Cabinet Secretariat discusses facilitate industrial and agricultural loans in the mechanism of the Central Bank


 

economy

Since 05/19/2017 17:43 am (Baghdad time)

 

BAGHDAD – The balance of News

General Secretariat of the Council of Ministers held a special workshop to discuss facilitating the lending mechanism within the central bank’s industrial and agricultural loans initiative.

He said the Administrator of the Economic Council of the Iraqi Basil al-Khafaji, in a statement, received / scales News /, a copy of it, that “the workshop was held at the guesthouse Presidency of the Council of Ministers, as it was attended by the Secretary General of the Council of Ministers Mahdi Keywords, and Chairman of the advisers Abdul-Karim al-Faisal , Advisor economic Prime Minister Kazem al-Hassani, as well as Undersecretary of the Ministry of Construction and housing and Chairman of the committee supervising the lending Aestbrq thorns, and the Director General of the operations Department at the Central Bank of Iraq, Mahmoud Dagher and financial adviser to the prime minister the appearance of Mohammed Saleh, as well as representatives from the industrial, agricultural, real estate and the Department of the Bank Industrial Numeih and unions, businessmen and investors from the agricultural sector and industrial. ”

The statement added, “The Council of the Iraqi Economic has participated actively in the work of this workshop, the delegation included both the head of the Iraqi Economic Council, Ibrahim al-Baghdadi al-Masoudi and a member of the Board of Directors of the Economic Council of the Iraqi Financial Secretary and Karim Yasiri, Sheikh Hussein Khawam, Sheikh Zia Khawam, Ali Mohsen Farhood, Basil Alkhvaja.madiraladarei “.

Keywords pointed out, according to the statement, that “the objective of this meeting is to see the data submitted to the cabinet included the amounts that have been lent since the launch of the initiative until now through specialized banks, as follows: –

80% allocated to the housing fund amounts.

32% Real Estate Bank

3.5% Agricultural Bank

Zero% Industrial Bank

He continued the Keywords, “this shows and gives Mahran aversion Kabarmen by investors in the industrial and agricultural field, which means that there are real problems in the lending process, and perhaps the most important subject of the required guarantees, as well as the requirement to be 100% loan through letters of credit, while the investor needs to the proportion of the loan Kciolh cash to build and prepare and create a place for the production lines. ”

And it went on the Keywords, “and the provision of raw materials and the purchase of vehicles and simple supplies from the local market ..okma everyone knows that the revitalization of the industrial and agricultural large, medium and small sector has a significant and important role in the national economic activation and reduce the unemployment rate and expand the country’s imports.”

Among the Keywords, “the committee formed to follow up on the subject of careful loans in the instructions setting was and was keen to be effective since the lending process began in 06/01/2016 but the bureaucracy in the work of banks and the subject of the required guarantees for these loans did not encourage private sector lending and that the cause of low provisioning on loans with the ratio of the industrial Bank needs to review and study the mechanisms to facilitate lending and the need to develop a mechanism commensurate with the size of the subject. ”

In turn, said Baghdadi, that “there are real reasons directly to the reluctance of these loans, and perhaps the most important guarantees, but there are real reasons are also important but indirect and is the most important, as the entrepreneur hard to think Is there a feasibility economist at getting the loan or not.”

He explained that “the most important reasons for indirect lies that in all countries of the world there is a permanent conflict between industry and agriculture on the one hand and with the trade on the other hand, and in all the world governments industry and agriculture evangelize on trade, but in Iraq !! Despite the government’s efforts and legislative authorities to support industry and agriculture but in fact it is still trade that have the upper through the lack of control over border crossings and entry of imported goods is very large quantities of hand without taking into consideration the amount of Matufarh industry and the Iraqi agriculture of each article, and therefore, this represents the dumping of goods that has been the enactment A right (anti-dumping law) but did not do until now, unfortunately. ”

He pointed out that “the most common type of poor imported materials and sometimes very poor, which is not fit with the Iraqi specifications required, and this is also a breach of another law enacted a (Consumer Protection Act) where it is supposed that the government prohibits the import of such materials,” but he also said “the high cost of product National which can not effectively compete with imported materials because of the cost per Almikawat in Iran, it costs 1.5 cents in Saudi Arabia 2 cents energy processed for industrial projects, while cost per Almikawat in Iraq up to 12 cents, because industrial buys 90% of the material kerosene at commercial rates. ”

“The lack of many of the services and infrastructure of cities and industrial plants are forced industrial or agricultural pay amounts for recruitment services, including securing the security side.”

He stressed that “the high rate of salaries in Iraq, Fratb factor in Iran $ 200 Asian in Saudi Arabia and the Gulf states and Turkey $ 275 while the worker’s salary in Iraq less than $ 400.”

The statement continued, “The participants deliberated in this workshop, a number of other constraints in lending and discussed a number of proposals necessary, while Tousoloa to formulate recommendations and solutions to the theme of this workshop.”

Keywords promised, according to the statement, “lifting and presented for discussion at the meeting of the Council of Ministers to take the necessary decisions to facilitate the lending mechanism” .anthy 29/9 P

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