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World Bank: The Central Bank has succeeded in enhancing confidence between banks and citizens

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World Bank: The Central Bank has succeeded in enhancing confidence between banks and citizens

Unread postby admin » Mon Jul 02, 2018 9:51 am

World Bank: The Central Bank has succeeded in enhancing confidence between banks and citizens

02-07-2018 12:13 PM

World Bank - The Central Bank has succeeded in enhancing confidence between banks and citizens

The World Bank announced that the Central Bank has succeeded in enhancing confidence between banks and citizens, revealing the existence of six projects in Iraq, this year worth 1.4 billion dollars, while disclosing the establishment of projects worth 4.6 billion dollars in the past years.

The World Bank representative in Iraq, Yara Salem, said in a press statement, in cooperation with the Iraqi political and economiccenter, that "the World Bank has presented in Iraq this year six projects worth 1.4 billion dollars, but over the past years provided a total of 4.6 billion dollars."

She added that 'the World Bank has provided a large package of projects in Iraq are loans aimed at improving conditions in liberated areas and the development of infrastructure such as schools, bridges and medical centers, and at the same time the development of social aspects in those areas through the provision of soft loans to support small projects', pointing out that' the years The coming will see an expansion in the projects, and sectors of different sectors including transport, education and health '.

"The economic reforms carried out by the government have positive effects in the long and near term and its reform program requires the imposition of some customs duties to strengthen its financial resources to complete investment operations in the liberated areas. This is normal for a country that seeks to maximize its economic resources," she said. That 'the taxes were developed in accordance with financial policies and standards rational and in a way that serves all segments of society, especially the extremely poor.'

The representative of the World Bank in Iraq, confirmed that 'the Iraqi government is moving towards reducing its debt below the 60% of GDP, the limit reached by the index of public debt relative to gross output', believing in 'the possibility of the government to pay many of these debts, especially in light of the rise Global oil prices'.

"The World Bank is assisting the Iraqi government to develop the banking sector by offering reform proposals, restructuring and reform of the governance system in order to optimize the use of existing resources in banks and increase citizens' banking awareness," she said.

She stressed that 'the central bank is working hard to put in place many measures that will enhance confidence between the citizen and the banking sector, but it is an effort that requires continuous work.

Yara Salem called on the Iraqi government to reduce reliance on the government sector to recruit graduates and encourage employment in the private sector and increase employment opportunities by creating an appropriate business environment that contributes to building the economic process.

She added that the Council of Ministers will hold future meetings with representatives of the private and public sectors in order to improve the standards that should be used to standardize customs tariffs between all border crossings and use technology to ensure transparency in dealing.

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