Parliamentary Finance confirms abandoning borrowing

The Parliamentary Finance Committee confirmed on Sunday the final abandonment of the borrowing law at the present time, noting that there is no urgent need for it in the upcoming period, explaining that the 2027 budget coming from the government will include the necessary solutions within its provisions. Committee Chairman Oday Awad stated in press remarks that the banking reform file represents an imperative necessity under current economic conditions, pointing out that the banking sector, both governmental and private, failed to rise to the level of the current financial crisis and did not provide any actual contributions to contain it, while noting that private banks possess good capabilities given their extensive international cooperation and correspondence. He added that private banks presented a package of reform proposals that will be discussed with the Central Bank of Iraq, questioning the reasons why local banks do not emulate their Gulf counterparts in granting facilities, loans, and deposit guarantees to enhance mutual trust between the citizen and banking institutions, with the announcement of holding regular periodic meetings with these banks. Regarding the foreign currency crisis, Awad pointed out that depriving a number of banks from dealing in the US dollar is a realistic matter, attributing the reason to the affiliation of some of them to political agendas and parties, stressing the necessity of neutralizing the financial situation and preventing any partisan or political interventions in it, while committing to finding radical treatments and solutions whose tangible results will appear in the few coming days.