Planning calls for moving the project financing to "payment on credit"

Called on the Ministry of Planning and Development Cooperation, on Wednesday, to reconsider prioritize investment projects according to their importance economic and service and utility while confirming the necessity of activating other development sectors, including the private sector.

He said Planning Minister Salman Jumaili in a statement the "long" received a copy of it, that "Iraq is facing an economic problem is a decline in oil prices, which led to the creation of a lack of liquidity, which have negatively impacted on the reality of development projects", calling for "the need to take advantage of This crisis in the activation of other development sectors, such as agriculture, industry and tourism, as well as giving a greater role to the private sector. "

He added Jumaili, that "the last phase witnessed a great deal of projects some of which were unnecessary, which led to spend revenue by about useless", noting that "the current stage and what Iraq is going through economic crisis calls for a reconsideration of the order of priorities for investment projects in accordance with the importance of economic and service and utility."

The Minister of Planning that "the ministry and in the framework of the current directions of the government and in order to address the economic situation, it is seeking to move the project financing style payment on credit and put the required standards of controls that define the projects implemented in this way, particularly services and infrastructure projects. " 
It is noteworthy that Iraq suffers from a major financial crisis during the current year 2015 to a deficit in its budget of 25 trillion dinars due to lower international oil prices, while Most ministries announced new projects to stop due to lack of allocations for the investment budget, while demanding the Ministry of Finance both from the secretariat of Baghdad, electricity and other service ministries to activate the collection to finance its business.