In a seminar held by the "Institute progress of development policies" experts and specialists claim to reform fiscal policy in Iraq

Experts يتدارسون the ways to reform fiscal policy in Iraq
   

06/24/2013 12:00 AM

With the promise of salvation from Chapter VII node
Baghdad - شكران the Fatlawi
Imaging Khudair Zebra


Examine the experts and specialists and media reform fiscal policy in Iraq, through the adoption of modern mechanisms within the framework of seeking permanent solutions and remedies to the problems of development in Iraq came in a seminar organized by the Institute of the progress of development policies yesterday (Saturday) was devoted to the discussion of the reality of fiscal and monetary policy in Iraq with the participation of a lot of experts and specialists in financial affairs, who represent the government and private banks as well as government officials in addition to the participation of a number of parliamentarians. The seminar saw and put a lot of ideas and observations that will help solve the problems and constraints faced by the financial sector in Iraq.

 Growing corruption

At the beginning of the seminar, Dr. Mehdi al-Hafez and Minister of Planning and former head of the Institute progress of development policies on the reality of fiscal policy in the country noting that there are sources of imbalance in this policy are high unemployment rates and the growing phenomenon of corruption and the lack of a clear role for domestic banks as well as the acquisition of State-owned banks about ( 90 percent) of the deposit.
And Hafez wondered how we could be put mechanisms incorrect to correct this fact, these mechanisms include reconsidering the peace payroll, الايفادات, other privileges that drains a large part of the state budget, especially operational He also stressed the need to stop the acts of individual state property.

Tiger Next

For its part, indicated chairman of the Trade Bank of Iraq (TBI) Hamdiya dry to some aspects of reality experienced by the financial sector in Iraq, where it revealed that Iraq has a strong economy it takes to be a Tiger next to Asia. Drew dry that the political situation in the country and the security aspect was have a clear impact in delaying the process of economic growth, but in spite of all the problems that has plagued Iraq, it does not prevent that represents the Iraqi economy touchstone. It showed dry that stumbled fiscal policy would adversely affect the delivery of services, calling for the development strategy of the future will find effective alternatives through the use of revenues industry and agriculture as the two pillars of the pillars of the Iraqi economy after the decline in the contribution of these two sectors about clear during the past three decades has It was the reasons for the deterioration of the reality of the agricultural sector is precisely the lack of water. concluded dry that the financial sector in Iraq has the potential of thing a lot, but it needs to clear policy orientation towards the destination sound from which to be able to contribute effectively to support the Iraqi economy.

Fund management

Economic expert, Dr. Majid picture pointed out that the reality of fiscal and monetary policy in Iraq depends on a constitutional foundation would help to manage state funds about revealing the true Iraq's revenues, which amounted to (605) billion dollars since 2003
He asked Suri about the role of banks in the redistribution of income stressing their ability to play this role, which should be great, but we found absent now Valbergm of existence (53) banks in the Iraq-governmental organizations and civil, but the role and performance are still limited, noting that Iraq was until recently considered an important source in the export of good banking talent to the world.
He Suri to say that international banks operate under the guidance standards and specifications agreed international while we find our banks are looking to the government to recruit money stressing that he will not be the banks a clear role and moving without the development of the private sector, pointing out that the banks two branches of public and private still without ambition is has not seen any development in the working principles فالمصارف is able to identify their goals because they rely on government funds.

The most serious problem

And the figurehead that the most serious problem facing the performance of banks is the general situation and culture of the community and the individual banking alike and there are many problems, among other running behind achieve quick profits resulting from the sale of the dollar and there are some banks submitted an initiative to reduce the prices of dollar selling wondering you that this problem be solved in this way afterthought saying .. Never both.
And went on talking, saying: but the reason behind the fluctuation of the dollar exchange rate is the lack of mechanisms and clear economic policy which leads to the occurrence of this volatility in the price of the dollar in spite of the growing money reserves estimated at large.

Views and discussions

And saw the seminar a lot of discussions and dialogues that enriched research topic has called director of external relations for the Association of Banks, Mr. Shirvan Mustafa to create mechanisms and sophisticated software for the management of state funds that would regulate competition between the banks and the involvement of the public in the reform process required for the financial sector and banking sector in Iraq.
Apparent contradiction

Economist appearance of Mohammed Saleh pointed to the existence of a clear contradiction between the policy of the government banks and private banks, as it is not reasonable to find two systems in one country, so the relationship between the two sides is not okay noting that MAP banking market map segmented based on the government control the market and lending operations carried out by the government banks are non-development policy.

Distrust

For his part, Chairman of the Securities Commission, Dr. Abdul Razzaq al-Saadi said fiscal policy in Iraq since 2003, is an independent policy stating that the policy of the private banks are causing in some cases a lack of trust of customers by example, there are (5) banks did not submit a plan of the year 2013 so far, stressing This is delay to Aaacher not the importance of the private banking sector but management of the banking process wrong. At the conclusion of the seminar stressed d. Mehdi al-Hafez need to consolidate the efforts of official and private to do to address promptly and thoroughly to the problems of fiscal and monetary policy and direction for the development of Iraq on the eve of a new road and to ensure its financial wealthy and proper use and the fight against corruption, waste, and the development of the process of income distribution in a fair and equitable manner and stay away from any actions illegal state property, as well as rely on scientific and technical innovations in the modern process of reform objectives.

Invitation of the Institute

And find economic Sabah said that such seminars are very important in the correct path and reform of fiscal and monetary policy in particular, and it coincided with the promise of Iraq would emerge from the complex Chapter VII, which we need to seminars by the Institute and elsewhere in clarifying the dimensions and its impact on the reality and the future of the Iraqi economy.


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