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Iraq Spent $1,000b in 13 Years, Wasting Most of It: MP

rocky
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Iraq Spent $1,000b in 13 Years, Wasting Most of It: MP Empty Iraq Spent $1,000b in 13 Years, Wasting Most of It: MP

Post by rocky on Thu 03 Aug 2017, 10:44 am

Iraq Spent $1,000b in 13 Years, Wasting Most of It: MP


The country has also taken $111b as loan

Leyla H. Sherwani  01/08/2017 - 18:07 Reports
Iraq Spent $1,000b in 13 Years, Wasting Most of It: MP
ERBIL–— Iraqi government has spent nearly 1,000 billion USD from 2004 to 2017 and the country's debts amount to over 111 billion USD in the same duration, said an MP.

Speaking to BasNews on Tuesday, Majida al-Tamimi, a member of the finance committee of the Iraqi House of Representatives, said according to her investigation the expenditures include both the government operation and investment expenses.

The least expenditure was in 2004 which amounted to more than 28 billion USD and the most, over 102 billion USD, was recorded in 2012.

"The projects, services, and the livelihood of the people are not in line with the used up fund because according to the evidence and the investigations most of the money has been wasted or stolen," she stated.

According to the MP annually nearly over 34 billion USD is spent on salaries for the public sector employees.

"But corruption is there as well," Tamimi said, indicating some people receive three to four salaries from the government while there are many who wish to employed and be on the state payroll list.

She believed for reforming in the payroll system, Baghdad can benefit from the biometric system of Kurdistan which has already been launched and aims at annihilating the ghost employment and multiple salaries.

According to Tamimi, in the three ministries of foreign affairs, finance and interior alone, some 16,000 employees have been recognized to receive more than one salary from the state.

The MP also referred to a rise in the poverty rate among Iraqis, saying the rate rose from 22% in 2014 to 41% in only two years.  

She was extremely critical of managing Iraqi funds, saying in southern Iraqi provinces as Basra which do not face serious security concerns and generate their own income the largest underprivileged communities live.

She thought the Iraqi government's "futile financial policy" has led the country take loans which now stand at over 111 billion USD despite the oil revenues and other incomes.

"The most prominent issue with the Iraqi financial policy is mismanagement, corruption and aimlessness," said Basim Ibrahim, a finance expert.

He believed if the issue is not overcome, the loans will keep piling up and the expenses will continue increasing.

If it was not for the reserve fund at the Central Back of Iraq, Iraq had become bankrupt long ago, Ibrahim remarked.

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