Iraq and the Bank of Iraq sign a $ 200 million loan agreement to improve energy
Iraq and the World Bank on Sunday signed a loan agreement worth 200 million dollars to improve energy in the southern regions of Iraq.
"The agreement comes as part of the joint work with the World Bank to support projects and provide services to citizens," said the Minister of Finance Fuad Hussein in an interview with "Alsumaria News" and read by "Economy News", noting that "the agreement comes mainly to support electricity projects in the southern provinces" .
"The country has problems not in production, but in the transmission and distribution of electricity," he said, adding that "this agreement comes in the area of ​​solving part of the problem in the province of Basra and neighboring provinces."
For its part, said World Bank Representative Yara Salem, "The project will serve the southern provinces, which suffer from the problem of distribution and transmission of electricity," noting that "the provinces covered are Basra, Dhi Qar, Muthanna and Maysan."
She explained that "
Iraq suffers from frequent interruptions in electricity and increases in the summer with high temperatures, which leads to the use of civil and domestic generators to meet the shortage of energy.
Re: Iraq and the Bank of Iraq sign a $ 200 million loan agreement to improve energy
Iraq and the World Bank sign an agreement to develop the electricity sector in the southern provinces
Sunday, July 7,
In implementation of the government program to strengthen the relationship between Iraq and the international community and benefit from the expertise of international organizations,
Deputy Prime Minister for Economic Affairs and Minister of Finance Fouad Hussein and the World Bank Representative in Iraq, Ms. Yara Salem, on Sunday 7/7/2019, a project agreement aimed at developing and strengthening the electrical system in the southern provinces.
The project will contribute to the increase in electricity supply and regularity, in addition to the reconstruction and rehabilitation of the network of transmission lines and distribution and the installation of new lines and substations and information systems that enhance the network's ability to deliver electricity to citizens
The project will serve 2.5 million people in the provinces of Basra, Muthanna, Dhi Qar and Maysan.
http://www.mof.gov.iq/Pages/MOFBannerHeadlineDetail.aspx?BannerNewsID=704
Qadu: Minister of Finance is not obliged to resort to external borrowing
by claud39 on Tue Jul 09, 2019 3:14 pm
[size=30]Qadu: Minister of Finance is not obliged to resort to external borrowing[/size]
Al-Ahed News - Baghdad
The Finance Committee of the parliamentary, on Tuesday, that Finance Minister Fouad Hussein broke the law after borrowing 200 million dollars from the World Bank, while indicated that the federal budget law of 2019 included in its paragraphs not to resort to external borrowing to reduce external debt.
"The House of Representatives will be hosted by Finance Minister Fuad Hussein in the presence of the representative of the government during the coming sessions to guide the parliamentary questions on his resort to external borrowing," said a member of the Committee Haneen al-Qado said that "Hussein violated the law by borrowing 200 million dollars from the World Bank" .
He added that "these funds will be a big burden on the government because the financial benefits are large and this harm to the Iraqi economy," noting that "the Minister of Finance is not forced to resort to external borrowing and could resort to internal borrowing."
He pointed out that "the federal budget law of 2019 guaranteed to oblige the government not to go towards external borrowing to reduce the external debt of Iraq."
http://alahadnews.net/index.php/permalink/166311.html