Planning: payment will be 100% contractors for projects exceeded 85% completion rate

In an economy March 20, 2017


The planning Ministry announced Monday that 100% will reimburse contractors for projects exceeded 85% completion percentage, indicating the completion of scrutiny towards trillion and 300 billion dinars.

Planning Minister Dr Salman jumaili during his parliamentary Investment Committee Chairman mp Jawad Al-bulani business delegation headed by President of the Union of Iraqi contractors on Sumerian news received a statement's copy of "the Government seeks to reimburse contractors by government bonds issued by the Central Bank of Iraq liquefied after conducting financial audits by the Office of financial supervision."
Jumaili said the payment rate for projects where achievement surpassed the 85% 100%% will be provided by the contractor undertaking the project entirely, as you will pay 40% of project benefits where completion percentage less than 85%, stating that "complete audit towards trillion and 300 billion dinars and eligible to be released."

Jumaili said that "Ministerial Committee on Economic Affairs has recently taken important decisions and actions of supporting private sector and protect the national product," pointing out that "the Iraqi contracting sector represents a fundamental pillar in the construction process of development which requires paying attention to this sector being proactive in expanding the investment process in the country."

The federal financial control Bureau confirmed in December 2016 existence 1405 mismatched contractors of treatment, indicating a 77 thousand peasant receivables transaction under scrutiny.

The Central Bank announced, in (10 April 2016), for approval of proposed financial crisis cell issuing Government bonds to pay contractors and suppliers to State institutions.