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Economy News _ Baghdad
A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, explained, on Thursday, that about six thousand projects have been suspended since 2008, some of them completed by 90 percent, explaining this by several factors, most notably the lack of financial liquidity.
Al-Hindawi said in a press statement, "It was hoped that these projects would be completed if sufficient funds were available, as it was expected that such funds would be available in light of the high oil prices that covered consumer and investment spending in previous governments, but Iraq, years later, faced The double crisis represented by the emergence of (ISIS) and the dramatic drop in oil prices. "
He justified that by saying that "this crisis led to the stopping of quite a few of them approaching about 6 thousand projects, which forced the Council of Ministers at that time to issue a decision to suspend projects for which no financial allocations could be provided," noting that "this stoppage had negative effects on Those projects, which caused a state of extinction for these projects, which increases the percentage of loss. "
Al-Hindawi explained that "there are many issues that resulted from the failure to complete these projects, which are the financial amounts that belong to the contractors, which amount to about 4 billion dollars." Achievement rates for some of them to 90 percent. "
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