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Amending economic laws is a necessity to finance development projects

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Amending economic laws is a necessity to finance development projects

Monday 20 September 2021 97
Baghdad: Mustafa Al-Hashemi


The expert in economic affairs, Dr. Hussein Al-Khaqani, urged the banks to move towards the State Council on the issue of amending paragraphs of the Banking Law No. 94 of 2004, especially after the Central Bank amended Article 28 and a number of other articles of the law, years ago until it reached the State Council, It has not been approved yet, despite the passage of more than 4 years.

Al-Khaqani indicated to Al-Sabah that "follow-up on this issue has become necessary, because the current stage requires encouraging investment, and since the funds are in the banks,

but the final decision regarding determining banking investments and their percentage has not yet been issued by the State Council, which calls on the relevant authorities { Government banks, and the Association of Private Banks {to move to resolve this issue}.

He explained that {banks play an important role in attracting investments or financing them if the amendments submitted by the Central Bank and the Association of Banks are approved to the State Council, as this would achieve a rapid leap in the economic activity of Iraq, especially at this stage.}

Al-Khaqani called on the State Council “not to delay the review of laws, especially economic ones, because they contribute to improving the country’s economic reality and achieve a kind of welfare for the citizen, especially after attracting investments that create sufficient job opportunities for the unemployed.”

In turn, banking expert Samir Al-Nusairi stressed the role of banks in granting loans and banking facilities and issuing letters of guarantee to investors, but they are prohibited from direct investment in projects due to restrictions imposed by the articles of the Banking Law.

Al-Nusairi believed that the State Council should expedite the consideration of the important amendments submitted by the Central Bank, especially as they enhance the reality of banks’ work, and develop their performance in line with the need of the current stage, which the country is going through, to support legislation aimed at advancing the economic reality.

The specialist in economic affairs, Muhammad Ali Al-Rubaie, called earlier to bypass bureaucracy and expedite the reconsideration of legislative experts, in economic and investment laws, in particular;

Because Iraq is a land full of diverse investment opportunities, which, if supported by legal legislation quickly, will achieve a qualitative leap for the economy. Iraqi.

And he indicated the need to amend laws, which are the basis of the economic process in Iraq represented by the Banking, Investment and Securities Law, in addition to the Companies Law, which has become incompatible with the updates that the world is witnessing, and with which the economy must be in harmony. Iraqi.

It is noteworthy that the economic process in Iraq depends on the implementation of investment laws No. 13 of 2006 and its amendments, Companies Law No. 22 of 1997 and its amendments, Banking Law No. 94 of 2004, and the Law of the Iraqi Market for Securities Finance.

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