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

Amer Al-Adad, the Prime Minister’s counselor, admitted that “Iraq is in a transitional stage in electronic payment, while denying the existence of a scarcity of dollar liquidity.”

“Electronic payment points are a device that allows a person to pay with an electronic payment card at points of sale in order to increase the transparency of the movement of money in the country and preserve public money,” Al-Adad said in a televised interview followed by Al-Mutala’ this evening. It is part of a bigger transformation into banking.” Electronic technology, expanding and growing citizen trust in the banking system, as well as bringing funds from households to the banking system in order to support the economy’s cyclical flow.”

“As for the BUS system, it is a tool for reducing the process of corruption and cash loss,” he continued. There are decisions toward electronic payment and the option of utilizing the payment system over the phone, and there is a strong political will and push to embrace this system,” referring to “merchants’ concern of tax assessment when dealing with electronic payment.” However, the government gave several comforting signals and exclusions in order for this system to be implemented.”

“At this stage and now, there may be between 7 million and 9 million cards in Iraq, and it will grow even more now by imposing fee collection, and now we are in a transitional period so as not to confuse,” Al-Adad stated.

He went on to say, “The challenges of development were due to the loss of the real compass, and there has been no real development plan since the Reconstruction Council,” pointing out that “the government has a shortage of liquidity,” adding, “Money is available, and hard currency is also available through oil sales and currency auctions.”

He went on to say: “There is a reform management cell that is not concerned with administrative reform in particular, but rather with following up on the implementation of reform projects as approved by the state within the government curriculum, and there is a clear vision for the cell.”

“We are working on two tracks,” he added, “the government program and what the ministries have set up to implement the program and the reform plan.” Furthermore, the present government’s economic reforms are notable for their earnestness and follow-through. We discovered that the objectives do not match the goals during the reform program, therefore we created new targets for each aim.”

“For the first time in successive governments, the current government is drawing up a plan and knows that many of the fruits will be reaped by others,” Al-Adad continued, noting that “external variables include factors affecting the price of money and others affecting internal political stability, and we have stability on both sides,” emphasizing “political stability and high oil prices.”

“The basic challenges facing the state in structure and circular flow include tax and customs collection, as well as low confidence in the banking system,” he said. As a result, the government is concentrating on pushing this approach and has devised a new knowledge economy plan. “We are looking for new ways to diversify financial revenues, and the government is serious about changing the structure and diversity of the Iraqi economy,” he says, emphasizing that “the mixed sector experience is useless and has proven to be a failure in Iraq.”

Al-Adad went on to say, “Collection is the duty of the state, but this type of contract has been transferred to the private sector, and the experience of electronic collection of electricity was largely successful, and this was proven in Anbar, and investment depends on reforming the banking system.”

He went on to say, “The government of Muhammad Shiaa Al-Sudani is very cautious regarding the issue of the people’s assets, lands, and residential complexes, and is working on a real plan to support prices,” making clear, “When the fall of the former regime, we discovered Iraq’s debt of 200 billion dollars as a price for operating factories by purchasing materials without paying for them.”

Al-Adad went on to say, “We are working through a study to improve the status of state-owned industrial companies, which include the mixed and governmental sectors.”

Concerning the government’s plan to improve the agricultural situation, Al-Adad concluded, “Today, with water scarcity, we are working to move towards agricultural sustainability through high-technology agriculture and closed agriculture, which reduces the rate of water consumption to 10%.” Iraq lacks this technology, but the government is working on it now to include it into development.”