A decision on the 25million dollar budget support loan should be expedited- Finance Minister

Monday, August 13th, 2012

Minister of Finance Abdullah Jihad has said that it is important the Peoples’ Majlis expedite a decision on USD25 million loan from India as part of the loan to be taken for State budget support. He said that if the Majlis does not make a decision soon than the country might have to face severe economic problems.

He said that the government found the need to obtain the 25 million dollar because of the increase in the budget deficit. He said that this loan will be obtained as a budget support.

Minister Jihad noted that the bank guarantee period has expired while the Majlis failed to make a decision regarding the 125million dollar bank guarantee. He said that this will cause many difficulties for the contractors.

The Minister said that the government has requested the Majlis with two important matters. He said that the government in this regard has submitted the issue of the 25million dollar and the case of the bank guarantee for the 125million dollars to be released.

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