Financial and economic situation in Iraq “very solid”; corruption significantly affects the private sector

Financial and economic situation in Iraq “very solid”; corruption significantly affects the private sector


He said, “Wadih Nuri Handal,” Bank Chairman “Assyria” Private International in Iraq, that the financial and economic situation in his country very solid, where beyond the country’s budget of $ 120 billion, for a country with a population of up to 30 million, noting that there are large reserves the Central Bank of Iraq, more than $ 70 billion.

He explained, “Handal,” in an interview he conducted with the Anatolia correspondent in Istanbul, on the sidelines of the Turkish-Arab Economic Forum, that “Iraqi private banks sober, and enjoying a high financial solvency, but these things need to manage real, to manage the economic rudder.”

He pointed out that “there are reports of rampant corruption Financial, largely in the public sector, and this affects the private sector, because it will be weak, to attract large companies, to develop the possibility of building infrastructure in Iraq, and we suffer from this, and we believe that we need to manage real, to move from a totalitarian economy, to a private sector economy, stop corruption, but we do not know how much is the period of time for that. “

He attributed the “Handal” cause corruption to greed, or the need to get rich quick, Maktda to private banks, “has a policy of private, through the adoption of incentives and salaries and additional high, stands in front of the possibility of buying receivables staff, so citizen when accepted to private banks, knows that employees have the values, principles and ethics of the deal. “

And credit in the country, he pointed out that they need to a new culture, based on factors large, including financial flows for the project, and the feasibility study, and sources of payment, there are officers credit real, trained in the courses are real, and began analyzing each loan, and its causes, and its motives, and objectives, and action plan, and the feasibility study, expressing his belief that the portfolio credit the private banking sector in Iraq, succeeded dramatically, reaching more than 7 thousand small project and the average, in a time when the repayment rate to about 95% by the data.

He stressed that the banking sector needs to new legislation, and although trading information on the existence of legislation works by the Parliament, but this speech before him 10 years, and no legislation anything new, sector need new legislation, because current legislation outdated, and work it is not easy, so banks are restricted to rebuild infrastructure, or consulting projects, the Iraqi Central Bank Act, requires significant updates.

And Forum Turkish-Arab Economic, which concluded last week, went “Handal” that this kind of conference, constitutes a “significant factors, to create true partners, through search for partners with experience, and they succeeded in their experience, and they project, and persuade them to enter into partnerships in the region, and to attract them to it, “he said, adding that these conferences” aimed at creating partners, worked again, in the form of joint-stock companies Arab Turkish, without identifying specific percentages. “

He stressed that this type of partnership, leading to the experience and expertise, and knowledge, and the potential financial, and launched projects have independent management going so, in various sectors, from construction and agriculture, and industry, as well as the consolidation of relations, which removes the borders between countries, and thus disappear causes , and this needs to culture, awareness and knowledge, and sometimes to the dialogue sessions social Mtwash.

He explained that there is the idea of the establishment of banks correspondent, with partners Turks, by looking to the Turkish banks, rely exports local pay for, and the other party provides standbys pay urgent, with the addition of the ratio, which creates a bridge for cooperation, directed a call for banks Turkish and international, to Cooperation in Iraq dramatically, through the service service, and in particular, increase the size of the trade relations between Turkey and the Arab world, especially Iraq.

He expressed “bitter melon” optimism about the future relationship between the Arabs and Turkey, through the progress being made in the last, and how to manage the economy, as Turkey has expertise and knowledge, likening it swarm bird who walks with bird regular first, where organized Squadron automatically, as well as the matter with Turkey, which are organized and organized Arabs behind her.

The forum Turkish-Arab Economic, held over two days, in the city of Istanbul, last week, and was attended by a number of senior officials in the Arab countries and Turkey, as well as extensive participation of financial companies and large economic, and invested in the Arab countries and Turkey.