Abadi adviser: Financial will issue bonds worth 5 trillion dinars to pay dues of cont
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Thread: Abadi adviser: Financial will issue bonds worth 5 trillion dinars to pay dues of cont

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    Abadi adviser: Financial will issue bonds worth 5 trillion dinars to pay dues of cont

    Abadi adviser: Financial will issue bonds worth 5 trillion dinars to pay dues of contractors and farmers


    Baghdad / Zahra Hamid- term

    Affirmed the financial advisor to the Prime Minister Haider al-Abadi, on Sunday, the Ministry of Finance will issue bonds to pay five trillion dinars dues Contractors, amounting to about seven trillion and six billion dinars to pay the remaining amount of other bonds subject to coverage by law the budget for the next year in 2017, and as pointed out that payment will be 100% for strategic projects and 50% for the other, economists called on the government to develop a comprehensive plan to review the project since 2013 to uncover cases of corruption that accompanied her.

    He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), "The benefits Contractors unpaid of around seven trillion and six billion dinars to meet physical completion ratios varying contracting projects completed with the government," noting that "the government has adopted a specific mechanism for the payment of those benefits include payment 100% for strategic projects, which amounts to 80% completion percentage and more, while 50% will be paid to those below the percentage completed for 80%. "

    Saleh added that "the benefits will pay a government bond issued by the Ministry of Finance and managed by the Central Bank of Iraq on behalf of the government," noting that "the duration of the bond of three years from the date of issuance annual interest rate of 5%."

    He continued financial advisor to the Prime Minister, that "the bond issue was worth five trillion dinars," pointing out that "the rest of the dues will be paid other bonds provided coverage of the law next budget for the year 2017".

    He stressed favor, that "farmers who handed over their cereal crops to the Ministry of Commerce for the years 2014- 2015 to 2016, and did not collect their dues, Ciecmlon in that settlement," explaining that "can beneficiary of the government of Sindh to keep it or mortgaging or transferring ownership, as well as his opponent and turn it into a criticism means off the central bank if they wish so. "

    The Council of Ministers, approved in the (14 June 2016), the launch of dues contractors by 50% of the total dues down first, and to report the implementation of the first chapter of the general budget in 2016 for the House of Representatives.

    In turn, an economist Mustafa Mohamed Habib said in an interview for the "long", that "liquidity deficiency in the federal government as a result of lower oil prices with an accumulated debt of an estimated 8 trillion dinars for companies and local contractors in addition to the farmers."

    "The duty of the government to pay its debts due and payable by the laws of all the unfinished projects that reach completion rates of 90% and the priority will be for infrastructure and the ruling."

    The beloved "explained development of a database by the government describes the lagging projects which do not represent a priority for the citizens and that their licenses granted by administrative and financial corruption that experienced by the state over the past ten years."
    He said the "executive power is determined to distribute part of international loans to pay off internal debt in accordance with the schedules prepared for this purpose."

    Considered part of the parliamentary committee that the economy is borrowing "negative case" has sought refuge Iraq "obliged", as pointed out that the money will be borrowed will be devoted to important sectors such as health, education and the displaced.

    Said committee member Rep. Najiba Najib told a news briefing seen by the "long", said that "access to credit is one of the negative situations where making there is an obligation on the state incurred in future fiscal years," indicating that "Iraq has turned her forced as a result of their military commitments and the lack of oil revenues and the inability Previous governments to provide funds in the public treasury. "

    She said Najib "The loans are not granted by the international organizations randomly or without conditions or restrictions," pointing out that "the IMF conditions imposed on Iraq in the interest of money the state administration of Iraq and establish procedures and new ways and correct management of the Iraqi budget including to reduce expenses operational, and increase financial non-oil revenues. "

    Najib pointed out that "the money that is borrowed by the state will be allocated to important sectors including health and education, in addition to reducing the suffering of the displaced people," asserting that "the lack of revenue led to reduce the financial allocations for this important and dynamic sectors."

    He agreed IMF and the World Bank and international partners fund, in the May 19, 2016 to give Iraq a loan of $ 15 billion and conditions thereof, to reduce its expenses to 13 trillion dinars and payments to the oil companies.

    The Council of Ministers decided in the (19 April 2016), the formation of a committee headed by Minister of Planning and the membership of the Iraqi Central Bank Governor and advisers economic and financial to the Prime Minister and the agents of the finance and planning ministries, holds the structure and controls the completion of the distribution of Contractors benefits through government bonds the process of developing , to submit its recommendations to the Prime Minister for approval within a week.

    Last edited by MadDScout; 07-25-2016 at 09:01 PM.

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