The collapse of banks Iraq
The collapse of banks Iraq
05-08-2015 03:44 PM
Iraq today
The Ministry of Finance warned not to reduce the ministries and government agencies spending during the second half of this year, noting the possibility of a collapse of most banks in Iraq. and between senior source in the Ministry of Finance that ‘the state budget may not be able to finance any project in the country during 2016 , in the event of ministries expenses continued in this way ‘, noting that’ the amount of the investment budget for the current year funds amounting to about 47 trillion dinars, while will fall next year to about 45 trillion dinars, a large part of which will go to the credit companies’. The source said that ‘companies oil alone be asked to pay dues amounting to 35 trillion dinars, which can not be deducted from the operating budget, leading to reduced investment budget, special projects and side expenses’. The source added that ‘Iraq is going through financial distress unprecedented, could lead to the collapse of most banks in the country , which has lost a large part of its capital as a result of the projects stop, large loans and small ‘, adding that’ contractors and companies calling for Iraq to pay owed debt to government ministries and agencies for two years. ” The source continued that ‘some banks are to refrain from granting its customers state of deposits, as a result decline in deposits, and the lack of capital in the country. ” The source said that ‘push Iraq debt private oil companies and contractors means free investment budget from state funds can be implemented any projects in the coming year. ”
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