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New measures to reduce the effects of the economic crisis on the investment projects
2015/09/15
(Independent) .. Planning Minister Salman Jumaili announced that the ministry take a number of measures to address the situation of ongoing investment projects in the light of the difficult economic conditions taking place in Iraq because of the continuing decline in oil prices. .
Jumaily said paper processors for projects submitted to the Cabinet for approval and then work on the application of what was stated in the items .. He pointed out that the continued implementation of the investment project requires the identification of the style of funding either through the budget or payment on credit or introduced as an investment project or any other option This requires a resolution of the Council of Ministers spend specify a period of downtime and delays in the implementation of the project and delays in payments to the contractor to the lack of liquidity as a result of the financial crisis the country is experiencing the exception of the instructions and controls the window and have this exception until the demise of the financial crisis.
He called Jumaili destinations contracted in ministries and provinces to accelerate the disposition of the subject of the projects stopped and considered for downtime valid from the date the cause of the stop, as well as monitoring the financing of the project to be agreed upon between the parties of the contract for wage escorts for periods in excess of 90 days only to meet the costs involved Contractor When you stop the implementation of the project for the purpose of keeping it from theft, manipulation and until the demise of the circumstances ..
He explained that the processors entitle the beneficiary to grant continuous contracted to work extra periods for the delay in the payment of dues to increased about 30 days of submission of the advance and up to pay dues date Otherwise Interest is calculated on the late amounts paid by interest granted by the bank rate and the project is loaded by the benefits calculated by increasing the cost
The Minister of Planning that the ministry put the necessary treatments to the problem of a letter of guarantee good execution by calling for a freeze on letters issued by the government and private banks to the employer and to stop the calculation of fees and wages of banking services reported during the period of stop duration of the project or contract in order not to load the contractor permeability of the cost of the letter of guarantee due overseas project stopped his will and letters of guarantee continuity weigh the shoulders of contracting companies and contractors because of the magnitude of the costs they incur because of the compulsory stop for the project.
He either in case it is not the freezing of the letter of guarantee shall be replaced Bkmbialat certified by a notary public to the employer and the contractor is saved rights, that is the resumption of the work of these speeches and the entire project when conditions improve .. pointing out that the freezing of the letter of guarantee depends on the opinion of the competent authorities which The Ministry of Finance and the banks to demonstrate the feasibility of this procedure and its compatibility with the existing laws and the possibility of issuing a decision of the Council of Ministers to proceed with the application of this procedure or not, while the remains your Escrow address operational advance in respect continuous and renovated in the event of a financial dues to the contractor for the employer is unable to repay because of the financial crisis, are deducted from the amount of operational advances and Batali reduce the value of the letter of guarantee or canceled in the event of dues exceeded the value of the letter of guarantee and keep these benefits in the State in his place and treated the letter of guarantee at all.
And the Minister of Planning and the letter of guarantee be retrieved in exchange for a written commitment from the contractor certified by a notary public includes remodeling project cover letter of guarantee When you resume work after the stop and the entire project with the included pledge download Contractor substantive responsibility for the work carried out by him to direct while .. revealing given a choice between the two measures on either the advance or return the remaining ones in exchange for the return of the letter of guarantee, letter of guarantee or keep with its obligations in the event of survival operational advance or part of it has a responsibility to renew this speech with the debt owed by the government's handling.
He noted that the Ministry of Planning and measures taken into consideration the benefits Contractors through the provision of cash payments by the financial potential and provide the contractor guarantees by the employer for banks for the purpose of borrowing to pay off the dues and complete the completion of the project if he wishes so, and after negotiation between the parties about the benefits and loans, or in the resolution of another installation the rights of contractors and the payment of dues by issuing guaranteed by the Ministry of Finance instruments can be deducted to the government and private banks and then do those banks re deducted at the Central Bank in order to provide cash flow to all parties and after the project is implemented within the time timings specified otherwise are benefits calculated the amounts in arrears by the interest granted by the banks and the proportion of the project is loaded by interest calculated by increasing the cost.
