Iraqi Kurdistan Govt frees investment companies to cancel their contracts

[SocalDinar]

Iraqi Kurdistan Govt frees investment companies to cancel their contracts Posted on

November 30, 2015

HEWLÊR-Erbil, Kurdistan region ‘Iraq’,— Iraq’s Kurdistan Regional Government (KRG) announced Sunday that investment companies are free to cancel their contracts with the government due to the economic crisis in the Kurdish region.

The KRG’s Council of Ministers made the decision allowing companies to cancel contracts and projects relating to budget investment, provincial developments, petrodollars or any other projects connected to the budget.

The decision was made “to assist companies and contractors which cannot continue or complete their projects that the government gave them due to the economic crisis in the Kurdistan Region,” the council said.

According to the decision, companies can end their government contracts after approval by ministers or the heads of government institutions.The KRG’s economic issues began early in 2014 when then-Prime Minister Nouri al-Maliki stopped budget payments to Erbil over its attempts to sell its oil independent from Baghdad.

The subsequent war against militants in northern Iraq and an influx of over 1.8 million displaced Iraqis and Syrian refugees added to the region’s economic troubles.

The council added that it would give authority to the ministries, provinces and institutions to extend project timelines for those projects that cannot be completed due to the economic crisis.

The KRG is still three months behind on payments and blames the ongoing financial crisis due to global oil prices, a dispute with Baghdad over its share of the federal budget as well as the number of refugees and displaced Iraqis in the region.

Kurdish officials say they simply do not have enough money to pay salaries including for Peshmerga on the frontlines in the war against the Islamic State (IS).

http://ekurd.net/kurdistan-frees-investment-firms-2015-11-30

Edited December 1, 2015 by SocalDinar

[chinadawg]

LOL,.with all the good news out today............leave it SD to fish for something negative to bring to the table, LMAO.

[sandfly]

THANKS

[SocalDinar]

Nothing bad here CD.

In fact I see this as a good thing. I have not seen any companies take them up on this have you ?

I guess your glass is half empty CD ( no pun intended by calling you CD )

Btw that red Rudy was a gift from another member here.

Also there is a way to ignore all my posts if they bother you so much.

I don't recall you Ever sharing a news article here CD. If you did look up your own news you would realize that there are plenty of wayyyyy worse articles out there every day on Iraq

[yota691]

Article just stating you can move..if you don't like the situation.... 

investment companies are free to cancel their contracts with the government due to the economic crisis in the Kurdish region.

 

 

Lets add this...

Parliamentary reveal financial investment companies received the money and left the implementation of projects

Economy and Tenders

 Since 01.12.2015 at 12:51 (GMT Baghdad)

Special - scales News

Finance Committee member confirmed Majida al-Tamimi, Tuesday, that there are large numbers of companies that have not received Contracting to complete its implementation, as pointed out that there are projects since 2002, 2003 and 2005, lagging behind despite the receipt of the companies amounts implementation.

She said Tamimi's / scales News /, that "there is a lot of investment companies that received the Contracting did not implement them," indicating that "Many of the projects that were supposed to have been terminated years before diagnosis."

She added, "There are projects since 2002, 2003 and 2005, lagging behind despite the receipt of the companies amounts implementation", saying he "will be directed parliamentary question after the visit forties for all ministries on who carried out the projects to be the party that has contracted with these companies accountable."

She pointed out that "there are companies that do not have technical expertise and efficiency in order to qualify them for the completion of these investment projects," the follow-up that "these companies receive payments or completed projects that the receipt."

He pointed out that "there is a system to reduce corruption in government contracts," adding that "a lot of government contracts and drafting that have been formulated in a lot of loopholes that allow corruption to pass through it to control the corrupt and strengthen the regulatory side attributed the reason that the quota system has weakened this side Say What we find in the professional spectrum moderate regulatory approaching hunting corrupt. " It ended 29 quarters e

[yota691]

And SD right you can find articles that go either way...you have Positive articles and you have Negative articles..and in Iraq and Kurdistan media..it sometimes takes couple articles or a few to put the pieces together...and I remove the ruby CD..

[chinadawg]

Nothing bad here CD.

In fact I see this as a good thing. I have not seen any companies take them up on this have you ?

I guess your glass is half empty CD ( no pun intended by calling you CD )

Btw that red Rudy was a gift from another member here.

Also there is a way to ignore all my posts if they bother you so much.

I don't recall you Ever sharing a news article here CD. If you did look up your own news you would realize that there are plenty of wayyyyy worse articles out there every day on Iraq

GOOD SPIN SD, and you are right, I never share news articles from Iraq, 99% is straight bullshit.....but I do respect YOTA'S hard work.

[calkid11]

Thank you