Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed the contents of a government plan to recover funds and collect bad debts accumulated for historical reasons.
Saleh said in a statement to the official agency, “The government has granted the government banking system in general and the Iraqi Trade Bank in particular, sufficient flexibility in re-collecting its uncollected debts granted to various natural and legal persons that have accumulated over many years, in accordance with a fair and highly flexible collection program in At the same time, which makes the assets of government banks and the Trade Bank of Iraq at a high quality level on an ongoing basis, and at the same time enhances the sustainability of government banking, financing official foreign trade, and strengthening financing guarantees related to strategic development opportunities in the country.”
He added, “The government has adopted a flexible plan to recover funds, especially those that are in default due to accumulated historical reasons. It is a plan that will adopt flexible and solid solutions that are in the interest of the strength and stability of the government banking system and strengthening its assets and financial leverage.”
He continued, “The financial and monetary authorities will exert, through their policies, supportive measures for the government banking system, which is no less important than the reform policy adopted by the aforementioned banks themselves and in accordance with their current development program in building an integrated, highly efficient banking market that serves the sustainable development and stability of the national economy.”
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