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20/09/2011
Experts and specialists discuss the monetary policy of Iraq and the need to promote the national economy
During the symposium focused on the development plans
BAGHDAD - Haider Flaih spring
As everyone was present to discuss Iraq policy, monetary specialists, experts, fans, academics and civil society organizations, was absent most prominent is the Central Bank of Iraq, the most important in planning the policies of Iraq's cash, and follow-up results of those plans and what can be to lead him from the results, we have intensified Hall seminar, entitled ((Review of monetary policy for Iraq in the period 20011-2016) and resulted from the policy of the data over the past years and the success of their application to many of the discussions that focused on the need to go beyond Iraq to imbalances structure, which objected to the growth of its economy during the past periods and in the absence of clear economic visions for Iraq and the lack of harmony scientific cooperation between fiscal and monetary policy, and loose some economic phenomena and not to control unemployment and inflation.
And discussed the conference organized by the Iraqi Institute for economic reform of many important topics, which fed mostly towards assessing central bank policy cash over the past years, as discussed research sober dealt with it with some analysis and detail.
The conference was opened by Dr. Mahdi Al-Hafiz study titled "Asamah main monetary policy in Iraq," which suggested that the economy inherited a long period of instability, as well as for the instability of the currency, so the review of currency exchange rate should be accompanied by economic stability ...
Followed by an economic advisor to Prime Minister Dr. Abdul Hussein Al-Anbuge study dealt with the compatibility between monetary and fiscal policy, as well as research sober other Associate Dean of the Faculty of Business and Economics at the University of Mustansiriya Dr. Falah Hassan Thuwaini who was involved research on the independence of the Central Bank in light of Law No. 56 of 2004, and further research of the economist, Dr. Majid picture, and university professor Dr. Thoraya Khazraji and researcher Haider Jibouri.
Symposium in general dealt with aspects of development in the Iraqi economy, not only on the aspects of the stability of the currency or the exchange rate being the most prominent areas of monetary policy, which carried the emblem of the symposium ..
As well as standing precisely on the policies and strategies of economic task that some say are absent, while the response to the economic advisor to Prime Minister Dr. Abdul Hussein Al-Anbuge saying: that Iraq is a country replete with policies and strategies important economic ...
But the Anbuge confirmed that the poor implementation of some of those policies is what is wrong with their application on the ground, citing that the five-year plan for the country and to their implementation by the deviation of the budget for public support by 50 percent, according Anbuge.
Criticized Anbuge during his intervention as well as central bank policy development which asserts that its absence is almost complete, and asked in this regard "The monetary policy emphasizes the stability of the viable conditions for development, where is the development created by the central bank through its policies for the years past?...
He also said that monetary policy has become a factor impeding the development in Iraq.
Monetary policy did not meet the aspirations of the national economy
And pointed Anbuge also said that the Reserve interest rate figures are high and amounted to about 25 percent is led to the obstruction of investment projects and the reluctance of companies and businessmen from the implementation of the project strategy in Iraq, as well as his criticism of the project to delete the zeros, which he said the project is successful and holds any value to the local economy but it is subject to corruption and waste of money, but he also said "This project will cost the state nearly a billion dollars, at a time when the government to fund their payment method on credit and its pursuit of soft loans," he said, adding that the central and according to its monetary policy working on the accumulation of reserves, which amounted to nearly $ 60 billion does not seek to launch even a fraction of them to activate the private sector or some of the problems that stand in the way of the national economy in general.
Criticized the Chancellor as well as the working methods of the government banks that said they were still ways behind it the same way the banking that were practiced in the contract fifties of the last century, asking the role of the Central Bank of the process of banking reform.
Intersection of government policies with monetary policy, and shame on the application of fiscal policy in Iraq not to bring them in line with some of the resulting disruption and a clear breach of much vision and strategic plans economic, which had hoped the government implemented on the ground, and also refers to the economic expert, contrary goldsmith Speaking (morning), indicating that the seminar addressed the review of the monetary policy for the period from 2006 to 2011 ..
Explaining at the same time that the monetary policies pursued by the Central Bank was with the impact of an active role in the economic stability of Iraq, noting that the views that go on to say that the policies of the Central Bank were not compatible with the concepts of macroeconomics can call it pessimistic views, although the health of some of what is stated, stressing that the policies pursued by the government policies were not impact positively to the achievement of the objectives consistent with the policies adopted by the central bank, in other words that there was no policy coordination, as well as the fiscal policy with a lack of coordination with the monetary policy affected the results he was hoping to get from the policies of the Central Bank.
The jeweler touch indicators demonstrate the existence of the intentions of the government to adopt a fiscal policy with clear objectives achieved at the end of budgets, public finance.
