In a major shift in the Iraqi fiscal policy, Baghdad decided to issuing treasury bonds worth $ 12 billion to pay off the dues of foreign oil companies. She said that the first batch to be put through this month.
Iraq announced yesterday that it will issue treasury bonds worth $ 12 billion, to pay part of the accumulated dues to foreign oil companies operating in the country, which is expected to reach $ 27 billion by the end of this year. According to a statement of the Ministry of Iraqi oil that has been agreed on the launch of Treasury bonds during a joint meeting between the Ministry of Oil and Ministry of Finance and the Central Bank of Iraq. The statement added that the version of Article 34 of the federal budget for the 2015 law is based, and will launch the Ministry of Finance the first batch of which the end of March that the fire continues Other payments, respectively, without specifying the number. The Iraq faces an economic crisis that forced him to reduce the financial size of the budget and start a policy of austerity as a result of lower oil prices, while the Ministry of Finance announced last month that it would increase taxes on some of the services provided. The ministry said that the launch of these bonds in addition to the allotment originally identified in the Ministry's budget will provide sufficient funds are available to pay dues to foreign companies contracting both those amounts that have been carried over from last year or the planned expenditure in the current year. The oil minister Adel Abdul-Mahdi had said earlier this month that his ministry will ask the government to issue treasury bonds worth 12 billion to reassure foreign oil companies that it will get the dues accumulated.He pointed out then that what has been monitored in the budget to repay foreign companies hardly covers dues accumulated from last year, and up to $ 9 billion. A statement by the ministry issued yesterday that resorting to the issuance of bonds reflects the gravity of the financial situation of Iraq and maintains reassuring for all working in the country's corporate investment environment in order to sustain the implementation of vital projects. fear the oil ministry that reflected failure to meet its financial obligations toward the oil companies have a negative impact on crude exports, which fell in February to rate about 2.597 million barrels per day, compared to about 2.56 million barrels per day in the previous month.The work in Iraq is currently 17 global investment company, from the United States, Britain, Italy, Russia, Malaysia and China, to develop producing oil fields and explored, and that under the contract has been in 4 rounds of licenses. The ministry said that these companies are obliged to invest their money to raise production capacity, that the government is committed to pay a rate of 50 percent of the funds disbursed annually, in addition to the dividend at the rate of $ 1.5 for each additional barrel. and spent companies during the past two years, about $ 43 billion, resulting in a The government paid $ 21.5 billion, in addition to a profit of $ 5.5 billion, the total dues of about $ 27 billion.
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