Calls for the repeal of Article 28 of the Banking Act to support the industry and specialize propose a strategy to activate certain sectors

Author: BS, MJ
Editor: BK, BS
27/04/2015 14:26



Long-Presse / Baghdad

Called civil Bankers Association, today Alatnine, to issue new legislation to promote its role in the local industry support through their participation or funding, while an economist from the proposal strategy revealed for the advancement of the private industrial sector and enable it to secure at least 10 percent of the gross domestic product, Parliamentary Economic Commission stressed the necessity of activating the national product protection laws, especially as contained within the current year's budget law in 2015.



Bankers Association calls for legislation to unleash its members

The executive director of the Association of Banks civil, Ali Tariq, in an interview to the (long-Presse), "The private banks can support the private industrial sector through lending, although affected by the general situation in the country and low deposits," noting that "the private banks lent money to many of small and medium enterprises that do not exceed the value of 250 million dinars. "

He said Tariq, that "the private banks can enter the laboratories of the partner," adding, "But Article 28 of the Banking Act, constitute an obstacle to it."

He favored the Executive Director of the Association of private banks, that "the amendment of that article, clearing the way for the participation of private banks and industrial projects or funding," noting that "private banks waiting for new legislation to ensure that the loan will hopefully contribute to facilitate the grant."

He revealed Tariq, about "the intention of the Central Bank of Iraq, the establishment of credit information center, to facilitate the granting of loans," returned to "The project allows the query on the financial position of any person, whether it was negative indicators, which enhances confidence dealers."



Experts suggest a strategy to promote the private sector

For his part, an economist, it is submitted to the Prime Minister's Office, Haider al-Abadi, with a number of other specialists, the strategy to promote the private sector and local industry.

Said Bassem Jamil Antoine, in an interview to the (long-Presse), "The strategy proposed is different from its predecessors, which remained trapped in the paper were not implemented on the ground," noting that it "laid the foundation for the rules to enhance the contribution of the private sector and national industry, including at least 10 percent of the domestic production (GDP). "

He continued Antoine, that "the new strategy proposed several measures, including legislation to protect the private industrial sector and activate the product and consumer protection laws, and customs tariffs and anti-dumping, as well as activating the role of the Central Organization for Standardization and Quality Control", pointing out that it "also emphasized the tax exemptions and customs sector private industrial and given soft loans, and the establishment of entanglement between the public and the projects that are meant restructuring of the private sector, and with government and private banks, which owns large amounts of frozen. "

Promised an economist, that "this requires oriented industries in which raw materials are available locally, especially construction, clothing, milk and dates and soft drinks, to attract funds that invest outside the migratory Iraq capital."

Parliamentary Economic calling for activating the national product protection laws

On the other hand, said the President of the Parliamentary Economic Commission, Jawad al-Bolani, in an interview to the (long-Presse), "The circumstances through which the country was born real need to activate the local product and the consumer and customs tariff protection law, to support the national economy and stimulate industrial and agricultural sectors and creating more opportunities for labor local ".

He said al-Bolani, that "the Commission is following the position of activation of the product and the consumer with relevant ministries and Cabinet Protection Act, especially as it is stated in the Federal Budget Act of the current 2015", expressing his hope that "the implementation of Capricorn those laws before the end of this year in order to ensure the diversification of local income." .

The Iraqi Central Bank may impose a special program of tax and customs guarantees of goods, while the bankers and economists saw that it came under the guidance of the Council of Ministers to determine the work of traders and keep them away from illegal transactions in foreign currency smuggling.

The CBI also announced that, in (24 March 2015), for the approval of the Economic Committee of the Council of Ministers on the proposal to accept issued by private banks instruments to pay all taxes and fees without a fixed roof her.

The representatives of the Iraqi private sector called for in (the ninth of August 2014 the past), the legislation supporting the laws of this sector, and stressed the lack of workers in this sector to "experience and their need for training", while criticizing the way the private industrial sector to deal with projects and places of distribution, Council of Ministers called on the private sector not to fear from entering any investment project to compete with foreign companies and improve the cultural level of the workers in it.

The National Business Council announced (December 27, 2014), for presenting a working paper to the Economic Committee of the Council of Ministers to support and activate the "private sector" in light of lower oil prices and the financial crisis experienced by the Alarac, and stressed that he aims to be an ally and supporter of the economy Albulad, and as pointed out that the Iraqi economy is suffering "a big blur," It is not a "totalitarian nor free", expressed his willingness to make detailed studies and research for the development of all economic sectors, modernization and advancement.


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