Al-Nusiri: Overcoming our economic crisis depends on stimulating production and diversifying the sources of revenue

[Butifldrm]

Al-Nusiri: Overcoming our economic crisis depends on stimulating production and diversifying the sources of revenue

 

The economic and banking advisor, Samir Al-Nassery

  

 money and business

The Economy News - Baghdad

Economic and banking expert, Samir Al-Nusiri, said on Thursday that the Iraqi economy, through study, analysis, capabilities, and available factors, can overcome imbalances, deviations, and poor performance in the economic structure and achieve balanced and diversified economic and structural reforms of the economy, with the assumption of transcending the objective and subjective economic conditions that Country lives.

In his speech to Al-Iqtisad News, Al-Nusairi added, “Stimulating, encouraging and supporting the private sector in accordance with the vision of the strategy of developing the private sector (2014-2030), which is based on what is stated in Article 25 of the constitution which states (developing a vital and prosperous national private sector locally and regionally competing And integrated globally with the aim of achieving economic diversification, sustainable development and job creation) is a necessary and appropriate step.

 He indicated "the necessity of leaving the rentier economy dependent on 93% of oil revenues and developing other vital economic sectors, agricultural and industrial, through the restructuring of state-owned industries and the gradual shift towards the private sector, and encouraging partnerships with local and foreign investors as well as, Consider the legislative environment for the work of the industry and provide the infrastructure to secure the requirements of the work environment, and expand the establishment of industrial zones.

 Al-Nusairi also counted, “Promoting the reality of agricultural production and livestock, providing effective supplies and treatments for fields and farms, maintaining irrigation and drainage projects, supporting agricultural products intended for export, improving the quality of seeds and ensuring the state’s prices, as well as providing support to small and medium-sized projects and granting soft loans, to ensure the availability of resilience and economic advancement. ".

He stressed that "the country's suffering from its suffocating economic and financial crises for the above reasons has not gone through since the 1990s and the imposition of the economic blockade, due to the lack of sincere and real intentions for reform, the loss of methodology and structural imbalance in the economy as well as the mismanagement of public funds and the failure to approve the general budget for 2020 , Not to mention disposing of the country's money without rational economic and financial planning. "

Al-Nusairi pointed out that "the reports issued by the International Monetary Fund indicate that Iraq and some of the oil-producing countries will suffer from the rent of oil and its price fluctuations down and up, which will fail all the development plans of the countries for the coming years without initiating the development of other resources and diversifying the sources of revenue, and since the country It has the elements of resilience and economic advancement and is represented by having the fourth oil reserves in the world and water resources in addition to a workforce estimated at more than 10 million people able to work, and experts in the economy and money possessing academic and executive experiences, he can overcome the crisis and other A healthy c, by providing an appropriate work environment and ensuring an encouraging investment climate to bring in private capital and contribute to economic development and stimulate the productive sectors in agriculture, industry and tourism and review the structure and presentation of the public budget.

 Al-Nusairi concluded his speech by referring to the insufficient legislative environment for economic management and the laws that regulate economic work, which requires reconsidering and making fundamental adjustments for all of them in line with the new situation of economic management, to reduce unemployment cases that rose to more than 30 percent and the poverty rate that exceeded 25 percent, which are indicators Negatives indicate the aggravation of the Iraqi economy crisis.

http://economy-news.net/content.php?id=18928

[trident]

2 hours ago, Butifldrm said:

aim of achieving economic diversification, sustainable development and job creation) is a necessary and appropriate step.

no kidding Sherlock, Samir Al-Nusiri is pointing out the bleeding obvious, just more hot air as usual.

[nannab]

4 hours ago, trident said:

no kidding Sherlock, Samir Al-Nusiri is pointing out the bleeding obvious, just more hot air as usual.

 

[screwball]

These people are seriously dumb as dog doo doo!

[6ly410]

The strategy of the Central Bank of Iraq (2016-2020) is a systematic application of banking reform

Adviser and banking expert, Samir Al-Nassery
  http://economy-news.net/content.php?id=18934
 
Samir Al-Nassery *
The Central Bank of Iraq launched its strategy for the years 2016-2020 in conjunction with Iraq facing an economic and financial crisis because of the global oil price drop by more than 70% and a security crisis by occupying terrorism up to 40% of the country’s lands. The strategy drew a clear road map for the goals and policies for the next five years and the circumstance was Iraq At the time, an economic situation is cruel, complicated, and full of risks, confusion, confusion, and chaos at the level of internal and external economic and financial relations, which is important to us as specialists in economic and banking affairs. What are the new mechanisms and policies adopted by the Central Bank and The government and private banks and related parties regarding banking reform, according to the desired fundamental change approach to the national economy contained in the strategy, which constitutes the banking sector, the first and primary link in it.
The central bank strategy has defined and charted the path for banking reform according to the following main objectives:
* support and achieve financial stability

* Activating the role of the banking sector and financial institutions.
* Developing the organizational structure and organizational structure.
* Development of human capital.
* Activating and integrating internal and external relations.
 
Since these strategic goals have been defined as a period of five-year applications for the achievement of 23 sub-goals that I derive from are based on achieving financial stability, establishing the financial system, generalizing financial inclusion, and arriving at an institutional and structural reform of the banking sector in Iraq.

Through an analysis of the mechanisms and points of action to achieve the above goals, we note that the strategy set clear priorities for achieving reform and certainly that these priorities were diagnosed in light of the challenges facing the banking sector due to the stifling economic and financial crisis that Iraq suffers from for subjective and objective reasons which can be diagnosed as follows: -

It contributes to sensing risks and then taking the necessary means to deal with any risk.

Thirteen: Adoption of the unified bank number (IBAN), which contributes to improving the level of banking services, clearing services, and settlement of payments locally and internationally.

Fourteen: Commitment and action in accordance with the policies and procedures contained in the Governance Manual, which establishes transparency, disclosure and separation of management from ownership.

Fifteen: Issuing the electronic payment system for funds No. 3 of 2014, establishing the National Payments Council, governance controls, institutional management of information and communication technology, regulations and legal instructions that govern the work of banks and electronic payment services providers.

Sixteen: Establishing advanced and pursuit infrastructure for the latest global technologies, developing the bank's financial and banking systems, payment systems and advanced communication networks according to the latest technologies.
And the ownership of the central bank, banks and electronic payment companies for advanced payment systems as well as retail payment structures, and the National Divider was one of its most important parts.

Seventeen: Granting work licenses to many electronic payment services providers (card issuers, collectors, processing of mobile payment company operations, billing bidders and payment gateways through various channels).

It is clear from the above accomplishments that the central bank and the banking sector have overcome the challenges of the gap between Iraq and other countries because of the occupation and terrorism, and today it is proceeding with a steady step to achieve the digital transformation in the financial and banking sector and achieve financial stability and the transition from the cash community to the cashless community.
Therefore, the central bank strategy has proven that it has established, planned and made advanced steps towards the systematic application of banking reform.

* Banking expert

Number of views 70 Posted on 02/01/2020

Edited February 1, 2020 by 6ly410

[6ly410]

Let’s go IQD