(CB) Sudanese warns of serious repercussions on investment projects loans on public funds 11:05 - 31

Information / ... Baghdad 
warned of the Planning Commission and the follow - up to the government program member Mohammed Xiaa Sudanese, Wednesday, of the consequences of the Iraqi Central Bank to reduce interest on loans granted to investment projects that the government bears those differences. 
"The Central Bank of Iraq recently proposed to reduce the interest on loans granted to investment projects in the past years by 50% and that the government will pay this difference, which could reach millions of dollars as well as the rescheduling of debt in time Which suffers from the budget deficit of more than 35 trillion dinars. 
He pointed out that "this committee formed by the Central Bank made its recommendations to the Committee on Economic Affairs for submission to the Council of Ministers for approval."
He added that "while we are surprised by such proposals, we do not know how this committee was formed and the legal basis for them and the reason for the shortening of its members on the signatories in the record, despite the importance of the subject that is addressed and seriousness, we found substantial observations on the proposals submitted by the Committee." 
Al-Sudani revealed some of the recommendations that included the reduction of interest on loans granted over the past years by 50% and the Treasury bears the payment of this difference from the amounts, which may amount to millions of dollars, although it is government debt can not be waived and rescheduling the debt, Non-payment After years of granting loans, the state and the people pay 50% of the interest of these debts and then set new dates for the recovery of the remainder of these funds that have been exploited in the investment of many years without payment under the pretext that the borrowers contractors !! .
Al-Sudani 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 the repayment of the loan with the benefits of it because the donor banks are committed to laws and regulations aimed at developing their sources is an important part and engine of the economic situation of the country." 
He pointed out that "the overriding 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.
"There is fog and lack of transparency, we do not know the specific time period; And the benefits of them ?? And the quality of the projects implemented so we keep a total of this record and warn of any step towards its adoption or included in the law of the general budget as planned because it is a threat to the benefit of the people and waste of public money and we will take all legal procedures from within the parliament to stand against these recommendations. 
He called on the Sudanese Council of Ministers and the Committee on Economic Affairs in the Council of Ministers to reject this record and re-examination of the competent bodies of the expanded committees taking into account the public interest and support serious investors who have carried out development projects and suffered damage clearly and proven in numbers and a supporter of the relevant authorities to the government to take a position before taking a position in House of Representatives "

[size=36]Sudanese warns of dangerous precedent to waste public money (documents)[/size]

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