Central Bank Governor in the IMF meetings: Iraq is implementing its reform plans

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Central Bank Governor in the IMF meetings: Iraq is implementing its reform plans

 

 

 01 Apr 2021 05:41 PM

Mubasher: Mustafa Ghaleb Makhaif, governor of the Central Bank of Iraq, confirmed today, Thursday, that his country is continuing to implement its reform plans.

The Central Bank of Iraq said in a statement today, Thursday, that Governor Mustafa Ghaleb Mkhaif, a representative of Iraq, participated in the spring meetings of the International Monetary Fund.

Mkhaif stressed during a speech delivered at the meeting that Iraq is continuing with the implementation of its reform plans towards fiscal and monetary policy.

The governor noted that the Corona pandemic was and still is one of the obstacles facing the Iraqi economy, despite the preemptive measures that either the central bank or the government worked on.

The Governor of the Central Bank of Iraq affirmed the country's keenness on international and regional openness in a way that serves Iraq's economic and financial interests.

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Central Bank Governor: Iraq is implementing its reform plans

 

 

- 01-04-2021 05:31 PM - Views: 36,910

Central Bank Governor Mustafa Ghaleb Makheif confirmed, today, Thursday, that Iraq is implementing its reform plans.

The Central Bank of Iraq said in a statement received by "Tigris", that "the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, participated as a representative of Iraq in the spring meetings of the International Monetary Fund."

During a speech at the meeting, fearsome confirmed that Iraq is continuing to implement its reform plans towards fiscal and monetary policy. ”The

governor noted, according to the statement, that“ the Corona pandemic was and still is one of the obstacles facing the Iraqi economy despite the pre-emptive measures that the central bank or the government worked on, ”stressing. The country's keenness on international and regional openness to serve Iraq's economic and financial interests. "

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Central Bank Governor: Iraq is implementing its reform plans

Economie| 05:24 - 04/01/2021

 

 

 

 

Baghdad - Mawazine News
, Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed, on Thursday, that Iraq is implementing its reform plans.
The Central Bank said in a statement that Mawazine News received a copy of, that "his governor participated, as a representative of Iraq, in the spring meetings of the International Monetary Fund."
Frightening stressed during a speech delivered at the meeting, "Iraq is implementing its reform plans towards fiscal and monetary policy."
He pointed out, "The Corona pandemic was and still is one of the obstacles facing the Iraqi economy despite the proactive measures that the central bank or the government worked on," stressing "the country's keenness on international and regional openness in a way that serves Iraq's economic and financial interests."

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Iraq participates in the spring meetings of the International Monetary Fund

2021.04.01 - 17:24

 

  

Baghdad - People  

On Thursday, Iraq affirmed its intention to proceed with the implementation of reform plans, despite the obstacles it faces, especially the Corona pandemic.  

  

 

  

The Central Bank of Iraq stated in a statement that "People" received a copy of it (April 1, 20219), that "Governor Mustafa Ghaleb is scary. A representative of Iraq participated in the spring meetings of the International Monetary Fund."  

"Iraq will continue to implement its reform plans towards fiscal and monetary policy," Mkhaif stressed during a speech at the meeting.  

He pointed out that "the Corona pandemic was and still is one of the obstacles facing the Iraqi economy, despite the pre-emptive measures that either the central bank or the government worked on."  

The governor affirmed, "the country's keenness on international and regional openness in a way that serves Iraq's economic and financial interests."  

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Thanks Yota for all of your hard work!

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Official Press Release 

 

Thursday, 01 April 2021 14:37

ILO and the Central Bank of Iraq launch new financial initiative supporting youth and small and medium enterprises from host communities and displaced populations in Iraq

 

With support from the Government of the Netherlands, the initiative will provide young women and men and small businesses with access to much-needed financial services that will help them start and develop their own businesses, while addressing barriers to decent self-employment.

 

31 March 2021 Erbil, Kurdistan Region of Iraq (ILO news) The International Labour Organization (ILO) and the Central Bank of Iraq (CBI), with support from the Government of the Netherlands, have launched a new financial inclusion initiative to support host communities and displaced persons in Iraq. The initiative will target young Iraqis and forcibly displaced entrepreneurs as well as existing businesses to access much-needed financial services that will help them start and develop their own businesses, while addressing other barriers in the business environment hindering access to decent self-employment.

The initiative is part of efforts under the PROSPECTS Partnership for improving prospects for forcibly displaced persons and host communities, which seeks to improve access to employment, education and protection.

