Need for private sector banking; Government banks clash with free market economy theory
June 12, 2011
Free-market economy in Iraq clashes with the dominance of the government and the experts describe as “the most dangerous policy”
Faces a free-market economy in Iraq, approved a constitutional part of the new orientation of the Iraqi economy after 2003, many difficulties, the most important of colliding with the government hegemony over the economy, described by economists as “the most dangerous policy” on the growth of the economic sector in the country.
He says economic expert and former minister of planning Mehdi al-Hafez, in an interview for “Alsumaria News”, “Iraq on the verge of a big problem is the contradiction between the principles of free economy and public policy of the state, and the practices to be followed by the bodies,” noting that “there is a problem now in Iraq, that country’s financial management in the Department of inaccurate and impractical, and exercised authoritarian manner is reasonable. “
Hafiz adds that “this could not serve the economic freedom that we call him, because the free market economy that is based on freedom of initiative,” stressing that “this freedom can not allow any government intervention outside the regulations governing these activities.”
In turn, finds high-banking adviser Abdul Rasul Ali, in an interview for “Alsumaria News”, that “as long as there is a government banking sector and the Government sponsor him, and he has the resources equivalent to 90% of banking resources, you will not be a list of the banking sector National.”
He said Abdul-Rasoul said: “As long as these banks are the breadwinner President for private sector financing, we will find with these resources, so the private sector not be able to fulfill its commitments to the advancement and development,” adding that “the plan shows that he does not change the mentality that we live by Previously, when the oil ends end of economic life in Iraq. “
He joins other experts to reject the government’s economic policies, operating out of the breaches and gaps that have marred the work of the government banking to confirm the failure of government administration to file the economy in the country.
It says economic expert Sesame peace, in an interview for “Alsumaria News”, “This question refers to the question of beginnings and the failure and the failure of Government to state banks.”
And Taatsaelt Sumaisem saying: “Why go back the case to the private sector, since it is rather for us to go mental state bank how to manage these systems, have come to reflect on the performance of private banks.”
And called on private banks, for its part to make sweeping reforms in the banking systems and for changes in monetary policy regime in the control of banking and trading, in accordance with international standards in step counts by private banks to restore confidence in the government and deal with.
And invites the Director of the Bank, Gulf Investment Abu Talib al-Hashimi, said in an interview for “Alsumaria News”, to “reform the banking system to carry out its functions to draw a true and complete,” noting that “monetary and fiscal policy requires a clear strategy and vision of inclusive and shared the Iraqi economy and addressing the serious imbalances in the structure of public “.
According to Hashemi, “the need to give sufficient flexibility without compromising on risk systems, governance and transparency, that is strengthening and expansion of banking supervision and accurate accounting on the basis of international standards in this area.”
Known free-market economy market free of government interventions and restrictions, in addition to the practical ability to maintain the legal system and protect public property and be free of private power and personal frauds.
The Iraqi government made in the twenty-fifth of the month of April of last year, 2010, in cooperation with experts from the United Nations project of economic reform includes restructuring the Iraqi economy in accordance with the requirements of the transition from the general economy centrally planned economy to a private market to ensure the expansion of the productive base of the Iraqi economy by adopting the market mechanism free and the organization of a rates and foreign and domestic trade.
The Iraqi Council of Ministers approved last year, the National Development Plan Five-year (2010-2014) as the final revised by the Ministry of Planning taking the amendments proposed by some ministries into consideration, and came authentication to reduce the differences and barriers between urban and rural areas and the provision of infrastructure and social services, and generate new jobs and increase awareness and acceptance of the principles of sustainable development to achieve the development of an integrated and interdependent include activating and investment represent the human and natural resources in all Iraqi provinces, and through increased employment rate, particularly among youth and women, increase and improve the amount of water processed for human consumption and the quality and hard work to alleviate the poverty, widely available in Iraq.
June 12, 2011
Free-market economy in Iraq clashes with the dominance of the government and the experts describe as “the most dangerous policy”
Faces a free-market economy in Iraq, approved a constitutional part of the new orientation of the Iraqi economy after 2003, many difficulties, the most important of colliding with the government hegemony over the economy, described by economists as “the most dangerous policy” on the growth of the economic sector in the country.
He says economic expert and former minister of planning Mehdi al-Hafez, in an interview for “Alsumaria News”, “Iraq on the verge of a big problem is the contradiction between the principles of free economy and public policy of the state, and the practices to be followed by the bodies,” noting that “there is a problem now in Iraq, that country’s financial management in the Department of inaccurate and impractical, and exercised authoritarian manner is reasonable. “
Hafiz adds that “this could not serve the economic freedom that we call him, because the free market economy that is based on freedom of initiative,” stressing that “this freedom can not allow any government intervention outside the regulations governing these activities.”
In turn, finds high-banking adviser Abdul Rasul Ali, in an interview for “Alsumaria News”, that “as long as there is a government banking sector and the Government sponsor him, and he has the resources equivalent to 90% of banking resources, you will not be a list of the banking sector National.”
He said Abdul-Rasoul said: “As long as these banks are the breadwinner President for private sector financing, we will find with these resources, so the private sector not be able to fulfill its commitments to the advancement and development,” adding that “the plan shows that he does not change the mentality that we live by Previously, when the oil ends end of economic life in Iraq. “
He joins other experts to reject the government’s economic policies, operating out of the breaches and gaps that have marred the work of the government banking to confirm the failure of government administration to file the economy in the country.
It says economic expert Sesame peace, in an interview for “Alsumaria News”, “This question refers to the question of beginnings and the failure and the failure of Government to state banks.”
And Taatsaelt Sumaisem saying: “Why go back the case to the private sector, since it is rather for us to go mental state bank how to manage these systems, have come to reflect on the performance of private banks.”
And called on private banks, for its part to make sweeping reforms in the banking systems and for changes in monetary policy regime in the control of banking and trading, in accordance with international standards in step counts by private banks to restore confidence in the government and deal with.
And invites the Director of the Bank, Gulf Investment Abu Talib al-Hashimi, said in an interview for “Alsumaria News”, to “reform the banking system to carry out its functions to draw a true and complete,” noting that “monetary and fiscal policy requires a clear strategy and vision of inclusive and shared the Iraqi economy and addressing the serious imbalances in the structure of public “.
According to Hashemi, “the need to give sufficient flexibility without compromising on risk systems, governance and transparency, that is strengthening and expansion of banking supervision and accurate accounting on the basis of international standards in this area.”
Known free-market economy market free of government interventions and restrictions, in addition to the practical ability to maintain the legal system and protect public property and be free of private power and personal frauds.
The Iraqi government made in the twenty-fifth of the month of April of last year, 2010, in cooperation with experts from the United Nations project of economic reform includes restructuring the Iraqi economy in accordance with the requirements of the transition from the general economy centrally planned economy to a private market to ensure the expansion of the productive base of the Iraqi economy by adopting the market mechanism free and the organization of a rates and foreign and domestic trade.
The Iraqi Council of Ministers approved last year, the National Development Plan Five-year (2010-2014) as the final revised by the Ministry of Planning taking the amendments proposed by some ministries into consideration, and came authentication to reduce the differences and barriers between urban and rural areas and the provision of infrastructure and social services, and generate new jobs and increase awareness and acceptance of the principles of sustainable development to achieve the development of an integrated and interdependent include activating and investment represent the human and natural resources in all Iraqi provinces, and through increased employment rate, particularly among youth and women, increase and improve the amount of water processed for human consumption and the quality and hard work to alleviate the poverty, widely available in Iraq.