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An expert proposes a solution for the "absorbing sleeping money" and addressing the cessation of investment in Iraq

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An expert proposes a solution for the "absorbing sleeping money" and addressing the cessation of investment in Iraq

   536 Economy 01/23/2021 21:07
Baghdad today - Baghdad

Today, Saturday, the economic expert, Rasim Al-Akidi, proposed a solution to deal with the file of the suspension of strategic investment projects in Iraq, while indicating that the solution will work to absorb the dormant money, as he put it.

In an interview with (Baghdad Today), Rasim Al-Aqidi said, "Hundreds of investment and strategic projects in various governorates of Iraq in various pieces have been suspended for years, some of them up to 10 years, despite the great material damages that result from stopping for a long period of time."

Al-Aqidi added, "Funding is the biggest and most important reason for stalling the wheel of construction, in addition to other reasons," noting that

"Iraq's financial situation and its exacerbating crises are pushing us to put forward a solution that includes inviting the government to present what we call in the economics world (social support bonds) or Investment bonds)".

The economic expert explained, "Social support bonds are offered by the government and sold to citizens with a financial interest of 10%, which is similar to treasury bonds," noting that

"the bonds will lead to the absorption of money dormant in homes and the treatment of financial scarcity and moving the markets."

He stated, "This process (social support bonds) will create a financial benefit for the citizen, because after a year the state will pay 10% of the money as interest," stressing that

"the application of the principle (bonds of support) will create what we call a complex development environment, that is, the participation of the government and the private sector." Whether individuals or companies are involved in financing the construction of projects."

"This solution has been applied in many countries, including the Arab ones, but unfortunately, the government framework in Iraq resort to other treatment frameworks that create resentment and popular discontent and lead to future financial crises," said Rasim al-Aqidi.

A member of the Parliamentary Services Committee, Representative Manar Abdul-Muttalib, said Monday, December 14, 2020, that most investment companies that have projects in Iraq are blacklisted in their countries.

In an interview with (Baghdad Today), Abdul-Muttalib said, "Most of the investing companies coming from neighboring countries in particular are failed companies that are placed on the blacklist in their countries and they are just bright names."

She added that "the flow of these companies to Iraq came because they are aware of the weakness of oversight, accountability and law in the country," indicating that

"Iraqi investors are much better than foreigners and they have important projects in vital sectors, and if sufficient support is provided to them, qualitative leaps in performance and projects will be achieved."

She pointed out that "most of the Iraqi investors go abroad because of the security factor and the danger inside the country."

Earlier, MP Riad Al-Tamimi, Chairman of the Investment Committee, called on Prime Minister Mustafa Al-Kazemi to hold a meeting to discuss the investment file.

A statement published by Al-Tamimi, and received by (Baghdad Today), "I address once again the Prime Minister Mustafa Al-Kazemi in his capacity as the first person responsible for the reform file in the country, and I am talking about a disaster that kills investment in the wake of its economic collapse in Iraq."

He continued, "His Excellency the President: Iraq needs to develop investment, revitalize it and support the general budget through the investment and economy files, but the surprise that is always repeated is the administrative changes that are from bad to worse."

He added that "the director of state real estate was assigned to look at matters only without having the possibility of real work, and a vision that stimulates investment, and has become a media tool for speech without real action."

He pointed out that: The file of banks and banks has become a killing tool for investment, because their goal is personal interest without public interest.

He cautioned, "Today we need a quick and extensive meeting with the relevant authorities to speak frankly to you about what is happening in the relevant departments in order to stimulate investment."

Al-Kazemi called for "firm, quick and effective decisions that change reality and hit the heads of corruption, because the stage is sensitive, critical and dangerous, and there is no more risk and delay in decisions."

A member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, Monday, November 16, 2020, accused influential parties suffering bankruptcy of trying to obstruct the entry of foreign investment companies into the country, as she put it.

In an interview with (Baghdad Today), Jawdat said, "The bankrupt and influential people are trying to obstruct the entry of investment companies, whether Arab or foreign, out of fear for their interests and companies that have a monopoly on many bad projects."

She added that "Iraq suffers from a significant rise in poverty and unemployment rates in light of the economic crisis afflicting the country."

She added that "the solution is to support the private sector, open the way and provide a safe environment for Arab and foreign companies to enter to invest in the country," pointing out that

"some try to challenge that country or company with the aim of inflaming public opinion, as their interests will suffer loss."

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