The Central Bank proposes to reduce the interest on investor loans by 50% and the deputy confirms: a dangerous precedent

by **claud39** on Sun Aug 04, 2019 1:19 pm

[size=36]The Central Bank proposes to reduce the interest on investor loans by 50% and the deputy confirms: a dangerous precedent[/size]

04/08/2019

The Central Bank proposes to reduce the interest on investor loans by 50% and the deputy confirms: a dangerous precedent 16482019_Doc-P-303325-636928321794857188

BAGHDAD - Mawazine News

MP from the coalition of state law Adnan al-Asadi, on Sunday, the Council of Ministers to re-study the proposal of the Central Bank on reducing interest on loans granted to investors, indicating that the proposal represents a dangerous precedent.
"The proposal by the Central Bank of Iraq to reduce the interest on loans granted to investment projects in the past years by 50% and the government will pay this difference, which could reach millions of dollars," Al-Asadi said in a statement received by Mawazine News.
He added that "the above is a dangerous precedent that carries the treasury of the large amounts of unspecified and at the same time a clear failure to public money and even reward for some of the defaulters."
Al-Asadi pointed out that "the basic condition in granting the loan for the investment or development project is the commitment of the borrower to implement the project and its operation and repayment of the loan with the benefits of it because the donor banks abide by laws and regulations aimed at developing their sources.
Al-Asadi stressed that "the violation of these principles and the facts recognized after years of the work of these projects and investment (where some of them a huge profit on the owner) is only a serious work must stand and repel."
Al-Asadi said that "there is fog and lack of transparency, we do not know the specific duration of time, and from the contractors investors ?? and the extent of the benefits of them ?? and the quality of the projects implemented so we keep a total on this record and warn of any step towards its adoption or included in the General Budget Law, Is a scheme that is a threat to the interests of the people and waste of public money and we will take all legal procedures from within the parliament to stand against these recommendations. "
Al-Asadi called on the Council of Ministers and the Economic Affairs Committee of the Council of Ministers to "reject this proposal and re-examine it from competent bodies in expanded committees that take into account the public interest and support serious investors who have carried out development projects and suffered clear and confirmed damage in numbers and support from the concerned parties."

https://www.mawazin.net/Details.aspx?jimare=58764

by **claud39** on Sun Aug 04, 2019 1:21 pm

The central bank's proposal on investors is a dangerous precedent that can not be bypassed

04-08-2019 07:30 PM

BAGHDAD /

The leader of the coalition of state law, Adnan al-Asadi, said that the proposal by the Central Bank of Iraq to reduce interest on loans granted to investment projects in the past years by 50% and the government to pay this difference, which could reach millions of dollars is a dangerous precedent.
Al-Asadi said in a statement received by the "news" that the above is a dangerous precedent, which carries the treasury of large amounts of unspecified and at the same time a clear denial of public money and even reward for some of the defaulters.

Al-Asadi pointed out that the basic condition in granting the loan to the investment or development project is the commitment of the borrower to execute the project and operate it and repay the loan with the benefits of it because the donor banks abide by laws and regulations aimed at developing their sources.

Al-Asadi stressed that "overcoming these principles and the facts recognized after years of the work of these projects and investment (where some of them generated huge profits to the owner) is only a serious work must stand and repel.

And between Asadi "there is fog and lack of transparency, we do not know the specific duration of time; from the contractors investors ?? and the extent of the benefits of them ?? and the quality of the projects implemented so we keep a total on this record and warn of any step towards adoption or included in the law of the general budget as it is A plan is a threat to the interests of the people and the waste of public money and we will take all legal procedures from within the parliament to stand against these recommendations.

Al-Asadi called on the Council of Ministers and the Committee on Economic Affairs in the Council of Ministers to reject this proposal and re-study it from competent bodies in the expanded committees taking into consideration the public interest and support serious investors who have implemented development projects and suffered damage clearly and substantiated in numbers and a supporter of the concerned authorities. In the House of Representatives.

http://www.ikhnews.com/index.php?page=article&id=196381