03/03/2012Claims to enact laws to improve the performance of government and private banks
During the seminar discussed the report of the World Bank on Iraq,
Baghdad - Haider Filaih Rubaie
Called experts and specialists in the economic aspect to the importance of formulating a future vision and constructive development of the challenges and priorities, objectives of financial reform in Iraq, stressing the need for Iraq seeks to provide further support to the banking sector, financial, and including lets move it toward the ranks of Almenkdma, pointing out that the World Bank report on the financial situation in Iraq, issued in June 2011 called for strengthening the role of state-owned banks and modernization of the regulatory framework complete them, which makes it imperative for the government show more flexibility in order to revive the financial realities in Iraq correctly according to specialists.
He said experts at a symposium organized by the Institute to apply for development policies, administered by the economic thinker Dr. Mahdi Al-Hafiz necessities had to the country to seek in earnest to organize the work of the banking reality of government and private sectors as a first step towards the development of the financial realities in Iraq in general , noting that the seminar which was organized in the light of the results of the World Bank report urged the authorities concerned to find radical solutions to the infrastructure of the financial sector, which they said they were still weak and an obstacle and clear in front of events funding, and reform the structure and development of the level required Registration includes Alatmana and the development of an overarching framework and the drafting of legal systems and frameworks, accounting, auditing advanced.
Stressed Dr. Amal Shlash which took over management of the discussion on the importance of the topic for the future fiscal and monetary policy in Iraq and its impact on the economic situation in the country, at the time of which he introduced Dr. Mahdi Al-Hafiz observations and ideas initially about the contents of the report and its consequences on the economy national levels. , Followed by economic expert, Dr. Ahmed Abreha who presented an analysis of the trends and implications of the report. And then held extensive discussions between serious participants in the symposium of experts and economists.
The participants at the seminar that the main conclusion of the report of the World Bank aimed at promoting state-owned banks and modernize the regulatory framework complete. Explaining that although there is significant progress has been achieved in the path of fiscal and monetary in Iraq, such as restoring the formation of the Iraqi Central Bank and the issuance of a new national currency and the expansion to allow the private banks, the efforts are still needed to complete the task of reforming the sector dramatically.
Participants recommended the importance of highlighting the effects of the banking system to the system Financial in Iraq with reference to the control of the government banks on most assets in this sector, indicating a trend for private banks (civil) to develop its work and practices in order to secure the performance of advanced banking, but these efforts still need to strengthen and develop Mstmrien. calling at the same time the need to reform of State-owned banks (especially banks, Rafidain good) and who need to urgent efforts to this goal, stating that the reform includes the redistribution of roles and missions of government banks and private banks, including the Trade Bank of Iraq (TBA).
And drew participants in the seminar that financial markets are still mainly in (the financial markets), a body is still small and undeveloped, and that it had a full capacity for development in the future. and that the insurance sector is still limited and subject to the domination of state institutions and non-covered control required.
Participants drew that small and medium industries and microfinance are other undeveloped is good, in fact, a big job needs to be addressed seriously in the future. noting that some studies indicate that approximately (5) only one percent of projects the economy official has received bank loans.
And gather the participants in the seminar that the World Bank study of these come in a highly sensitive time for the development of economic life in the country which make a significant contribution to make the financial sector of all staff, encouraging element to overcome the difficulties and problems facing the national economy in general.
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