16 minutes ago
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A report by the British newspaper Middle East Monitor asked about Iraq's oil resources, as the country, despite having one of the largest oil reserves in the world, is considered the second poorest country in the region, as it imports about 40 percent to meet energy needs and the lack of clean water.
The report stated that "despite the passage of twenty years since the invasion of the country, the promise of a prosperous and democratic Iraq has not been fulfilled, as the legacy of the US-led war on Iraq was characterized by political instability, sectarian violence, corruption, and the failure to form a sustainable and accountable government."
He added, "Since the US-led invasion, the lack of political stability and security has not only destroyed the country's economy, infrastructure and social fabric, but has also resulted in Iraq's inability to attract significant foreign investment. This has been exacerbated by the emergence of extremist groups such as ISIS."
And he continued, “Last October, an investigation revealed that a staggering $2.5 billion in misappropriated tax money was stolen, in what was described as the “theft of the century.” The embezzlement case, which involves a network of senior officials, politicians and companies, is just one of a number of major corruption scandals that have made headlines in the country amid estimates that nearly $320 billion was lost due to corruption from state coffers in the 15 years after 2003.
And the report stated, “Officials and politicians in Iraq are often accused of stealing public funds and resources for personal gain, including oil revenues as a result of fake salaries and fake employees, to bribery and even oil smuggling. This rampant corruption that has plagued Iraq for decades has reduced the amount of funds available.” To invest in the country's inefficient energy sector, infrastructure and economic development in general.
And he stated, “In addition to mismanagement and lack of accountability, the lack of transparency has impeded the country’s ability to effectively manage the distribution of its oil wealth; The public is left with little information about how oil revenues are spent and how contracts are awarded.
He pointed out that "Iraq's oil wealth is still a major driver of its economy, but the country faces serious challenges in addressing the large gap between supply and demand and the effective management of its resources and distribution for the benefit of its citizens, whose daily lives are affected by the lack of reliable sources."
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