BAGHDAD / Source News / Editor Alaguetsada..iena Iraq this year of a severe financial crisis, which exceeded the amount of revenue spending because of falling oil prices and the war being waged in many cities p comes the reports to reveal the loss of most of the money in the Development Fund Although that the surplus budgets of Iraq for the period of 2006-2014 amounted to 185 trillion dinars, $ 154 billion, but he was left of the money only $ 5 billion only.
Experts in economic affairs and sees Agency / Source News / The poor management of funds drawn from the Development Fund for Iraq during the past years has led to a lot of money without economic benefit to the country on the ground.
An economist for the loss of hundreds of billions of dollars for the period stretching from 2003 to 2014 as a result of financial and administrative corruption has revealed, with the International Center for Development Studies in Britain confirmed that Iraq has lost a lot of money.
The economist said contrary goldsmith that (hundreds of billions lost from after 2003 to 2014 because of financial and administrative corruption), stressing that (political quotas and sharing projects and ministries among the political blocs was the main reason for the decline in projects and development plans and programs in the country).
The Global Center for Development Studies in Britain issued a report a few days ago confirming that more than $ 165 billion lost from the Development Fund for Iraq in just six years, the report indicates that there is no balances today in the fund, because of mismanagement and cases of financial and administrative corruption.
It is noteworthy that the loss expert jeweler Iraqi money from the Development Fund is due to many reasons, the most important of poor financial planning, and the development of people, non-specialists in positions of sovereignty and economic mission since 2003.
For his part, notes economist lion Muhammad Ali to the poor drainage efficiency huge budgets set by Iraq each year, in addition to calculating the price of a barrel of oil at less than the market price, and the sharp decline in oil prices globally, and feed the war against terrorism, led to offload the Development Fund for Iraq entirely on oil revenues.
But the Economic Adviser to the Prime Minister the appearance of Mohammed Saleh rule out the possibility of the loss of huge amounts of money out of this financial volume of corruption, pointing out that the issue of the withdrawal of successive governments in Iraq money from the Development Fund for Iraq shall be subject minute before committees of foreign and Iraqi to follow.
The report indicates that Iraq needs to sources of funding urgently, especially as the number of displaced people has exceeded 2.6 million people added to the high number of poor people has grown to more than 10 million people, and the high cost of the reconstruction of the liberated areas.
It is estimated the World Center for Development Studies that Iraq needs to nearly $ 40 billion in additional compensation for losses resulting from that, added to other amounts to compensate for the losses suffered by the oil industry and agriculture sectors.
Global Center for Development Studies report indicates that Iraq's attempts to raise its oil exports to more than 3 million barrels per day, down collides with oil prices and the benefits of international oil companies up to $ 27 billion. The report points to the need for Iraq to modify the oil contracts in line with developments in the oil markets and the ability of companies operating on spending.Despite the fact that oil investments to those companies amounting to $ 147 billion during the period from 2011 to 2016, but it has reduced its spending down financial investment affected revenues.
The report recommends the International Center for Development Studies Iraq to invest in the gas sector and benefit from the diversification of revenue sources, in addition to increasing the contribution of the oil companies in the development process in Iraq and the reduction of unnecessary expenses to the government sector.
The report indicates that the waste policy in public money and mismanagement burdening the Iraqi economy. Iraq has spent nearly $ 50 billion since 2006 on the protections of senior officials in the Iraqi government, what constitutes a weakness dues oil companies, while oil policy has not been able to spare Iraq resulting from exports billions of dollars of stop losses.
In an attempt to avoid a deficit and a further decline in revenues of the Iraqi government is seeking to issue bonds worth $ 12 billion over several payments, in addition to the adoption of prepaid oil price mechanism. According to the report, the yield on the bonds, which may range between 8.5% and 9% for a period of ten years will be associated with the high cost of insurance, especially that Iraq is not subject to the terms of the credit rating.
Iraq relies on oil sales to ensure that the bond but the center warns of pre-determine the price of oil, which means that Iraq will sell its oil at a loss of billions of dollars under the pressure of the need to finance the war and high expenses for the reconstruction operations.
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