Al-Adad: Iraq is in a transitional stage in electronic payment, and there is no scarcity of dollars, 3 NOV

 Al-Adad: Iraq is in a transitional stage in electronic payment, and there is no scarcity of dollars

The advisor to the Prime Minister, Amer Al-Adad, denied any scarcity of dollar liquidity in Iraq, while confirming that the country is undergoing a transitional phase in electronic payments.

In a televised interview, Al-Adad stated that electronic payment points are a device that enables individuals to pay with an electronic payment card at points of sale. This technology is intended to increase the transparency of money movement in the country and preserve public money. It is part of a larger program aimed at transforming the country’s banking system. The objective is to leverage electronic technology to boost citizen confidence in the banking system and to channel household savings into the banking system. This will help stimulate the circular flow of the economy.

He said that the BUS system can help reduce corruption and cash loss. The government is making decisions to promote electronic payments and the possibility of using the payment system via phone. There is a strong political will to adopt this system. However, some merchants are hesitant to use electronic payment methods due to concerns about tax assessment. To ease their apprehensions, the government has provided many reassuring messages and exemptions to encourage the adoption of this system.

Al-Adad stated that there are currently between 7 million to 9 million cards in Iraq and this number will increase due to the imposition of fees. We are currently in a transitional period to avoid any confusion in the market. After this period, the emphasis will be on the electronic payment system. Al-Adad also mentioned that the culture of electronic transactions promotes transparency and helps in avoiding financial blackmail.

According to him, the reason behind the difficulties faced in development is the lack of a proper plan since the Reconstruction Council. He denied the claim that the government is facing financial instability due to a shortage of liquidity, and emphasized that there is enough money available, including hard currency earned from oil sales and currency auctions.

Al-Adad mentioned that there exists a reform management cell which is not solely responsible for administrative reforms, but also oversees the implementation of reform projects approved by the state within the government’s curriculum. The cell has a clear vision and aims to ensure effective execution of these projects.

During a recent discussion, he stated that there are two tracks they are working on: the government program and the implementation of the program and reform plan by the ministries. Additionally, the economic reforms currently being implemented by the government are being taken seriously and closely monitored. Upon further review of the reform program, it was discovered that the targets did not align with the goals. As a result, new targets have been established for each goal.

Al-Adad stated that the current government is the first to create a plan that benefits future administrations. He acknowledged that external variables, such as fluctuations in currency values, and internal political stability, play a role in economic growth. However, he emphasized that Iraq is fortunate to have both political stability and high oil prices, which have contributed to the improvement of the Iraqi economy.

During a recent interview, the speaker highlighted some of the challenges that the state faces in terms of structure and circular flow. These challenges include the collection of taxes and customs, as well as weak confidence in the banking system. To tackle these issues, the government is focusing on developing a new plan for the knowledge economy and is seeking new ways to diversify financial revenues. The speaker emphasized the government’s commitment to changing the structure and diversity of the Iraqi economy. Finally, the speaker expressed their belief that the mixed sector experience has been proven to be a failure in Iraq and is therefore useless.

Al-Adad stated that although collection is the responsibility of the state, the private sector has taken over this type of contract. The experience of electronic collection of electricity has been largely successful, as demonstrated in Anbar. Investment in this sector depends on reforming the banking system.

The government led by Muhammad Shiaa Al-Sudani is being very careful when it comes to the issue of people’s assets, lands, and residential complexes. They are working on a plan to support prices. When the former regime fell, it was discovered that Iraq had a debt of 200 billion dollars due to the purchase of materials without paying for them to operate factories.

Al-Adad stated that they are conducting a study to enhance the status of state-owned industrial companies, which include both mixed and governmental sectors.

Al-Adad has concluded that the government’s plan to improve the agricultural situation is crucial. With the current scarcity of water, the government is taking action towards sustainable agriculture through high-tech and closed agriculture. This will help reduce water consumption by up to 90%. Although Iraq lacks this technology, the government is working to include it in their development plans.