Controls and mechanisms for financing projects in 2016

Revealed the Ministry of Planning on the status of controls and mechanisms in coordination with the concerned government beneficiary to finance important projects over the next year with the inability of the 2016 budget to monitor the amounts of money for the completion of all ongoing projects with low sale of crude oil prices in world markets. Official ministry spokesman Abdul Zahra al-Hindawi said in SMC »Sabah»: The «finance important projects over the next year that have not deleted or postponed, will be determined by the recipient government agencies such as the ministries and local governments», pointing out that it would be within the regulations and mechanisms established by the ministry in this regard. It is said that the Ministry of Planning had deleted earlier this year to 0.296 projects with a total cost her ten trillion and 652 billion dinars, as projects are not a priority at the current stage, while delayed at the same time in 2169 another project commissioned amounted to 36 Trliuna and 720 billion dinars. He Hindawi said his ministry held during the past few months a number of meetings with ministries and local governments with a view to finding ways and alternatives to contribute to the financing of important projects over the next year, noting that it is now moving to launch a number of ongoing investment projects by announcing investment opportunities, as well as the adoption of the payment on credit method , on the grounds that the budget next year, voted on by the House of Representatives, operational excellence and was unable to continue funding projects. And the voice of the House of Representatives in the 16th of the current month on the draft financial budget law for next year worth in excess of 105 trillion dinars, and a deficit of more than 24 trillion dinars. According to the spokesman of the Ministry of Planning and that his ministry ended during the last month of the preparation of the special controls payment term in a way that It stipulates that the interest rate for the financing term of no more than six percent, and noted that he would be calculated on the basis of disbursements of the loan, not just on the basis of the total amount. Carter said controls postpaid include also, that the repayment of the loan will be over a period of (3 5) years as a minimum and semi-annual installments, explaining that the bids to be submitted by funded companies must clearly indicate the interest rate and the repayment period, noting that this method will include service projects and productivity as projects of water, sewage, hospitals, roads, bridges, land reclamation projects and agriculture and water resources, provided to be included in the investment budget of the Ministry of Planning. The Ministry of Planning has reconsidered the Implementing Regulations of government contracts that were issued in 2009 to conform with the current stage in the country in order to ensure the implementation of the projects as soon as possible and in the correct format. In the same context, the ministry examined with a British company that has shown its willingness to implement some of the projects stalled term financing manner. Hindawi said »Sabah», said the ministry is currently focusing on completing service projects, particularly water and sewage projects in the provinces of the center and south.He said al-Hindawi said the first round of talks with the company included the implementation period for each project and begin repayment and the amount of interest and the number of years that are paying the company executing dues and other details.