Trillions of credit
Saturday 26 December 2020 24
Thamer Al Himas
While we are in a cycle of devaluation of the dinar, we have to think practically, through the adoption of a schedule or a time limit, to put a fast final end to the devaluation, through the trillions of multiple loans since 2015 until now.
In order to get out of the vortex of promises and committees, with the utmost transparency, the Federation of Industries and Peasant Associations, the Federation of Businessmen, Chambers of Commerce and the rest of the organizations, unions and associations related to the real economy should be involved, otherwise these entities will turn into part of the problem as they become fiefdoms with their customers in the decision-making power and base.
The agricultural initiative, according to the Ministry of Agriculture, secured for us wheat as food security, then animal and plant production, some of which is to be exported, and according to the Ministry of Agriculture also, there are 30 million dunums suitable for agriculture, of which 110 thousand dunums were swept away in the suburbs of cities, districts and sub-districts, due to terrorism.
The recovered amount of two trillion dinars so far amounts to 900 billion dinars, and perhaps the performance of agricultural societies in following up and encouraging was limited.
As for the industry sector, the industrial units of the private sector amount to 17,752 units, and the public sector represents 90 percent of the industrial output, and the contribution to the GDP reaches 2 Percent, and 70 percent of public sector companies operate at 30 to 50 percent capacity.
As for the trillion of the Central Bank, 155 billion dinars were borrowed from it 5 years ago, and these facts await the initiative of the Central Bank of 5 trillion dinars, as announced on 11/22/2020, to finance industrial, agricultural, service and tourism projects.
Since this paradigm shift is still on paper, it should not be on the path of the taxi loan experience or the faults of the agricultural initiative as it is in the payments or failure to set up the project, since the payment is on time with its benefit being recycled to other advances to become for us a continuous dynamic and not just a scattering Amounts as if dropping the imposition and losing responsibility for public money.
It should also be at the top of the priorities to include all those who wish to credit first and according to the conditions in terms of financial solvency, and to follow up any problems between the sectoral bank and the borrower from the beginning, and after the borrowers have paid their financial obligations, the donor should proceed according to its capabilities by deducting social security for those who wish to Business, and it is compulsory for workers and taxi owners, to reach health insurance.
Without these legal and legal structures, we will return to the mechanisms that brought the Iraqi dinar to this point, as if we were under siege despite our excessive openness.