Expects the financial collapse of most banks Iraq

Author: Editor: sz reporter: mus

05/08/2015 15:06

Tomorrow Press / Baghdad: Ministry of Finance warned not to reduce the ministries and government agencies spending during the second half of this year, noting the possibility of a collapse of most banks in Iraq.

He revealed a senior source in the Ministry of Finance for "tomorrow Press," that "the state budget may not be able to finance any project in the country during 2016, in the event of ministries expenses continued in this way," noting that "the amount of the investment budget for the current year funds of approximately 47 trillion dinars, while next year will fall to around 45 trillion dinars, a large part of which will go to the credit companies. "

"The oil companies alone be asked to pay dues amounting to 35 trillion dinars, which can not be deducted from the operating budget, leading to reduced investment budget, special projects and expenditure side."

The source added that "Iraq is going through financial distress unprecedented, could lead to the collapse of most banks in the country, which has lost a large part of its capital as a result of the projects stop, large loans and small," explaining that "the contractors and calling for Iraq to pay owed debt to government ministries and agencies Two years ago ".

He added that "some banks are to refrain from granting any customer deposits, as a result of decline in deposits, and the lack of capital in the country."

The source said that "Iraq debt payment for the oil companies and contractors means free investment budget from state funds can be implemented any projects in the coming year."

The sources of the Ministry of Finance revealed yesterday for tomorrow Press for "contracted government agencies with companies and contractors outside controls with companies and contractors to implement projects that have not ratified by the Ministry of Finance", adding that "some of the characters within the ministries persuaded companies and contractors to the implementation rate of the projects, in order to get Komhnat only, although not fundamentalist get approvals for projects. "