Proposals on the central bank's decision to grant special loans

Raed al-Hashemi

Wednesday , November 16, 2016


The Iraqi government and the Central Bank of Iraq 's decision to allocate trillion dinars in the budget of 2017 to give a concessional loan for the establishment of small and medium enterprises is a correct and important step in the way of reform actually deteriorating economic in the country, came this decision to achieve several goals most important to promote economic development and provide about 250 thousand jobs in reducing the unemployment rate to 30% from current rates and reduce poverty rates and stimulate the private sector to take a role in the advancement of reality , an economist at the country and try to move the market activity through the recovery of productive activities of the private sector has identified the decision of four important sectors covered by this loan , namely , (housing and construction, industry and agriculture ) Taking sought by whom made the decision we would like the alarm on some important things to be focused on to ensure the success of this resolution desired goals and to achieve properly , namely:

1. put strict control over all administrative implementation workshops in order to prevent cases of rampant corruption in the granting of these loans, beatings mechanisms with an iron fist all the corruption cases are discovered.

2. restrict the granting of loans to the productive activities in the four sectors that have been identified and that takes into account the operation of the largest possible number of manpower in the project to ensure the granting of many jobs and thus achieve reduce the unemployment rate in the country, and not to grant loans for traditional projects such as opening markets or replace to sell vegetables or any project that limits the work to one individual.

3. formation of specialized committees in the banks that these loans are granted to study the requests submitted by the citizens are selected projects that run the largest possible number of the workforce and the work of these committees will be subject to strict patrol of the competent authorities to control.

4. The grant of the loan amount in several stages , including intervals appropriate is where the real follow - up to implement the project on the ground and the extent of the obligation to pay premiums in the event of any delay in it is shut down and other payments for the loan while avoiding Allkaat developments by the borrower.

5. Work extensive media campaign to educate citizens about the importance of these loans, objectives and usefulness to them and the need to comply with its requirements, particularly the payment of premiums Bmeidha and make them understand that this will bring us a sound cycle of capital allocated to these projects in the market of money and gives new opportunities for new loans to help revive the economy in general and the focus of this the campaign on the need to choose projects that focus on the manufacture of raw materials and supplies industry, agro - industrial and manufacturing all Maysahm reduce importing products from outside the country.

6. Reduce bureaucracy and red tape in administrative episodes experienced by the establishment of these projects and giving all the facilities to ensure that reduce obstacles to borrowers and to facilitate the completion of transactions to create their own business as soon as the tax exemption to encourage them and to ensure their success.

The emphasis on these important points , and the emphasis on all parties concerned authorities to comply with and cooperate on the successful implementation of this resolution will contribute effectively in moving the wheel of the local economy and reduce high unemployment rates and secures re loan amounts with profits without waste, and recycled back into the market to give new opportunities for loans new economic development so as to achieve a good and reduces the recession suffered by the Iraqi economy rates.

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