Annuities in future budgets to support the private sector



09/6/2012 12: 00 am

The Cabinet Economic Committee tend to activate economic file

Baghdad Yasser ascendant

Economic Committee chaired by the Deputy Prime Minister rose Nuri Shaways several achievements during the first half of the year 2012 notably studied all economic agreements with the States of the world and projects relevant for the study of the ongoing budget for investment and everything in reserve and additional amounts for assigned projects outside the powers of the ministries and governorates and auditing and validation.

This was announced by l (morning) Director General in explaining the Committee's Economic Committee to approve strategic crop prices along with many other economic decisions.

He noted that ECLAC resolutions, which includes Ministers of finance, trade, oil, industry, agriculture and investment, the chiefs Office of financial supervision and the Central Bank of Iraq in addition to the legal adviser to the Prime Minister and Associate Secretary for financial affairs and economic advisor in the Office of the Prime Minister shall be binding on ministries.

One of the functions of this Commission proposal and formulation of economic and fiscal policy of the State and determine the means of implementation and overcome difficulties and solve problems encountered in their implementation.

The Director General noted that the economic and Social Commission went to activate the role of the private sector through the formation of a Commission for the private sector with a view to involving them in decision-making and mapping the Iraqi economy and this Committee has met in an effort to develop a strategy to support the private sector.

He reiterated the Director talk about achievements, including decisions to lift capital Industrial Bank to 150 billion dinars with the aim of strengthening the financing needs of the private sector and facilitating the procedures for granting loans taking into account proportionality required guarantees for loan with streamlined its standards, and adopt an annual budget allocations for next development and support the private sector.

The Economic Committee is to establish the Bank mixed with private banks and branches of foreign banks proper injection depend modern international banking foundations in the field of foreign trade banking and modern banking techniques and Economic Committee seeks to establish a joint company to secure loans and buying bad loans stalled as it impacts future lending policy quote.

And lastly suggested that the Economic Committee of ratifying the decision to organize the import under the leave granted to the Ministry of Commerce issued new instructions and on online in order to control breaches some traders currency auction and success in the real needs of merchants to maintain the strength of the Iraqi dinar.