Government reforms are inevitable and the digital economy is the gateway to multiple resources
The participants in the Finance and Banking Services Conference and Exhibition in Iraq unanimously agreed that the reform process adopted by the government is inevitable, and is considered the gateway to the world of sustainable development that the country aspires to.
The conference, which was organized by the International Frontier Exchange, witnessed an official local and international presence that addressed the reality of the financial sector and its advanced technologies, and the shift towards digital transactions that the local market is witnessing, and is rapidly evolving, requiring careful follow-up by our banking system.
Finance Minister Dr. Ali Abdel Amir Allawi said: “The government has adopted an important reform path that won the approval of major international organizations specialized in economic affairs,” pointing out that “Iraq must actually move towards achieving a plurality of resources, taking advantage of the country’s total assets.” .
He stressed that “the trend towards the digital economy is a necessity and contributes to development and expands job opportunities and requires bringing digital infrastructure and supporting its skills, financial and digital services, and attention to digital entrepreneurs,” calling on government banks to digitize their operations on an effective and competitive basis.
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, stressed that “the Central Bank has an important role in achieving macroeconomic balance through the various monetary policy tools, especially after the financial and economic challenges that Iraq faced.”
Pointing out that «this bank, in order to stimulate economic activity and reduce unemployment, launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, in addition to the central bank deducting treasury transfers 2020 and 2021 for the necessary financing for the Ministry of Finance despite the increase in debt. And the negative impact, but the historical necessity requires it.”
The Chairman of the Board of Directors of the Trade Bank of Iraq Salem Chalabi talked about the issue of credit and assistance to the private sector, and said: “The focus during the next stage should be on the private sector, to accommodate the numbers of human resources that enter the labor market annually,” noting that “the bank is looking with The World Bank has some projects to support the private sector, as we are studying 22 project opportunities that provide more than 80,000 job opportunities.”
Canadian Ambassador Orlik Shannon said: “The topic of the conference is important and we are present to help Iraq restructure its financial systems,” noting that “the Corona pandemic has accelerated society’s interaction with digital financial transactions,” praising the “draft of reforms proposed by the government and heading towards the private sector, Creating an environment that welcomes foreign investment.
The insurance specialist, Yasser Sabri, stressed that “insurance companies still have a prominent and pivotal role in the development and accumulation of premiums in any country to employ them in the process of protecting and developing economic and development structures, and everyone knows what this sector represents in protecting the national wealth, individuals and institutions, against the risks that surround And designing ways to confront them, especially as we are heading towards a broad and comprehensive reconstruction campaign for infrastructure and a qualitative leap in investments in various urban, industrial and agricultural fields.”
He cautioned that «the importance of this sector is not limited to securing individuals and companies only, but also takes an important advisory role in risk management, especially those related to high-risk investments such as airports, ports, transport projects and giant infrastructure projects; Because of its great importance in the development of the joints of the state and society.”
The specialist in economic affairs, Muhammad Abdul Hakim, stressed that “the Iraqi economy is the most successful in the region in its interaction with the digital economy, which is expanding horizontally and at acceptable rates, and Iraq has become a destination for the region’s companies and the most important companies in the world.” He pointed out that “reliance on international companies in the digital economy will make us lose profits and their amounts will go to markets outside the country, and here it is possible to benefit from global experiences in this field, and the digital economy is managed by local companies, and that there is protection for companies.”
In turn, the Executive Director of the Association of Private Banks, Ali Tariq, said: “Digital services facilitate performance and the multiplicity of services obtained by citizens and institutions.” Urging “the need to adopt it and be at the forefront of the projects that the country should head towards.” He pointed out that «Iraq has 35 government and private banks that issue digital cards, 20 electronic payment companies and 4 mobile payment companies, and we have nearly 5 million bank accounts». link
Source: Dinar Recaps
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