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A new statement from the Iraqi Ministry of Finance

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A new statement from the Iraqi Ministry of Finance

12,202 Economy 10/17/2020 18:34  ht
Baghdad today - Baghdad


On Saturday, October 17, 2020, the Ministry of Finance issued a new statement regarding bank loans.

In its statement, which it received (Baghdad Today), the ministry said, "Our banks play an important supervisory role and actively follow up on providing the best services and banking activities in addition to customer service."

The statement added, "The Ministry affirms that Al-Rafidain Bank has warned honorable customers not to deal with unofficial bodies that claim to be linked with government banks in granting advances and loans, while applying for these advances is through the electronic link [You must be registered and logged in to see this link.]

As for applying for loans, it is done exclusively through the bank's branches that are spread out in Baghdad and the provinces.

He continued, "Rasheed Bank has formed field marketing work teams in the provinces to provide banking services that facilitate customer service."

On a different level, and before this statement, Finance Minister Ali Allawi stressed that there is a growing political will to carry out the fundamental reforms required for the country to address the massive liquidity crisis that has pushed Iraq to the brink of collapse.

"There is more will now than it was five months ago," Ali Allawi said, according to the Associated Press. Now, I think there is recognition that unless oil prices rise miraculously, this is something we have to deal with and manage.”

"It is a paper designed to create a strategic and political framework for a new Iraqi economy," he added regarding the reform paper. At the end of this period of change and reform, we are supposed to have a restructured and more dynamic economy. This is its aim.

"The lack of support from the main political elites has undermined similar efforts in the past. Al-Kazemi's government continues to rely on parliament's approval of the vision to gain momentum," he said.

Allawi said that "at a later time, aspects of the plan outlined in the paper will be incorporated into the 2021 budget, which will require a vote in Parliament. Government support in the electricity and oil sectors will face special scrutiny."

The minister explained, "Part of the public sector financial problem is the enormous size of subsidies, and we intend to address this issue directly in the 2021 budget." But the public debate focused on the white paper that aims to reduce public wages from 25 percent of GDP to 12 percent.

"I have said many times before, that the share of oil revenues allocated to salaries in 2004 was 20 percent, and now it is 120 percent," he said. “This is clearly not sustainable,” he stressed.

"I hope parliament will approve it," Allawi said of the bill. If this does not happen, we have the possibility of other alternatives, but it will be more difficult.

”Iraq's hard currency reserves amount to 53 billion dollars."

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