Iraqi Government Approved Proposal for the Issuance of New Iraqi Bonds

Iraqi Dinar 123 News:– The Iraqi Central Bank submitted a proposal to the Financial Crisis Cell regarding the issuance of bonds. On Sunday, the Head of the financial crisis cell Haider Al-Abadi has approved the proposal to issue governmental bonds. The collected amount from bonds will be used for the payment of dues to suppliers and contractors working in the country. The Central Bank of Iraq further indicated in a press statement that the Head of Financial Crisis Cell Haider Al-Abadi showed satisfaction on the proposal of Iraqi Central Bank about the issuance of government bonds in order to pay dues to contractors and suppliers of Iraqi institutions.

This statement further indicated that these bonds have the full face value and any bonds holder can get cash by selling it in the banks or in the currency market. These bonds are considered as a guarantee for loans with its original cash value. It would contribute to overcome the current Iraqi economic and financial problems. It will move Iraqi economic wheel in providing better working conditions and boost up activities in all sectors in the country. The economic committee of the Iraqi Council of Minister also made a plan to establish a special committee. This special committee will check the completed projects and their remaining dues. Al-Abadi also confirmed that this committee will forward the issues regarding late delivery of payment in order to compensate contractors and suppliers. It is said that Iraqi financial institutions suffered greatly with continuous decrease in the Iraqi revenues and it was due to continuous decline in the oil prices.

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