Budget 2021 .. Agreement to include a paragraph to increase the capital of government banks

Budget 2021 .. Agreement to include a paragraph to increase the capital of government banks

Editing date: 2/14/2021 15:59

[Baghdad-Where]
The Parliamentary Economic and Investment Committee announced today, Sunday, the agreement to include a paragraph to increase the capital of government banks in the draft federal budget law for the fiscal year 2021.



The committee stated in a statement that it "hosted, in the presence of the First Deputy Speaker of Parliament, Hassan Karim Al Kaabi, directors of government banks and a representative of the Central Bank of Iraq to discuss the mechanism of banks' work and the extent of their contribution to economic development and discuss the implementation of the Iraqi Central Bank’s initiative of five trillion dinars, which includes the sectors of industry and agriculture. And housing and directing it in a manner that serves the economic development of the country and moves the wheel of the economy, in the presence of a number of deputies of the Economic and Investment Committee, to discuss the mechanism for implementing the initiative.



The head of the committee, Ahmed Salim Al-Kinani, said, according to the statement, “This initiative was originally launched by the Economic and Investment Committee more than four years ago and was prepared in full and in detail for industrial and agricultural development and the development of the investment sector in the field of housing and other investments related to making a qualitative leap in the development of projects Small, medium and manpower operation



Al-Kinani added, "The bureaucracy that governs state institutions has delayed this initiative, which has lost a large part of its economic goals," explaining that "the Economic and Investment Committee and its legislative and supervisory work see that there is a weakness in the mechanism of implementing this initiative, especially in the industrial and agricultural sides, which are the two important aspects that must be That we focus on them in the initiative as they are the main drivers of all economic activities in the country and its weakness lies in the lack of funds allocated to it within the initiative in addition to the great complications in terms of the required guarantees and this reduces the chances of the success of the initiative within these two sectors while we see that the initiative is heading to the housing loan, which is the purchase Housing does not stimulate speculators in small real estate and lead to competition for small real estate, rather than moving towards building housing that stimulates large sectors of the economy and employment of the labor force. "



He confirmed, "It was agreed to approach the Finance Committee to include in the general budget a paragraph concerning increasing the capital of government banks in a manner that qualifies these banks to carry out their economic and development tasks," pointing out to "discussing a number of important issues that must not be absent from the initiative, including ensuring the flow of entry of materials The first priority is for factories inside Iraq to ensure the continuity of production and non-stop, as well as the guarantees required for loans for industrial projects, which must take into account the percentage of the loan from the required guarantee of real estate.









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