MOP: Opening documentary credits will ensure the completion of investment projects

Baghdad -INA- Nassar Hajj

Today, Sunday, the Ministry of Planning confirmed that opening documentary credits will ensure the completion of government investment projects, indicating that this step will enable the financing of ongoing projects.

 "It is a step," ministry spokesman Abdul Zahra Al-Hindawi told the Iraqi News Agency (INA)

Approval of the inclusion of the opening of the documentary credit or its enhancement and the implementation of works in the manner of direct implementation will guarantee the completion of projects, especially the continuing ones, and ensure the progress of work on them and their non-stopping.

He pointed out that the financing of implicit documentary credits will be in the projects that need to be opened or strengthened. It will also be possible to finance the continuing projects of the ministries of water resources, electricity and others, as well as the projects of the provinces that are directly implemented by them in the manner of direct implementation.

The Council of Ministers agreed to include the opening of the documentary credit or strengthening it and the implementation of the work in the manner of direct implementation, and the implementation in trust in the concept of preparation and implementation of works for continuing projects, based on the provisions of Article (13 / second) of the Federal Financial Management Law (6 of 2019) as amended, to ensure the continued implementation of projects Continuing contractual work, to avoid work stoppage, and to impose financial losses on the state treasury as a result.