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World Bank: the Iraqi economy vulnerable to regional conflict



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World Bank: the Iraqi economy vulnerable to regional conflict

Post by dizzydee on Fri 10 Apr 2015, 9:01 pm


World Bank: the Iraqi economy vulnerable to regional conflict

Money laundering and currency smuggling operations are still ongoing 

Baghdad - the World Bank revealed that the economic prospects in Iraq are subject to significant risks and challenges, and as predicted the survival of the economy vulnerable to regional conflict, the Committee on the economy and investment representative confirmed the existence of money laundering and smuggling currency out of Iraq, and there are processes. " mafias "are still engaged in their work so far.

Special Representative of the Mission of the World Bank in Iraq, Robert Abu quality explained in a statement singled out the "morning" that "security issues were the subject of obstruction of investments and adversely affected economic activities," noting that "the continued disruption of transport routes impact negatively in the costs of trade and commodity prices.

He predicted Abu quality to "continue to rise in those commodities versus flow is higher than the displaced and the increase of poverty and unemployment", criticizing the heavy reliance on the oil sector, making the economy more vulnerable to lower prices.

The World Bank's envoy to that. " economic prospects this year are not favorable, the low growth rate of 1 percent, with the continuation of the conflict and the financial crisis, "pointing out that" the Iraqi economy suffers from structural weaknesses severe in sectors and small industries of non-oil and high unemployment, and lack of effectiveness of the public sector, which need to be further the ability to cope with conflict, "warning" the government that they need long-term plans to lay the foundations to address the weaknesses in the country's economy.

Commission of economy and investment representative, for its part, supported the view of the World Bank, confirmed the existence of money laundering and smuggling of currency outside Iraq operations , at the time suggested it to the existence of "mafias" do not persist in such actions so even Alan.oukal Committee member Abdul-Salam al-Maliki, MP for the coalition of state law in a statement singled out the "morning": "The speculation in the market has worked to pay money out of Iraq ", demanding money laundering department at the Central Bank of Iraq to" the need for the adoption of this matter and the investigation of that money and the Declaration of real numbers on this side.

al-Maliki said that "the Commission is preparing a plan in cooperation with the competent authorities for this topic agencies and follow-up of price volatility and speculation that affect the market and the movement of money, "noting that" Parliament committed the central bank in Article 50 of the state budget for 2015 Act selling $ 75 million a day just from hard currency, after it reached during one months last year to 3 billion and $ 600 million, while reaching amounts currency dinar Switch to Dollar billion and $ 572 million.

He noted member of the Economic Committee that "these amounts are very large and exaggerated and can not be handled in accordance with the data the current situation", calling for "deal according to the mechanisms of thought in order to legalize exchange and investment market, In order to achieve through economic growth according to the framework and the right climate within the country.


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Re: World Bank: the Iraqi economy vulnerable to regional conflict

Post by Diamond on Sat 11 Apr 2015, 6:04 am



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Re: World Bank: the Iraqi economy vulnerable to regional conflict

Post by wciappetta on Sat 11 Apr 2015, 6:34 am

It's always interesting to me to hear these monetary authorities speak of the Taboo of money laundering in Iraq... How many companies in the US are fronts for the same darn thing? Car dealerships  come to mind and when is the last time your saw economic activity at Pier One import?

Groups funnel huge amounts of cash through legit businesses everyday.... such illicit activity is not relegated to Iraq alone so it's a meaningless report a bunch of bean counters justifying their salaries IMO.

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