Iraq plans to issue foreign bonds worth two billion dollars

by **Ponee** Fri Jun 26, 2015 11:23 pm

Twilight News / Finance Ministry said on Friday it plans to issue foreign bonds worth two billion dollars in the first phase of a total of five billion dollars included in the terms of the federal budget bill passed by the House of Representatives.

Iraq plans to issue foreign bonds worth two billion dollars 5887067

He said Undersecretary Fadel prophet of the Twilight News that "the first stage of the securities that we will issue bonds worth two billion dollars of the total five billion dollars that included in the budget law for 2015, passed by the House of Representatives."

He added that the Prophet "The government only agreed to issue financial bonds worth two billion dollars as a first stage."

A number of members of the House of Representatives and local government Basra strongly criticized the statements of Finance Minister Hoshyar Zebari, in which he referred to the orientation of the mortgage Basra oil in exchange for foreign securities.

The media has picked up a press statement the Minister of Finance in the federal government, Hoshyar Zebari, has said that the government continues to mortgage the Basra oil in favor of Western oil companies to obtain liquidity from the money.

Zebari said his government plans to manage emergency funds through the sales of oil reserves of Basra, through the payment system in advance for the first time, and begin economic reforms to amend the oil contracts with major Western companies.

And that has not yet determined the details of the quantities and value of those sales, known in the oil industry pre-funding but Iraq needs to liquidity to finance the military campaign against Daash To compensate for revenue lost because of falling world oil prices.

Zebari said that Baghdad also plans to change the way it manages its exploration and production contracts with oil companies such as Royal Dutch Shell, BP and Exxon Mobil.

SOURCE