Economic Council discusses ways to stimulate the national economy

06/30/2016 20:42:41

BAGHDAD / obelisk: Iraqi Economic Council held a seminar open to the presence of a number of officials, including Oil Minister Adel Abdul-Mahdi and the Secretary General of the Central Bank on the Keywords and Chairman of the National Investment Commission Sami al-Araji, as well as a number of businessmen, while Council President Ibrahim al-Baghdadi called on the central bank to not to make government bonds caused losses to the business.

A statement by the Secretariat of the Council, seen by "obelisk", "The Iraqi Economic Council held a talk show economic symposium open at the Babylon Hotel in the presence of Adel Abdul Mahdi and Ali al-Adeeb and on the Keywords and Sami al-Araji, head of the National Investment Commission and a number of members of parliament, advisers and deputy ministers and general managers of a number of institutions government, banks and distinct group of business men and women. "

The statement quoted Abdul-Mahdi as saying that "there are between 400-500 thousand individual qualifies annually for the labor market and the country has been saturated, including increased ability operational absorbed, then it must be to find solutions through the activation of the private sector and bring about a holistic coup in the central vision of the state because the state consider sector as a child of the private and not the end. "

Abdul-Mahdi stressed "the importance of activating the banks Whatever the banking sector is weak, the revitalization of economic activity in the country should go through it with the necessity of education and encourage savings process and re-lending the benefits of a simplified, even endured the state portion of these benefits in order to activate certain sectors and must be given the role of the sector private and deal with him as a partner in the economic construction and not a competitor or Grima, as we must admit that the government is a failed businessman and corrupt. "

For his part, President of the Council Ibrahim al-Baghdadi, according to the statement, the "early steps that action by the Council for the purpose of activating the idea of ​​bonds in cooperation with the Governor of the Central Bank and the Office of the Prime Minister", calling on the governor to "that does not make these bonds caused losses to businessmen because deducted at State-owned banks. "

"We appreciate the role of Keywords in a direct exchange approval for these bonds, but we are afraid of the first two delay the launch of this bond and secondly deductible proportion of the amount of such bonds which leads to great damage to corporate creditors added wrong to itself as a result of delayed dues in exchange for more than two years as well loss realized as a result of decline in the dinar exchange rate by up to almost 7 percent. "

Furthermore, among the Keywords that "the interest that has been given to the arrears of the government were not fair and it was necessary that this interest be up to 12 percent, but the government has given only five percent in the case of bond discount for the purpose converted into cash at the banks, the bondholder will lose only five percent. "

He added that "92 percent of the budget is from oil revenues, only eight percent of the rest of the other local economic resources and sustainable balance dictates that there be a balance between revenue and earnings in this case, only eight percent are considered sustainable resources."

Keywords He continued, "we are working on finding any solution helps investment and stimulate the enhancement of the role and responsibility of the central bank in the economic revitalization of economic movement to support," pointing out that "at the end of 2016 will be the central bank has lent the government up to 30 trillion dinars."