Wednesday, March 11, 2015
Joint meeting of the Oil and Finance and the Central Bank: the launch of treasury bonds worth $ 12 billion Side of the joint meeting of the ministries of oil and finance
Iraq plans to launch treasury bonds worth $ 12 billion to pay dues of foreign oil companies.
A statement by the Ministry of Oil to a joint meeting of the ministries of oil and finance in addition to the Central Bank of Iraq was held today to discuss the implications of the decline in crude oil prices in the global market, which led to a decline in fiscal revenue of the general budget of the federal 2015, as reflected in the budget of the Federal Ministry of Oil, which in turn led to inadequate financial allocations to cover the payment of financial dues to foreign companies contracting and working in the oil fields under service contracts. The ministry statement said the meeting discussed ways to remedy these consequences and its negative effects on crude oil production rates in these fields, adding that the meeting resulted in the agreement to launch Treasury bonds worth $ 12 billion. The statement pointed out that the launch of the treasury bonds was based on Article 34 of the federal budget for the 2015 law, adding that the first batch of which will be launched end of March this month that the launch of the other payments continue to turn, pointing out that the launch of these bonds as well to specific customizations already 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 in 2014, or planned spending in the current year 2015. ended m. M
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