Government will provide 50% Iraqi Bonds to Pay Dues to support Contractors

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On Wednesday, the Iraqi Ministry of Planning issued an official statement about the issuance of Iraqi bonds. The Ministry of Planning said in a press statement that Iraqi Planning Minister Salman Jumaili administered and managed the Committee meeting.

This Committee was formed by the Special Cabinet in order to supervise the structure and monitor the process of Iraqi bonds distribution to give benefits to those Contractors carried out the government investment projects but didn’t get their remaining payments or dues because the recent financial and economic crisis in the country. Those Contractors will be able to get their benefits by getting Iraqi bonds against their dues regarding their completed projects and these bonds would participate to compensate their remaining payments.

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The Iraqi Planning Ministry added that Special Cabinet Committee headed by Planning Minister Salman Jumaili including the Governor of the Iraqi Central Bank, the Financial Advisers to Iraqi Prime Minister, the Undersecretary of Finance Ministry and the Undersecretary of Planning & Technical Affairs recommended and issued a combine statement regarding the issuance of Support Payments in the form of Iraqi Bonds. The first installment will take place by covering more than 50 percent of the remaining dues of Contractors under the instructions of Iraqi Central Bank for the issuance of these specific Iraqi Bonds. Point to be noted that entitled Iraqi Ministries and its Departments will not be associated with the Provincial Ministries across the Finance and Planning Ministries. These recommendations will be presented to Iraqi Prime Minister Haider Al-Abadi for further approval in the next couple of days.

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