Member of the Finance Committee Jubouri: frozen funds adversely affect economic development

January 7, 2014 in economic

Baghdad: Iraq News Network - A member of the Finance Committee in the House of Representatives Haitham al-Jubouri, that the law of financial management and public debt is valid and is being applied in full.


Added Jubouri, in a press statement that "the Banking Act No. 94 of 2004 contains a paragraph 28 is disabled and non- clear yet which contain the investment of some capital in the banks.

"He Jubouri, that" capital in these banks are currently frozen and therefore departments of banks is not authorized according to this article investment funds which reflected negatively on the issue of development and investment projects and support for the investor whether local or foreign.

"explained a member of the Finance Committee, that" this article are working on it in earnest within the Commission, where there is a recommendation and semi-agreement between us and the managers of the banks that are modified this rule by law, banks new, now at the Council of State.


"and between Jubouri, that "it is necessary to edit this article in accordance with the development of the new Iraq in the free market and the private sector," pointing to "the necessity of giving the wider interest of this paragraph to be able to the presence of the adoption of large sums of money and benefits are set by the Board and not by the Ministry of Finance as it is now. "


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