Finance Minister announces presenting a study to reform government banks

 
Baghdad-INA
 
Finance Minister Ali Allawi announced on Saturday, presenting a study to reform government banks.
 
Allawi said in a speech during the Fifth Finance and Banking Exhibition Conference in Iraq, which was attended by the reporter of the Iraqi News Agency (INA): "Since we took over the Ministry of Finance, there have been several studies presented to the government and the Central Bank, and we took the challenge seriously to change and reform government banks."
 
He added that "the Ministry of Finance saw the urgent need to develop the resources of the economy," noting that "it is not possible to manage matters with the dominance of the public sector and Iraq is a free economy."
 
Allawi added that " To make way for the private sector, the competition base must be equal, and that reforming banks is one of the most important priorities of the banking sector," noting that "Iraq is very far from privatization in the banking field."
 
He stressed that "the most important step is the restructuring of banks, which is not an easy process, and that re-arranging government banks requires time and an economic vision."
 
He added, "The ratios between the private and public sector are the same for 20 years, and that the government sector accounts for 70% of the banking business, and this is unhealthy, and these ratios do not exist in any other country."
 
He emphasized that "Resources mobilization is an essential part of the economy, and that the savings come from the state, corporate profits or the outflow, and in Iraq the outflow is dependent, and this cannot be relied upon, and the environment must be changed to receive the outflow."