Economy Update – Baghdad
The Ministry of Labor and Social Affairs is weighing the implementation of a semi-annual payment mechanism for soft loans, moving away from the current annual model.
According to the ministry’s spokesperson, Najm Al-Aqabi, this potential shift is motivated by the significant number of loans disbursed in recent years and aims to expand coverage by reallocating funds generated from new loans to a greater number of beneficiaries.
The ministry is preparing to launch its 45th batch of soft loans tailored for registered job seekers, amounting to over five thousand individuals. The loans will range from 20 to 50 million dinars and will be allocated across Baghdad and various governorates, with consideration given to population density.
Additionally, the ministry is actively monitoring projects financed through these loans. Borrowers are required to participate in training programs designed to ensure the viability of their economic projects. Non-compliance with the prescribed guidelines will result in penalties, including disqualification from accessing future loans.
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