Government adviser suggests the central bank lending to state-owned companies to be profitable

November 24, 2015


Our economy / Baghdad

Announced adviser to the Iraqi Prime Minister for Financial Affairs, the appearance of Mohammed Saleh, Tuesday, that he had submitted a proposal to the central bank to allocate part of its lending, worth about 6 trillion dinars, to give him to the 154 state-owned company and you need Malaalthoelha in support of a losing companies into profitable.

He said that the proposal includes the provision of financial support and the reimbursement of these companies and deal with them as a beneficiary of the loan, regardless of its revenues and ownership whether public or mixed company.

He said in favor of this proposal is a step to revitalize the Iraqi economy and development of the productive sectors in the areas of agriculture, industry, housing and services, and that most state-owned enterprises have become a burden on them, since there are 22 profitable company and the rest is lost, with well-known assets, and employs about half a million people.

He said that lending to the "central" program, both small and medium-sized enterprises or to support the industry, agriculture, housing and services sectors, the nucleus for the establishment of a permanent fund for the development of a development bank or the contribution of international organizations in the future.

He pointed out that the money pumped into the Iraqi bank in the market will contribute much to break the tight liquidity and stimulate the Iraqi economy, which is equivalent to about 16% of the money supply, and this means that the monetary policy of the country's orientation is witnessing a shift in the light of the national economy, who lives recession conditions.

In regard to the importance of an information base for borrowers under this program building, Saleh stressed that there should be a common database linked to the "central bank" of Iraq to prevent the manipulation and use for prevention, audit and accounting both borrow and realize the project, which took the loan on the basis of, stressing that the goal ensure efficient data base high in the achievement of the program and to prevent the funds go to speculators rather than real producers.

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