3,474 Policy 2020/11/27 17:52
Baghdad Today – Follow-up
On Friday ( 11-27-2020 ), Minister of Finance Ali Abdul Amir Allawi confirmed that the Ministry of Finance will reform the financial policy, monitor and change the economy, through the White Paper, indicating that Iraq has no other way but to strengthen the banking sector and advance its reality.
“The banking sector is one of the most important sectors, and the state is working to support it in order to move the economy,” Allawi said during his attendance at the meeting of the Iraqi Private Banks Association, according to a statement by the ministry, pointing out that “the current economic reform movement is the most serious and will continue to the next governments.”
He added that “the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq,” explaining that “the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it.” .
He noted that “the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar,” expecting “private and government banks to buy them.”
He pointed out that “the exchange rate of the dinar against the dollar will be fixed when the bonds are issued in order to avoid any losses in the purchase of bonds by banks and citizens.” The political decisions that were taken in the past have affected the economy. ”
On the other hand, “the head of the Iraqi Private Banking Association, Wadih Al-Handal, thanked the Minister of Finance for responding to the invitation,” stressing that “the white paper accurately diagnosed the economic problems, and solutions became available to all officials.”
Al-Handal explained that “Iraq is now at a crossroads, and if the rapid reforms necessary to pull the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow,” calling for “adopting reform policies and contributing to their implementation, whether at the level of the public or private sector.”
He pointed out that “the Association of Private Banks praises the reforms related to the banking sector included in the white paper,” praising “the procedures of the Central Bank of Iraq that contribute continuously to support the private banking sector.”