The launch of soft loans for the unemployed in Wasit delayed due to financial crisis

by **Ponee** Fri Dec 18, 2015 10:33 am

Commission announced the citizens' affairs in the Wasit Provincial Council, for not firing soft loans for the unemployed in the province so far, because of the financial crisis that most government sectors experiencing.

The Chairperson of the Committee Hana Khazaal al-Mayahi, a reporter of the National Agency Iraqi News / nina /: "The fiscal austerity and the lack of financial abundance, are the reason for not launching soft loans for the unemployed, which greatly impacted on the rehabilitation of the unemployed programs and provide job opportunities for them."

She added: "The large number of unemployed people who have completed their transactions Over the past months by recording the loans department in the Department of Labor and Social Security, they did not get so far on concessional financial loans, and there are correspondences with the authorities concerned of the need to provide financial liquidity to launch loans and run hands unemployed especially young people work and the disabled "

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by **Ponee** Fri Dec 18, 2015 10:35 am

Abadi adviser confirms the launch of small loans a week ago and warnings from the acquisition of private banks

Economic Adviser to the Prime Minister Haider al-Abadi, on Tuesday, announced that the micro-credit project for citizens launched a week ago, and stressed that the central bank has introduced a private circle follow-up, and among economist that the project "has not been studied," about an in-depth, warned of the possibility of acquisitions of private banks from During the "fake names."

He said the appearance of Mohammed Saleh, said in an interview to the (long-Presse), "The small loans to citizens which are estimated Petrleon and 500 billion dinars, launched a week ago," noting that "the right of citizens who have small businesses obtained from the private banks, which holds the lending on behalf of the Bank Iraqi Central accordance with the conditions specified ".

Saleh added, "The lending process is subject to the supervision of the audit," noting that "banks, which holds the base that will prepare information for each borrower to know the beneficiaries and to monitor any violation."

He continued economic advisor to the prime minister, that "the Iraqi Central Bank introduced a competent circle small loans," pointing out that it "will give policy implementation, supervision and checking on those loans."

Expert warns of the potential downsides
For his part, counting an economist that "small loans involving cons about being not studied in depth," warning of "the possibility of acquisitions by private banks through fictitious names."

Said Hassan al-Asadi, said in an interview to the (long-Presse), "The economic sector was neglected in 2003 ago and even now, with plans or legislation enacted what encourages the private sector to promote Bdhor be required did not include", he returned to "loans constitute a positive step to support the industrial and agricultural sectors. "

And saw al-Asadi, that "small loans involve some drawbacks, because the state used to be pumped about random loans without in-depth study."
He accused the economist, "the private banks which would grant small loans, to prepare lists of fake names, to pull the largest part of the $ trillion and 500 allotted billion dinars," likely "not achieve the desired micro-credit as a result of the lack of data or in-depth studies for distribution base, along the lines of What happened in the agricultural initiative, and housing loans that have not achieved the desired ones. "

And saw al-Asadi, that "the first state was careful to launch small loans until the preparation of studies on them."

The Central Bank of Iraq, said in (the 23 of June 2015), the launch of loan amounts medium and small enterprises by the Iraqi private banks beginning in July 2015, while between that loan amounts of up to 50 million dinars, he stressed that banks benefit will not exceed 5.5 percent.

The Iraqi Association of private banks, announced in (the 13th of September 2015), the Central Bank announced the launch of an increase of half a trillion dinars, the budget allocated to the financing of small and medium enterprises, to stimulate the private sector and promote employment opportunities for young people.

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The launch of soft loans for the unemployed in Wasit delayed due to financial crisis

The launch of soft loans for the unemployed in Wasit delayed due to financial crisis

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