided with the promise of withdrawal of Iraq from a node Chapter VII, which we need to seminars by the Institute and elsewhere to clarify the dimensions and its impact on the reality and the future of the Iraqi economy.

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