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London: money laundering and corruption officials lose Iraq wealth
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City News Agency
A report issued by the International Center for Development Studies, based in London that Iraq, which reached its budget to nearly $ 119 billion for this year has only converts the International Monetary Fund revenue from the sale of oil in the Development Fund for Iraq.
The report pointed out that the Iraqi economy has been suffering for a period of sharp fluctuations in the exchange rate of the dinar clearly reflected on the economic situation of the Iraqi citizen.
The report attributed this to the money laundering operations and financial and administrative corruption in the joints of the Iraqi state, which led to the loss of Iraq nearly three billion dollars in just two months in the year 2012.
External balances
The report indicated that the Iraqi Central Bank announced in August / August of last year that its hard currency reserves amounted to U.S. $ 67 billion while the Iraqi government announces that the preventive balances in the Development Fund for Iraq amounted to $ 18 billion. The Central Bank reserves of gold has fallen by 20%, in less than a year, from about 39 tons in 2011 to 31 tons in 2012, while some accuse the current presidency of the Central Bank is responsible for the disappearance of ten tons of gold reserves, Iraq needs these reserves to enhance the value of the Iraqi dinar in the money market balances abroad.
Global Center for Development Studies explained that some force in the Iraqi government is seeking to take advantage of the surplus oil revenues to exploit the reserves built by Iraq during the past ten years to maximize their assets abroad.
The decline in central bank reserves to be dangerous for the Iraqi economy, being economical a dependent on cash income from oil sales which means Iraq's lack of margin for flexibility to cope with fluctuations in world oil prices and to maintain the economic balance required.
Budget deficits
The report adds that the Iraqi government for its part has been announced years ago for a deficit in the Iraqi budgets while these budgets were always surpluses from the sale of oil at a higher price than that identified on the basis of, and because of the high Iraqi oil exports and non-implementation of local governments for the entire obligations.
The Centre indicated that Iraq not be able to benefit from the allocation of investment or financial surpluses only after that distracted him by the International Monetary Fund, which instructs the Development Fund for Iraq to transfer these funds to the Central Bank of Iraq.
At the time they reach the investment budget for 2013 to nearly $ 47 billion provincial complaining of lack of financial allocations to carry out the projects. At the end of each year the councils shall return the funds that have been allocated to the Ministry of Finance so that the money retained amounted to more than $ 50 billion while the completion rate in some provinces amounted to only 6%.
The report pointed out that the Iraqi government's inability to take advantage of the funds in the Development Fund for Iraq and the need for international protection from creditors around to the Government kind of caretaker government to pay salaries only.
Foreign affairs
The report indicated that it recently has affected Iraq's foreign relations, when Iraq wants to buy from Russia arms deal worth more than $ 4 billion could not do so, and was invoked suspicions of corruption, while he is still unable to buy these weapons.
At that time when the Iraqi government announced its readiness to deposit the amount of $ 4 billion in the Central Bank of Egypt to support the Egyptian economy struggling back and refused to do so later.
As the Iraqi government was forced to carry out transfers between some ministries to be able to conduct state business or the coverage of this deficit. Where were transfers of funds from some residential development projects and to fund allocations in the Ministry of Defense and presidencies offices.
The spread of financial corruption
In the year 2012 the Iraqi government to redeploy approximately $ 70 million of the allocation for the construction of residential complexes in a number of western and southern provinces, as well as from the draft Baghdad, the capital of Arab culture to pay the salaries of employees of some units in the Iraqi army and the presidential aircraft.
The Global Center for Development Studies that actually Almtakbt and chaos in the Iraqi economy and the spread of financial and administrative corruption necessitates a transparency in the accounts of Iraqi funds in the Development Fund for Iraq in the U.S. Fed. This is very important, especially with the loss of billions of dollars of these funds in prior periods and conflicting statements about the size of these funds and reserves, which are considered the property of the future generations of the Iraqi people.
