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Tishwash: Al-Alaq: Iraq suffers from abnormal loan repayment rates

The Governor of the Central Bank, Ali Al-Alaq, revealed today, Monday, that the rate of default in the repayment of loans to banks exceeds 20%, considering them one of the “anomalous” rates in the world.

Al-Alaq said in a statement to the newspaper “Al-Sabah”, that “Iraq suffers from the existence of the phenomenon of defaulting on loan repayments, which leads to the reservation of banks on the lending process in general.”

He added, “The default rate in loans exceeds 20%, and this is a record and anomalous rate compared to Iraq and the rest of the world, where the default rate does not exceed 1 or 2%.”

Al-Alaq explained, “When Iraq reaches this level, it makes banks and the lending authorities hesitate a lot and ask for more guarantees.”

He pointed out that “the solution to this problem lies in the existence of thinking by specialists, and that the government respond in one way or another to find a treatment for this.” The matter is, because it is one of the general phenomena that make banks reluctant to provide loans. ”  link

Tishwash:  The date for the vote session on Al-Kazemi’s government

Deputy from the Kurdistan Patriotic Union bloc on Monday suggested that an extraordinary session of the parliament be held next week.

Deputy Dylan Ghaffour said, according to her party’s media, that “the interactions in the Shiite house over the formation of the Al-Kazemi government did not reach a final agreement.”

Ghaffour added, “The share of the Kurds in Al-Kazimi’s government has not been determined yet.”

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