Web News 26 March, 2013
The Minister of Planning / the Acting Minister of Finance, Prof. Ali Yousef Al-Shukri, searched with a delegation from the World Bank the restructuring of Rafidain and Rasheed Banks. The Minister said in a joint press conference, "We received a delegation from the World Bank and discussed with them the implementation of the program in Iraq, stressing that the program is a grant from the World Bank International and includes two axes to restructure the Iraqi banks. The first axe reinforces the development of human capacity that the administration of banks must keep pace with the latest developments in the world and the other side focuses on the problem get out of debt accumulated or dead is old debt that does not solve it today, which weighed still weigh and shoulders Iraqi banks. They discussed the mechanism of action for implementing this program, adding that the Ministry of Finance would be willing to provide all necessary facilities for this program. The Minister continued: today we have to work with all international organizations and specialized international agencies because Iraq needs these options being over three decades and more has been subjected to ignorance too stressed by saying: our banks think that the mission accepting deposits and lending non-interest stressing that the global banking system is supposed today is to be more sophisticated and more expansive in the area of work lending and borrowing, and added all efforts today pour the development of the banking system and monetary will be channeled in the service of supporting the value of the Iraqi dinar, stressing that "support the value of the Iraqi dinar is not the banking system applicable only being governed by several considerations, including stocks state of currency and gold, as well as quantities of oil exports and the stability of the economic situation as well as the political situation and the Ministry of Finance will not hesitate to take any step evolution of the banking system for the development of the value of the Iraqi dinar never believe that this is a national task. The World Bank has not been raised on Iraq raise the price of oil derivatives and pointed out that any economic openness requires that accompanied the expansion of banking activity, indicating that part of the plan of the Ministry of Finance and the Iraqi government develop a plan for the expansion of the private sector banking and explained that there are strenuous efforts of the Iraqi government in all international forums and mobilize each two Arab and international communities to support positions Iraq to remove the Item VII of the UN Chart, noting that the Iraqi government formed a committee for the protection of Iraq's money headed by Deputy Prime Minister for Economic Affairs and membership more than one sectoral, including the ministries of planning, finance and trade, as well as the CBI and the legal advisor to the Prime Minister, where presentations were made to the Iraqi government to protect their money, asserting that "he was looking today in these offers by the guarantee bigger to protect the money and efforts are continuing to get better alternatives.
From their part two representative of the World Bank, Mary Ellen and Sahar Nasr confirmed: The mission came to support the Iraqi government, especially the Minister of Finance in the restructuring of the Rafidain and Rasheed Banks, because we see that the banking sector is possible that the role of development is too large in the coming period and bank restructuring, whether financial or administrative, where is the structure of the banks is an important point and pivotal in the coming period. They confirmed: The World Bank's role supporting the Iraqi government and the main role of the Iraqi government to restructure the bank Rafidain and Rasheed that their role is important and very much in development more than private banks, especially since the two branches in all provinces and the relationship and ties with the Iraqi government and we are keen to cooperate, saying that the government are choosing what is the fittest of the state and on all axes and added that the goal is how we can improve banking services for the Iraqi people so that the two banks, in turn, a development where we have seen positive steps in restructuring the banks, there are decisions taken very positive steps in favor of the banks.
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