Nazareth describes the decision to issue national bonds to "good" and is likely to resolve the crisis of financing projects in Dhi Qar

17/04/2016 15:59

Long-Presse / Dhi Qar

Description governor of Dhi Qar, Yahya Mohammed Baqir al-Nasseri, on Sunday, the Cabinet decision to issue national bonds to pay dues Contractors as "good," while the most likely solution near the stalled project financing crisis as a result of the financial crisis.

Said Yahya Mohammed Baqir al-Nassiri said in a statement received (range Press), a copy of it, that "the Cabinet's recent decision on the issuance of national bonds to pay dues of contractors and suppliers owed by institutions and government departments a good decision," noting that "this decision would support the work of companies and help them to resume work on the stalled projects by the financial crisis. "

He said the Nazarene, that "the administration of the province waiting for instructions from the Prime Minister's Office on the implementation of resolution mechanism to be implemented by direct," expected "and the arrival of the instructions in the next few days."

He favored the governor of Dhi Qar, "solving project financing crisis and obtaining the contractors and suppliers for their entitlements in accordance with the decision," he said, adding, that "the aide planning affairs in the province and deputy governor for technical affairs at the follow-up to an ongoing mechanism workflow projects."

The document issued by the Office of the Prime Minister Haider al-Abadi, revealed on Monday (April 11, 2016), that the crisis cell and directed the Ministry of Finance and the Central Bank to issue national bonds to tackle entitlements companies contractors, document noted that the annual interest rate for these bonds amounting to 5%.

The Central Bank of Iraq, on Sunday, (April 10, 2016), the approval of a cell of the financial crisis, headed by Iraqi Prime Minister Haider al-Abadi, to issue bonds to pay dues of contractors and suppliers on the state institutions, as he emphasized that the bond is a guarantee for loans at full face value, he noted to the possibility of deducting those bonds in banks or sold in the market.

The estimated number of projects that have stopped as a result of the financial crisis in Dhi Qar province, 444 projects spread over 22 sectors Khaddmaa and developmentally.

The management of Dhi Qar province, confirmed on Saturday (January 16, 2016), to stop the movement of projects to maintain economic and trade joint malfunction and cause a decline of employment opportunities, and demanded that the Council of Ministers to "address the stalled projects crisis."