[You must be registered and logged in to see this link.][You must be registered and logged in to see this image.]
[You must be registered and logged in to see this image.]
City News Agency
A report issued by the International Center for Development Studies, based in London that Iraq, which reached its budget to nearly $ 119 billion for this year has only converts the International Monetary Fund revenue from the sale of oil in the Development Fund for Iraq.
The report pointed out that the Iraqi economy has been suffering for a period of sharp fluctuations in the exchange rate of the dinar clearly reflected on the economic situation of the Iraqi citizen.
The report attributed this to the money laundering operations and financial and administrative corruption in the joints of the Iraqi state, which led to the loss of Iraq nearly three billion dollars in just two months in the year 2012.
External balances
The report indicated that the Iraqi Central Bank announced in August / August of last year that its hard currency reserves amounted to U.S. $ 67 billion while the Iraqi government announces that the preventive balances in the Development Fund for Iraq amounted to $ 18 billion. The Central Bank reserves of gold has fallen by 20%, in less than a year, from about 39 tons in 2011 to 31 tons in 2012, while some accuse the current presidency of the Central Bank is responsible for the disappearance of ten tons of gold reserves, Iraq needs these reserves to enhance the value of the Iraqi dinar in the money market balances abroad.
Global Center for Development Studies explained that some force in the Iraqi government is seeking to take advantage of the surplus oil revenues to exploit the reserves built by Iraq during the past ten years to maximize their assets abroad.
The decline in central bank reserves to be dangerous for the Iraqi economy, being economical a dependent on cash income from oil sales which means Iraq's lack of margin for flexibility to cope with fluctuations in world oil prices and to maintain the economic balance required.
Budget deficits
The report adds that the Iraqi government for its part has been announced years ago for a deficit in the Iraqi budgets while these budgets were always surpluses from the sale of oil at a higher price than that identified on the basis of, and because of the high Iraqi oil exports and non-implementation of local governments for the entire obligations.
The Centre indicated that Iraq not be able to benefit from the allocation of investment or financial surpluses only after that distracted him by the International Monetary Fund, which instructs the Development Fund for Iraq to transfer these funds to the Central Bank of Iraq.
At the time they reach the investment budget for 2013 to nearly $ 47 billion provincial complaining of lack of financial allocations to carry out the projects. At the end of each year the councils shall return the funds that have been allocated to the Ministry of Finance so that the money retained amounted to more than $ 50 billion while the completion rate in some provinces amounted to only 6%.
The report pointed out that the Iraqi government's inability to take advantage of the funds in the Development Fund for Iraq and the need for international protection from creditors around to the Government kind of caretaker government to pay salaries only.
Foreign affairs
The report indicated that it recently has affected Iraq's foreign relations, when Iraq wants to buy from Russia arms deal worth more than $ 4 billion could not do so, and was invoked suspicions of corruption, while he is still unable to buy these weapons.
At that time when the Iraqi government announced its readiness to deposit the amount of $ 4 billion in the Central Bank of Egypt to support the Egyptian economy struggling back and refused to do so later.
As the Iraqi government was forced to carry out transfers between some ministries to be able to conduct state business or the coverage of this deficit. Where were transfers of funds from some residential development projects and to fund allocations in the Ministry of Defense and presidencies offices.
The spread of financial corruption
In the year 2012 the Iraqi government to redeploy approximately $ 70 million of the allocation for the construction of residential complexes in a number of western and southern provinces, as well as from the draft Baghdad, the capital of Arab culture to pay the salaries of employees of some units in the Iraqi army and the presidential aircraft.
The Global Center for Development Studies that actually Almtakbt and chaos in the Iraqi economy and the spread of financial and administrative corruption necessitates a transparency in the accounts of Iraqi funds in the Development Fund for Iraq in the U.S. Fed. This is very important, especially with the loss of billions of dollars of these funds in prior periods and conflicting statements about the size of these funds and reserves, which are considered the property of the future generations of the Iraqi people.
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