And on the strategic policies of the general budget for the years 2011 - 2016, which were discussed during the seminar, the jeweler to have focused on important topics not dealt with in previous budgets, Kmoduah financial reform and the reduction of government spending and reform financial institutions, to ensure not reduce the levels of spending only but enhance the performance of government institutions, monetary institutions, including the Central Bank.
Hinted jeweler to the seminar touched on the subject of tax reform and to address what is going on in this policy is faulty as it did not give positive results during the period the former, stressing that the activation of these financial facilities capable dismissed the Chief Financial budgets working for the country more money.
Noting that the strategic policies of the budgets of the next also focused on the importance of restructuring the oil sector and leading to the expansion of production of this sector and increase the potential production and export and thereby to increase the financial returns , and this will ensure the existence of levels of financial returns more than come earlier, and to direct those funds later to the productive sectors that are falling behind on the oil sector to be its contribution to GDP Kalqtain agricultural and industrial in the words of the goldsmith, who also noted that the strategy of the budget focused on the importance of administrative reform and the participation of the private sector to be an active partner in the economic process and the restructuring of private and public sectors in order to raise performance.
The jeweler said axes seminar focused on monetary policy and dealt with in some detail the economic process overall process is consistent with each other, explaining that the previous times there was a Feedback and Problems in the financial policy of the country unlike monetary policy, which was going according to criteria of economic laws internationally recognized.
Calling for the creation of an atmosphere of coordination and harmony between monetary and fiscal policy for the inability of the central bank alone to play away from fiscal policy and the need that there be a correlation between the two policies.
An invitation to amend the Central Bank Law and a majority of the participants in the seminar that a number of laws must be approved and changed again to revive the fiscal and monetary policies in Iraq, particularly the Central Bank Law, which they said he needed to change and review the minutes for the recovery of monetary policy in Iraq, and also shows the decision of the meeting economic researcher on behalf of the Patriarchs, that when He (morning) that the seminar was to review monetary policy and the steps taken in this regard since 2006 and assess the tools used by the central bank, adding that the participants discussed the main insights that can establish the objectives of the Central Bank in future periods and their impact on Basic Principles of public in the country and measure the success or failure.
And confirms the Patriarchs that most participants agreed that there is a high percentage of crashes fiscal and trade and thus for almost agreed that monetary policy was more effective in the country during past periods, explained researcher, said the seminar came to a number of views the task that comes in the forefront the need to amend the Central Bank Law No. 56 of 2004 in line with the new reality of Iraq, as well as demanding the participants of the importance to adopt a central subject of development as one of the important objectives as well as stability of cash.
The Brahimi said the central bank began to take a flexible with high economic variables and political by reviewing the objectives and plans between now and then to give good results according to these variables, and expected to hear the organizers of the Central all the views that you intend to evaluate its performance in future periods or modify some of the paragraphs of its law in the light of economic data and public in accordance with the views and opinions presented by the specialists and researchers in the economic affairs of Iraq.
Iraqi economy needs to be managed by specialists such phrases occur, an economist on behalf of Jamil Antoine (morning), confirming that the seminar focused on the significance of the diagnosis of the obstacles the real object trajectory of the national economy both in terms of monetary policy discussed during the seminar or fiscal policy, criticizing the absence of the Central Bank of the symposium, which he said she had discussed extensively the reasons for the attempts to change the currency, which had to be on the Central attendance to provide justifications on the matter, said Antoine:
That everyone agreed on the importance that attaches the government of great importance because allow for the development of economic plans by professionals exclusively, because the errors of economic is not an easy reform, and may leave the problems can be experienced by the country for many years.
The expert explained that the opinions put forward the calls not to isolate the fiscal and monetary policy for the Iraqi reality in the near term, because the economy was moving randomly and dominated by prescrïption rentier, stressing that the economic plans of the former could not do the productive sectors of the real Kalqtain agricultural, industrial and tourism that accompanied these plans a lot of confusion.
And called Antoine and the authors of the monetary and fiscal policy to create an atmosphere of a true face of what is going on in the national economy from the problems of real Kaltdkhm and unemployment and be able to implement development plans away from intersections and opinions different from each other and which do not result in normally only economic and financial crises.
Calling at the same time, the economic committees in the House by taking on the responsibility of monitoring and control of foot-dragging in the economic plans and follow-up of corruption, who said he was the most prominent Marqlat growth and implementation of strategic projects, at the same time criticizing what has been achieved in the completion rates of investment projects for the year 2010, which did not exceed 34 percent, at a time when everyone demands to raise investment funds in the budgets of the coming years.
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