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Housing Loans to Be Ceased – Iraqi Ministry of Reconstruction Protested the Action

Housing Loans to Be Ceased – Iraqi Ministry of Reconstruction Protested the Action
Iraqi Parliament and Cabinet have been warned by the Iraqi Ministry of Housing and Reconstruction on this Thursday, against refraining from allocating funds for the housing development in the general budget. Iraqi Ministry of Housing and Reconstruction also claimed that funds in the housing development have done significant developments by increasing the number of housing unit for the common people of Iraq.

Mohamad Saheb Al Daraji, Reconstruction and Housing Minister made a statement regarding the fund allocations, which is set newly in this year financial budget, revealing that no more housing loans will be provided to the citizens. He protested against the action, and said that deciding not to provide loans to the citizen that too with a notice of one month, was not at all a part of the original budget. According to him, financial committee in the parliament and the commissioned committee in the cabinet are responsible for ceasing the housing loan opportunities for the citizens.

According to him, funds that were allotted previously were utterly beneficial for the general citizens and due to the loan opportunity, many citizens have been benefitted and overall number of housing units in Iraq was increased significantly. This should be regarded as a prominent development in the housing sector, which actually happened due to the fund allocation in a proper manner. He also made an appeal to the relevant authorities to allocate fund in the Iraqi housing and reconstruction sector, through the General Budget 2013.

In this context, it has to be noted that, in July 2011, Reconstruction and Housing Minister Mohamad Saheb Al Daraji explained that Iraq needs 2 million 500 thousand housing units for solving its housing crisis. According to him, 5 years’ planning is good enough to deal with this issue as already 1 million housing units are implemented, with the help of National Investment Commission.

With a capital of 300 billion Dinars, in the year of 2004, the fund was established. The purpose of this fund is to allocate loans for the housing development to the general citizens of Iraq and also financing the housing development projects for the Iraqi citizens.

Due to the increased population of the country, Iraq is suffering from acute deficits in housing units, resulting into the crisis for housing for many Iraqis. In addition to this, low income of the citizens is also a prominent reason that is contributing in the deficit of housing units. People need fund for building their houses and for that loans are imperatives.
Updated 26 Feb 2013 | Soruce: Al Sumaria | By S.Seal
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