Bolani: Central Bank initiative will provide thousands of homes and jobs if employed correctly

Author: MJM
Editor: AB, HH

08.08.2015 17:43

Long-Presse / Baghdad

The head of the economic and investment commission in the House of Representatives Jawad al-Bolani, on Saturday, that the central bank initiative to support the specialized banks will contribute to the development of several vital sectors, and pointed out that it will provide thousands of homes and jobs if they "hired properly", while stressing the necessity of activating the initiative and sustain .

Said Jawad al-Bolani said in an interview to the (long-Presse), "The launch of the Central Bank initiative to support the specialized banks is one of the important initiatives being will contribute to the development of several sectors of vitality", stressing that "the initiative can provide thousands of homes and jobs to the Iraqis if they are invested properly ".

He said al-Bolani, that "the initiative you need to activate and sustain the fast by the relevant banks to create a labor market and a good environment for the private sector and prevent the unjust import of materials can be manufactured within the country."

The central bank announced on Saturday (August 8, 2015), the launch of an initiative to support the agricultural, industrial, real estate and housing fund sector banks with loans amounting to five trillion dinars, with the exception of the initiative "a good step" for the recovery of the economic situation and liquidity, he confirmed they come to avoid foreign loans.

The World Bank in (July 9, 2015) approved, a new project for Iraq aimed at the reconstruction and rehabilitation of infrastructure destroyed by conflict in the country and restoration of services in the government-controlled areas, and among the assistance program of $ 350 million, confirmed that the program is part of a larger program will be implemented over five years in the provinces of Salahuddin and Diyala.

The Parliamentary Finance Committee confirmed, in the April 30, 2015, they are passed to the government borrowing to fill the budget deficit and meet the necessary requirements under the state of war with "terrorism", and as pointed out that Iraq will receive a value of three billion and 400 million dollars of IMF loans and the World Bank, revealed a tendency to privatize the stalled viewing of Astosmar.okan World Bank government projects revealed, in the April 29, 2015, about his quest finance development projects in the areas restored Iraqi forces from militants (Daash), it returned to economic growth as an important part of the solution to political problems which "plagued the region."

The estimated funding sources in Article III of the budget bill for 2015 of $ 6,168,040,000 dinars, this amount is used to cover the budget deficit and repay domestic and foreign loans and domestic debt amortization payments, and amortization of Eurobonds, and extinguish religion's central bank bonds.

Iraq complain of weak financial revenues due to declining oil prices and increased expenses, which the military side came on her head, which made the government resort to austerity as one of the solutions adopted to cope with the economic situation of the country which.

The International Monetary Fund forecast, in (March 21, 2015), the high proportion of the budget deficit in 2015 to more than the proportion of 12% announced by the government, to "significantly higher levels", due to lower oil prices, and a weak possibility of Iraq's commitment to export 3.3 million barrels per day, also assume the budget, it proposed the implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.