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Walkingstick: Iraqi and US banks meet in Washington

12/10/2017

Baghdad / Hussein Thogb

The presence of adults on the field of international work comes in any case, where conventional economies are not usually not important international attention of the largest economic blocs, and here comes the presence of Iraqi banks and US banks in Washington evidence of the importance of Iraq and its economy for the side The other, who is aware that the size of work in our country is large and can be employed in the financial and executive sector in more than one sector within Iraq.

Preparations continue between Iraq represented by the Association of Iraqi private banks and the US States represented by the Institute of Strategic Studies, And an Iraqi-US meeting on October 18  Great cooperation.
**The Executive Director of the Association of Private Banks Ali Tariq said: “Iraq has a great international interest that can be noted by the presence of international delegations from various economic blocs important to Baghdad, there is great cooperation between the Association and the US Treasury through continuing meetings to discuss mechanisms to promote the Iraqi financial sector.”

He said in an interview with Al-Sabah that “strengthening cooperation between the two sides and raising its levels to levels of mutual benefit will be the most important axes of the Iraqi-US forum in Washington,” pointing out that ”

The representative of the US Treasury Department in the Embassy of his country in Baghdad to the development of the Iraqi financial sector needs to be highlighted by the media to realize all those who follow this achievement in the most important economic axis within any country. ”

Tariq pointed out that” the forum will discuss the mechanisms of cooperation between the Iraqi banking sector and his American counterpart, which contributes to the development of the joints of domestic banking, especially as the US banks have the capabilities of technology can provide advanced bridges of cooperation to achieve great benefit to both sides of the process.

“He pointed out that” The Iraqi delegation will be formed by Iraqi banks to meet with the US Treasury and major banks and the Foreign Ministry there and representatives of the World Bank and the  International Monetary Fund . Bridges of cooperation

“The forum includes two aspects, the first is to present and clarify the current reality of the banking sector of the American side to be a picture of the reality of all the details of how the future and prospects of our financial reality, the other side includes the opening of bridges of cooperation directly with US banks and this gives greater confidence to our banking sector globally because US banks has a high degree of compliance with the anti – money laundering operations and the financing of terrorism and laws

“also contribute to encouraging investment in Iraq and within the banking sector  itself . ” .ocd that “League heading to open prospects for cooperation in the field of capacity building and the development of the banking system presentation building Oz in general to get to the point that it is world – class. ” Economic processes

“The need to connect with major economies and increase the friction with them to contribute to the development of our economy, especially in the financial sector, which needs the new international banks in the systems and products to move the overall  economic processes .
He pointed out that “the Iraqi financial sector needs to activate its development role commensurate with the country’s economic capabilities that require banking services capable of dealing with large numbers,” pointing out that “the view of the American experience is very important and makes Iraqi banks to new tasks after It is available in the field experiment on the US. ”

http://www.alsabaah.iq/ArticleShow.aspx?ID=145824

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Don961:  2017/10/12 (00:01 PM) – Number of readings: 33 – Number (4039)

Opinion of the foreigner: the debt of Iraq .. A new dilemma facing the national economy

Translation: Range

Since 2003, successive governments in Iraq have not pursued a sound economic approach to rid the national economy of the structural imbalances it has suffered as a result of the reckless and foolish policies of the former regime that have brought disasters to the country.

The international sanctions imposed on Iraq after the invasion of Kuwait in 1990 increased the problems of the Iraqi economy and deepened to a large extent. There was an opportunity after the fall of the dictatorial regime to overcome all these problems and overcome them and erase their effects. By pursuing a sound economic policy that would have put the Iraqi economy on track to embark on a prosperous and efficient economy.

With the heavy legacy of the former regime in the economic field, which was characterized by economic sectors that are completely disabled, especially the agricultural and industrial sectors, and the damage to the oil installations, which are considered the nerve of the Iraqi economy and the decline in levels of production and export in the oil sector, the former regime left the Iraqi economy with debt over 100 billion Adding new burdens to Iraq’s economic policymakers.

But after long and arduous talks with the international financial institutions, Iraq succeeded in extinguishing most of those debts and the Iraqi economy on the threshold of a new start to erase the effects of the abhorrent past and begin to build the scientific foundations of a new national economy invests the great resources enjoyed by Iraq, and increased the importance of that opportunity Is the rise in global oil prices, which saved the treasury of the country huge financial resources due to the rise of those prices, which exceeded the threshold of $ 100 for the first time in history.

It was possible to employ these financial resources properly to make a qualitative leap in the Iraqi economy and make it based on the right basis with the revitalization of productive sectors are disabled and leave dependence on oil as a single source of national income and allowed the private sector to take its role in economic development and address all imbalances and distortions in the structure of the economy Iraq.

But what happened was the exact opposite, no one looked to address the problems of the Iraqi economy and the heavy legacy that was burdensome, but hired the huge financial revenues derived from high oil prices for purely political purposes, and was able to the financial and administrative corruption system to seize those resources through projects and phantom and troubled

Which came to all the resources of the country and filled the pockets of corrupt money without any government measures to combat the scourge of corruption that spread in the country and deepened the crisis of the Iraqi economy and accumulated problems, and the adoption of the policy of expansion of government appointments significantly impacted the increase in Pressure on the financial resources of the state, and it was a kind of (social bribes) to silence people on the practices of government departments in the drain of the financial capacity of the country through the salaries of the imagination enjoyed by private office holders of the powerful political power and privileges enjoyed by relatives and friends Creating a new layer in the Iraqi society that knows nothing about the suffering of the people and cares only about the accumulation of wealth.

But with the start of the battle to stamp out a hasty organization, the government became obliged to channel the bulk of the country’s resources into the war effort. Unfortunately, this was accompanied by a sharp decline in world oil prices, which reduced the fiscal revenues of the Iraqi treasury. The state has to meet its financial obligations either on the military side or on the side of securing the salaries of state employees, as the treasury is almost empty, and the corrupt stole the money stolen from the country.

The government resorted to the international financial institutions to obtain financial loans to help them overcome the suffocating financial crisis. Which they are facing.

The Iraqi government has only this solution. Retrieving looted and stolen money through the corruption system over the past years requires a long time and requires a courageous and strong political will to eradicate the symbols of corruption, which most of them hide in the centers of powerful political forces.

Despite the lack of clarity on the size of the debt, whether internal or external, but the fact that the Iraqi economy is bound by a group of debt, this is a serious indication that the course of the Iraqi economy is not reassuring, and that there are new dilemmas will face in the near and distant future, and The decline in global demand for crude oil and low prices As Iraq continues to rely on oil as a sole supplier of national income,

it is necessary to adopt a new economic policy that puts the first priority to combat corruption and follow up stolen and looted funds to return to the state treasury and maximize revenue The State will be able to work through the introduction of an effective tax and customs policy and stimulate the economic sectors that are suspended from work and allow the private sector to work and activate its role in the national economy by adopting a series of legislation to encourage investment.

The structural imbalances of the Iraqi economy and the heavy legacy inherited from the former regime do not need a new kind of problems. These debts pose a new dilemma facing the Iraqi economy, which must be avoided before it is too late.

About: The New York Times       link

Judy Byington
KTFA

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