Iraqi Dinar News - International Bank 011307

2007: International Bank 011307

The International Bank is financing a program to benefit from the Iraqi frozen loans

January 13, 2007

Stressing that one of the most significant obstacles to reconstruct Iraq are the delay in implementing the projects funded by international grants and loans and the investment budget of the State as well as Iraq's lack of a unified and developed law to meet the basic needs of the beneficiaries and executers alike.

The expert, who asked for anonymity, said that the reasons for delaying the projects financed by donor countries and organizations due to the fact that most of these bodies would prefer to apply their own rules and guidance, particularly projects funded by the Iraqi credit fund administered by the International Bank, and the projects funded by the Japanese Bank for International Cooperation; the same situation applies to projects being implemented by donor countries directly.

He added that the refusal of those international bodies to apply Iraqi rules and insist on the application of their own rules is due to the lack of transparency in the Iraqi law in application and the documents adopted in bidding to the public.

The expert pointed out that the security aspect reflects another negative manifestation in the prices of submissions from companies operating in Iraq, as the company operating at the same level in the neighboring countries is calculated by higher costs for the mere action in Iraq, regardless of the security costs.

He pointed out that in view of the fact that some of the donor countries to directly implemented the reconstruction projects in direct coordination with the beneficiaries in the provinces and territories, especially in relation to the American grant, which forms 55% of the total financial commitments amounting to $ 33 billion. This reality has led to a loss of focus in the coordination of these programs that may operate in the same field sometimes.

He says that the causes leading to the delay of implementation were diagnosed, and they require good decision. The first signs of this trend have emerged in the project, which is being implemented for the time being, financed by the International Bank and through the ministerial committee charged with preparing a draft bill for government contracts with the consult of international experts that have a prominent place in this field. (Source) AlSabah