The Iraqi Trade Bank announces a decrease in the volume of financial allocations to the government departments


The Iraqi Trade Bank announced on Monday that the volume of credits for government departments and government institutions dropped to less than half during the last year 2017, in amounts not exceeding four billion dollars.

"The bank, at an average annual rate, was opening external appropriations for ministries and government departments that exceeded 1,500," said Faisal Al-Hims, director of the bank, in an interview with the official Al-Sabah newspaper.

"The year 2016 saw the granting of credits amounting to 10 billion dollars, Economic measures and reduce the waste of public money contributed by reducing the opening of credits during the last year 2017 to about 600 credits in an amount not exceeding four billion dollars.

"The central bank has been able to overcome many of the difficulties in managing the financial crisis and build a strong reserve, and this is the testimony of the International Monetary Fund and the strengthening of gold reserves."

He explained that "the bank is working on a daily basis to employ liquidity for the new projects provided for the public and private sectors to finance them, and also to study any request for the establishment of small or medium, industrial or commercial projects, because its establishment is an important part of the process of revitalizing the economy and provide employment and stimulate the economic wheel "He said.

"The bank has also managed to finance the government with amounts of up to $ 3 billion. It is repayable through the 50 percent annual profits of the government because it is the only contribution to the bank, which helps it cover part of its financial needs for the operating budget," he said.

"The bank is the first to introduce electronic payments through the Visa system, but this system was not activated at the time, but the process of settling the salaries of employees during the last two years, prompting the bank to activate the electronic payment system,

through the implementation of the system" Visa Card, "and thus the bank quickly stepped up to increase the payment of salaries through the system and provide services to pay and manage accounts electronically.