The Council of Ministers to make recommendations to the Ministry of Justice on governing loans


Baghdad/economy news.

The Justice Department said, the approval of the Cabinet crisis cell on lending to industrial and agricultural projects, with financial Ministry pointed to "take precautions to ensure that no tampering," confirmed transfer fees on property assessment.

Notification of the Ministry, said that the Prime Minister's Office, based on recommendations from the Justice Department help (lending to industrial and agricultural projects and residential), which included lending terms and the adoption of the recommendations of the meeting Special deliberative guarantees given to banks.

The statement added that "the Cabinet in a book to the Ministry of finance, ensure that the decisions of the crisis cell in its meeting (27/6/2016)", stating that "adoption of the action plan included decisions requiring specialized banks to adopt the plan prepared by the Supreme Committee for Central Bank loans.

The statement referred to "adopt the recommendations of the deliberative meeting safeguards provided to Iraqi banks," pointing to the "Ministry of finance with its banks and the real estate registration Department to take precautions to ensure that none of the types of manipulation".

She called the Justice Department statement said "the adoption of existing controls in the real estate registry directorates for transfer fees in assessing real estate foreclosure theme with the addition of 30% on the value of the land only, with respect to commercial real estate in proportion (10%) With respect to residential property does not exceed the estimated value of any property on the market prices prevailing at the time ", noting" these mechanisms as safeguards regarding the mortgage loans granted by all banks, not working with any instructions conflict with these recommendations.

The statement, that "the Bank on request additional collateral if needed according to the rules of procedure of each Bank and the validity of the Board", noting that "the resolution contains many points that would help facilitate procedures and audit mechanisms to keep lending public money to benefit the greatest number of entrepreneurs from the funds allocated for this purpose.