The economic special circumstances experienced by Iraq due to falling world oil prices and the war on terror to make the Iraqi economy suffers from additional problems on past problems, notably the financial crisis form ...
The economic special circumstances experienced by Iraq due to falling world oil prices and the war on terror to make the Iraqi economy suffers from additional problems on past problems, notably the financial crisis the public form and liquidity crunch your form a Matanih government and private banks now in addition to the lack of control to maintain a balanced price for the disbursement of the Iraqi dinar against the US dollar, which encouraged speculators and users in the cash trading market of manipulating the fragile economic situation already and that needs to be fixed and corrected its tracks trends that help build introductions real transition to a market economy in spite of the lapse of twelve years in the change in the political and economic side which led to a great stop at the wheel of the Iraqi economy through the weakness of cash trading and commodity in the local market as well as the inability of most borrowers customers of Government Banks and Associations of pay Mapzmthm of the debt dates entitlements that disrupted the banking sector work and reflected on the limits of their liquidity, which led it in some banks to a minimum so it was required from the Central Bank of Iraq to take proactive quick to address the financial situation and the control of the money market and the protection of certain banks from collapse Food to take steps in coordination with the relevant authorities and the measures already taken a number of important measures, including: -
Proper intervention of the Central Bank of Iraq in liquidity support to the specialized banks and government (the real estate, industrial and agricultural) to allocate (5 trillion dinars) and private banks in the amount of (trillion dinars) was attached to it in banks and private cooperation and coordination with the Association of special launch program banks (financing SME project ) and the issuance of executive instructions for banks to work on. It was a move designed primarily to achieve development sustainable economic and supporting and financing of small enterprises, medium and reducing unemployment for young graduates producers within the working age and skilled occupational and professional and technical with the ability to establish and manage product project in economic sectors (agriculture, industry, housing, trade, tourism and health ).
We therefore believe that the reactivation of the mechanics of the project needs to apply the above set of measures Food in cooperation and coordination with the banks and to ensure him a successful application for the project and its success and development Pmaahakq central goal Menhalzlk suggest that action may be taken and secure the executive the following requirements: -
First: - initially for implementing the program effectively and practical suggest giving the role of the company Iraqi microfinance and medium existing as a specialist with the task of running the project that includes the allocation of the amount of banks willing and not restrict shareholding companies in the company above all as a first stage experimental proof of the success of the application of the regulations issued by Central Bank of Iraq and for the remainder of 2015 and as of (01.07.2015 up to 12.31.2015) to be re-consider studying the program, instructions, applications and successes and failures that I got to get to new insights and instructions for 2016 approved by the Board of the Central Bank of the Iraqi administration, especially Currently, he is the supposed consultation and opinion, partnership and cooperation in making decisions on the applications of monetary policy of the private banking sector.
Second: - The introduction of a new structure within the organizational structure of the Central Bank of Iraq include the establishment of a unit or department Odairh to manage the amount and distribution of funding, monitoring and evaluation of the application of the financing of small and medium enterprises program in accordance with the instructions executive of the window and called the (development finance fund administration), or as it is called now (Finance Fund National).
Third: - determine the criteria for small and medium enterprises identified based on the numerical criterion for workers or the sector standard and is placed controls Aldnyao upper limits for lending according to the importance and its impact to development and economic project.
Fourth: - inclusion of productive families Industries and popular heritage and the typical, sewing and encourage the feminist element in the establishment and financing of these projects where statistics indicate that the percentage of women with products on loans to finance their small businesses and medium of not more than (13%) * of the total recipients of these loans.
Fifth: - taking into consideration refinancing distribution balanced proportions to serve the development of economic sectors of economic and non-Turkazaaly finance consumer character and unproductive projects where Statistics indicate that commercial loan accounts for 53% * of the total funding loans previously granted while the financing of housing loans (3%) and agriculture (5%) and health (3%).
Sixth: - reconsider percentage interest on the loan (which achieved the Central Bank, banks and the guarantors) that no more than 4% instead of 5.5% and the duration of repayment of the loan of not less than 5 years instead of 3 years and can finance the project a second time in case of repayment of the loan less than the above period for the purpose of development.
(*) Researcher and expert banker
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