Economic analyst accuses the government of hindering the work of private banks and the decision to withdraw the government deposits of
2011-07-22
Baghdad (IBA) follow-up to economic analyst, said Sadiq Al-Rikabi, that the Iraqi banks without funds and has been unable to cover the bank guarantees and investment incentives provided by the Iraqi government to foreign investors. He accused the government of hindering the work of Iraqi banks the ability to work and project finance, criticizing withdrawing money from banks and the Iraqi market liquidity.
The newspaper quoted Emirates on yesterday, Thursday, al-rekabi “ that those who follow it from the amount of money that have taken place recently by the government and of the financing of infrastructure projects ”. “ Said the Iraqi government has declared on last June 12 of this year, it agreed to add $927 million to supplementary budget to carry out some infrastructure projects on electricity this year, 2011, as well as the International Monetary Fund agreed in February 2010 to give Iraq a loan of 3,7 billion dollars spent on payments over a two-year period ”.
Al-Rekabi Said “ not to mention the money the Iraqi development Fund received by the Iraqi government at the end of June last which are estimated at 250 billion dollars, or that the Iraqi banks in particular the Central Bank of Iraq was certainly able to finance these projects or to provide guarantees to help Iraqi banks to take the more credible financial sheet, but they were unable ”.
He said “ banks are unable to provide guarantees for projects needed by the Iraqi state, al-warka ' Al-Ahli for development and investment, Basra, the WHO unable to provide cash and support some of these projects, which are one of the biggest of the government for the rest of the Iraqi banks ”.
He added that “ what is surprising, despite the fact that the 2011 budget amounted to 79,6 billion dollars, or up to 8 billion US dollars year-on-year on the basis of 73 dollars per barrel, the oil and the increase in oil prices that exceeded one hundred dollars per barrel, an increase in Iraq's oil exports, which reached more than two million barrels per day, but that the Iraqi government had large sums of money from a bank of Warka, the United Nations, reached more than $20 million of each bank ”.
He said that the Iraqi diplomatic had made a considerable effort to convince South Korean companies to come to Iraq and some infrastructure projects, but these companies have had to withdraw from the contract, which was agreed in the past to implement them.
He said that the Iraqi government continues to believe that a basket of incentives offered to foreign investors at the beginning of contracts, is enough to make it able to overcome the obstacles that face its work with Iraqi banks, the latter did not have sufficient funds to cover the bank guarantees later.
He clarified that the Iraqi banking system imposed on foreign companies to bank guarantees issued by Iraqi banks Exclusively, which runs counter to the capacity of Iraqi banks to secure these guarantees.
He pointed out that the visit of Iraqi Prime Minister nouri Al-Maliki to China recently and his attempt to convince Chinese enterprises to enter the momentum of the reconstruction of Iraq will not be an easy task, especially after the withdrawal of a number of foreign companies, including South Korean companies of the electricity, water, transport and other infrastructure projects.
He stressed that the government is hampering the work of Iraqi banks the ability to work and project financing. He said that “ the policy of the unjustified by the Iraqi government, the Iraqi economy will lose its credibility in the global economy and will lead to the withdrawal of more foreign companies. (Eventually).
http://www.ipairaq.com/index.php?name=inner&t=economy&id=41148
2011-07-22
Baghdad (IBA) follow-up to economic analyst, said Sadiq Al-Rikabi, that the Iraqi banks without funds and has been unable to cover the bank guarantees and investment incentives provided by the Iraqi government to foreign investors. He accused the government of hindering the work of Iraqi banks the ability to work and project finance, criticizing withdrawing money from banks and the Iraqi market liquidity.
The newspaper quoted Emirates on yesterday, Thursday, al-rekabi “ that those who follow it from the amount of money that have taken place recently by the government and of the financing of infrastructure projects ”. “ Said the Iraqi government has declared on last June 12 of this year, it agreed to add $927 million to supplementary budget to carry out some infrastructure projects on electricity this year, 2011, as well as the International Monetary Fund agreed in February 2010 to give Iraq a loan of 3,7 billion dollars spent on payments over a two-year period ”.
Al-Rekabi Said “ not to mention the money the Iraqi development Fund received by the Iraqi government at the end of June last which are estimated at 250 billion dollars, or that the Iraqi banks in particular the Central Bank of Iraq was certainly able to finance these projects or to provide guarantees to help Iraqi banks to take the more credible financial sheet, but they were unable ”.
He said “ banks are unable to provide guarantees for projects needed by the Iraqi state, al-warka ' Al-Ahli for development and investment, Basra, the WHO unable to provide cash and support some of these projects, which are one of the biggest of the government for the rest of the Iraqi banks ”.
He added that “ what is surprising, despite the fact that the 2011 budget amounted to 79,6 billion dollars, or up to 8 billion US dollars year-on-year on the basis of 73 dollars per barrel, the oil and the increase in oil prices that exceeded one hundred dollars per barrel, an increase in Iraq's oil exports, which reached more than two million barrels per day, but that the Iraqi government had large sums of money from a bank of Warka, the United Nations, reached more than $20 million of each bank ”.
He said that the Iraqi diplomatic had made a considerable effort to convince South Korean companies to come to Iraq and some infrastructure projects, but these companies have had to withdraw from the contract, which was agreed in the past to implement them.
He said that the Iraqi government continues to believe that a basket of incentives offered to foreign investors at the beginning of contracts, is enough to make it able to overcome the obstacles that face its work with Iraqi banks, the latter did not have sufficient funds to cover the bank guarantees later.
He clarified that the Iraqi banking system imposed on foreign companies to bank guarantees issued by Iraqi banks Exclusively, which runs counter to the capacity of Iraqi banks to secure these guarantees.
He pointed out that the visit of Iraqi Prime Minister nouri Al-Maliki to China recently and his attempt to convince Chinese enterprises to enter the momentum of the reconstruction of Iraq will not be an easy task, especially after the withdrawal of a number of foreign companies, including South Korean companies of the electricity, water, transport and other infrastructure projects.
He stressed that the government is hampering the work of Iraqi banks the ability to work and project financing. He said that “ the policy of the unjustified by the Iraqi government, the Iraqi economy will lose its credibility in the global economy and will lead to the withdrawal of more foreign companies. (Eventually).
http://www.ipairaq.com/index.php?name=inner&t=economy&id=41148
