The Minister of Finance announces the submission of a study to reform government banks
Economie Yesterday, 10:34
Baghdad - conscious - the Mullah Medal
Today, Saturday, Finance Minister Ali Allawi announced the submission of a study to reform government banks.
Allawi said in a speech during the Fifth Finance and Banking Exhibition Conference in Iraq, which was attended by the correspondent of the Iraqi News Agency (INA):
"Since we took over the Ministry of Finance, there have been several studies presented to the government and the Central Bank, and
we took the challenge seriously to change and reform government banks."
He added that “the
Ministry of Finance saw the urgent need to develop the resources of the economy," noting that
"it is not possible to manage matters with the duplication and dominance of the public sector and Iraq is a free economy."
Allawi added that
"in order to make way for the private sector, the competition base must be equal, and that
reforming banks is one of the most important priorities of the banking sector," noting that
"Iraq is very far from privatization in the banking field."
He stressed that
“the most important step is the restructuring of banks, which is not an easy process, and that
re-arranging government banks requires time and an economic vision."
"We are far from privatizing any bank, and we are not about that," noting that
"since the beginning of the Iran-Iraq war, government banks have become isolated from the outside world.
In the current era, there are several studies submitted to the government and the Central Bank of Iraq to change and reform the government banking system."
He explained that “the
most important step is to restructure banks, which is not an easy process, because
rearranging government banks requires time and an economic vision," stressing that
"one of the most important means of reforms is to change the incentive system and in light of the white paper,
we can within 3 years change the system of reforms and beyond. forward."
"The government sector accounts for 70% of the banking business, and
this is unhealthy, and
there is no such percentage in any other country," explaining that
"the savings come from the state, corporate profits, or the outflow, and
in Iraq the outflow is dependent and unreliable.
The environment must be changed to receive the outflow.”