On Saturday, the Parliamentary Economic Commission that Iraqi private banks experiencing financial shortage problem and the Iraqi government should support in order to manage this problem. A committee member Ahmed Salim said that there are a number of opportunities that can be explored to facilitate for private banking sector, including investment because we are modifying the Law No. 13 in order to bring foreign investment in the country. The country is directly linked with its economical situation. He further said that the Iraqi government is dealing well with the current Iraqi market situation and supporting the Iraqi private banks granting loans by the Iraqi Central Bank according to the terms and conditions.
Most of the banks are facing shortage of funds problem due to lack of money in the trading market, which unsatisfied the traders and investors from the private sector. It is further said that Iraqi security situation also created crisis which reflected bad impact on the Iraqi economy. There are many opportunities in the economic sector in Iraq, including opening foreign banks and exchange of bonds by the Iraqi private banks. These are the important factors to empower the Iraqi economy. He said that the Iraqi Parliamentary Committee has a lot of economic reforms for the country, but the security condition in Iraqi should be stabilized. Iraq is also planning to generate an emergency funding request of 400 to 700 million U.S dollars from the International Monetary Fund and at the other hand the Iraqi government has decided to issue bonds of worth 5 billion U.S dollars and it is under negotiation.