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2015/09/15
(Independent) .. Planning Minister Salman Jumaili announced that the ministry take a number of measures to address the situation of ongoing investment projects in the light of the difficult economic conditions taking place in Iraq because of the continuing decline in oil prices. .
Jumaily said paper processors for projects submitted to the Cabinet for approval and then work on the application of what was stated in the items .. He pointed out that the continued implementation of the investment project requires the identification of the style of funding either through the budget or payment on credit or introduced as an investment project or any other option This requires a resolution of the Council of Ministers spend specify a period of downtime and delays in the implementation of the project and delays in payments to the contractor to the lack of liquidity as a result of the financial crisis the country is experiencing the exception of the instructions and controls the window and have this exception until the demise of the financial crisis.
He called Jumaili destinations contracted in ministries and provinces to accelerate the disposition of the subject of the projects stopped and considered for downtime valid from the date the cause of the stop, as well as monitoring the financing of the project to be agreed upon between the parties of the contract for wage escorts for periods in excess of 90 days only to meet the costs involved Contractor When you stop the implementation of the project for the purpose of keeping it from theft, manipulation and until the demise of the circumstances ..
He explained that the processors entitle the beneficiary to grant continuous contracted to work extra periods for the delay in the payment of dues to increased about 30 days of submission of the advance and up to pay dues date Otherwise Interest is calculated on the late amounts paid by interest granted by the bank rate and the project is loaded by the benefits calculated by increasing the cost
The Minister of Planning that the ministry put the necessary treatments to the problem of a letter of guarantee good execution by calling for a freeze on letters issued by the government and private banks to the employer and to stop the calculation of fees and wages of banking services reported during the period of stop duration of the project or contract in order not to load the contractor permeability of the cost of the letter of guarantee due overseas project stopped his will and letters of guarantee continuity weigh the shoulders of contracting companies and contractors because of the magnitude of the costs they incur because of the compulsory stop for the project.
He either in case it is not the freezing of the letter of guarantee shall be replaced Bkmbialat certified by a notary public to the employer and the contractor is saved rights, that is the resumption of the work of these speeches and the entire project when conditions improve .. pointing out that the freezing of the letter of guarantee depends on the opinion of the competent authorities which The Ministry of Finance and the banks to demonstrate the feasibility of this procedure and its compatibility with the existing laws and the possibility of issuing a decision of the Council of Ministers to proceed with the application of this procedure or not, while the remains your Escrow address operational advance in respect continuous and renovated in the event of a financial dues to the contractor for the employer is unable to repay because of the financial crisis, are deducted from the amount of operational advances and Batali reduce the value of the letter of guarantee or canceled in the event of dues exceeded the value of the letter of guarantee and keep these benefits in the State in his place and treated the letter of guarantee at all.
And the Minister of Planning and the letter of guarantee be retrieved in exchange for a written commitment from the contractor certified by a notary public includes remodeling project cover letter of guarantee When you resume work after the stop and the entire project with the included pledge download Contractor substantive responsibility for the work carried out by him to direct while .. revealing given a choice between the two measures on either the advance or return the remaining ones in exchange for the return of the letter of guarantee, letter of guarantee or keep with its obligations in the event of survival operational advance or part of it has a responsibility to renew this speech with the debt owed by the government's handling.
He noted that the Ministry of Planning and measures taken into consideration the benefits Contractors through the provision of cash payments by the financial potential and provide the contractor guarantees by the employer for banks for the purpose of borrowing to pay off the dues and complete the completion of the project if he wishes so, and after negotiation between the parties about the benefits and loans, or in the resolution of another installation the rights of contractors and the payment of dues by issuing guaranteed by the Ministry of Finance instruments can be deducted to the government and private banks and then do those banks re deducted at the Central Bank in order to provide cash flow to all parties and after the project is implemented within the time timings specified otherwise are benefits calculated the amounts in arrears by the interest granted by the banks and the proportion of the project is loaded by interest calculated by increasing the cost.
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