An event introducing the new initiative to partners was held in Erbil and virtually under the Patronage of the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Moukhif represented by the Deputy Governor, Dr. Ammar Hamad Khalaf. It was attended by the Minister of Labour and Social Affairs in the Kurdistan Region of Iraq (KRI), Ms. Kwestan Mohamad and representatives of the Ministries of Labour, Planning, and Youth and Sports, ILO’s social partners as well as the Consul General of the Netherlands in Erbil, Mr. Hans Akerboom. It also brought together a broad spectrum of ILO’s development partners and key stakeholders from the banking and finance sector.

“This is the first initiative in Iraq to provide beneficiaries with training, funding and financial guarantee, all of which are perquisites to the success of any enterprise. The Central Bank of Iraq will provide financing through the One Trillion Dinar initiative which is made available to all Iraqis who wish to finance their projects through participating banks, while the financial guarantees will be provided by the ILO and the Iraqi Company for Banking Guarantees. Training will be provided by the ILO, which is training trainers to support beneficiaries of this initiative” said the Deputy Governor of CBI, Dr. Ammar Hamad Khalaf.

During the event, a new financial inclusion strategy, developed by the ILO was introduced. The strategy is based on three levels of intervention that support the expansion of access to finance.

First, youth and existing businesses will be trained on business management and financial literacy to allow them to better handle their finances and relations with banks and financial institutions; and refer them to partner banks to access the needed financial services.

Secondly, it will build the capacity of financial institutions by training their staff on credit assessment and analysis, exposure to international experiences in financial inclusion, and Business Development Service (BDS) providers through various business development and financial education courses using ILO’s training methodology.

Third, the initiative will leverage CBI’s One Trillion funds to provide loans to referred entrepreneurs, while providing support to CBI for an overall conducive environment for enhancing financial inclusion in Iraq.

“This initiative empowers youth from vulnerable communities to use their talents and support their ambitions. Together with interventions by the other PROSPECTS partners, this initiative promotes not only employability, but actual access to decent employment through the development of the private sector.” said Mr. Hans Akerboom, Consul General of the Netherlands in Erbil.

“We have developed this initiative to tackle the issue of youth unemployment by giving young women and men the tools and means to create jobs for themselves and other youth in line with the Decent Work Country Programme priorities,” said Dr. Maha Kattaa, ILO Country Coordinator in Iraq. “In addition to providing them with the means to access much-needed financial services, it is important to provide them with the necessary training, so they are better equipped to manage and grow their businesses.”

PROSPECTS is a global partnership, which brings together the ILO, the United Nations Children’s Fund (UNICEF), the United Nations High Commissioner for Refugees (UNHCR), the International Finance Corporation (IFC), and the World Bank (WB).

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ILO’s Financial Inclusion Strategy in Iraq

Based on a mapping study of Iraqi’s financial sector conducted during PROSPECT’s inception phase and in close discussions and consultation with the Central Bank of Iraq and the Iraqi Company for Banking Guarantees, the ILO developed an innovative collaboration model in response to the identified challenges in access to finance and within entrepreneurship ecosystem in Iraq.

Type:	Publication
Date issued:	17 March 2021

 

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Within the framework of the Partnership for improving prospects for forcibly displaced persons and host communities (PROSPECTS), a programme funded by the Government of the Netherlands, the ILO’s focus in Iraq is on supporting thousands of forcibly displaced persons and host community members to access more and better livelihoods and decent job opportunities. It is doing so through an integrated approach supporting market-driven skills training; improving public employment services; implementing labour intensive infrastructure projects; promoting financial inclusion and entrepreneurship with focus on supporting business start-ups and small, and medium-sized enterprises (SMEs).

As part of its efforts to support private sector development with a focus on financial inclusion and entrepreneurship, particularly for young Iraqis and forcibly displaced persons, the ILO is collaborating with different partners to enhance financial sector functioning and engagement in Small and Medium (SME) lending while addressing barriers for access to decent self-employment for forcibly displaced persons.

In this context, the ILO and the Central Bank of Iraq (CBI) joined forces and signed a cooperation agreement at the end of 2019 to devise a new financial inclusion model for SMEs in Iraq. Following extensive discussions and consultations with CBI, the Iraqi Company for Banking Guarantees (ICBG) and partner banks, the ILO and CBI will launch their joint financial inclusion initiative in March 2021, developed under the framework of the PROSPECTS partnership and the one trillion initiative.

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Spring Meetings 2021 Curtain Raiser: Overcoming the Crisis and Building a More Resilient Economy