President of the Republic: The financial and banking system in Iraq needs to be developed

• Time : 2022/12/13 14:35:53
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The President of the Republic stresses the need to reduce red tape and develop the banking system in Iraq

His Excellency the President of the Republic, Dr. Abdullatif Jamal Rashid, received today, Tuesday, December 13, 2022, at the Baghdad Palace, the delegation of the International Finance Corporation for the Middle East, Pakistan and Afghanistan headed by the Regional Director of the Foundation, Mr. Aventab Ahmed.

During the meeting, they discussed ways to encourage investment and service projects in Iraq by supporting the private sector to be an auxiliary factor for the government sector in developing the economic reality in the country.

The President of the Republic talked about the economic situation, noting that the various cities of Iraq have previously suffered as a result of neglect, terrorist acts and deterioration of the economic situation, explaining that Iraq is currently stable politically, security and economic terms, and has natural and human resources that qualify it to build a developed and prosperous state.

He pointed to the importance of exploiting the financial abundance that the country currently owns in establishing service projects that meet the ambition of Iraqis and support the economy. The President of the Republic explained to the guest delegation the importance of starting work and accomplishing and not just holding meetings.

In this context, His Excellency stressed the need for the relevant state institutions to reduce the red tape in completing transactions, taking into account controls and laws to save time and ensure the completion of work. The president also stressed the need for the financial and banking system in Iraq to develop to become faster, more accurate and safer.

Speaking about ways to support the economy, His Excellency explained the importance of diversifying sources of income, pointing out that Iraq has a large number of factories stalled since 2003, which must be rehabilitated, returned to work and made a source of support for the state budget and provide job opportunities. His Excellency also explained that the agricultural sector in Iraq suffers from neglect and plans can be made to support this sector through the adoption of modern methods of agriculture and irrigation.

For his part, the Regional Director of the International Finance Corporation confirmed his institution’s readiness to cooperate fully with Iraq in supporting its economy, as it is one of the countries that have priority because of its capabilities and resources that help in the completion of investment projects that will contribute to the progress of the country.

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