A member of the Iraqi Parliamentary Finance Committee Masood Haider issued a statement that Iraqi Ministry of Finance is looking to sell Iraqi governmental bonds to Iraqi contractors.
These Iraqi bonds will be sold to the contractors against their dues payable to Iraqi government and these bonds are also called the foreign bonds. Haider further added in a press interview that the Iraqi Ministry of Finance have collected the information of dues payable to local and foreign contractors from the year 2013 to 2016 and the ministry is trying to sell Iraqi bonds to those contractors. He added that economic and financial condition in the country stopped various major projects due to unavailability of the payment. Haider added that current economic, political and security situation in the country would provide assistance in the promotion to the sale of Iraqi bonds.
He also pointed out that those contractors will be allowed to sell their bonds in the local markets and banks worth more than 3 trillion and 700 billion Iraqi dinars. He pointed out that the sale of these Iraqi bonds would move the Iraqi economy and it would provide a significant amount of financial strength in the country. Haider also added that Iraqi Ministry of Finance also tried to promote the sale of Iraqi sovereign bonds and conducted workshops in 2015, but most of the Iraqi banks were not interested in buying these Iraqi bonds. The worth of these bonds were not exceeded from a billion dollars with the interest rate of 11 percent. Now, the Iraqi Finance Minister Hoshyar Zebari indicated a couple of days ago that Iraq is expecting to sell International bonds worth more than 2 billion U.S dollars in the 4th quarter of 2016.