Baghdad lost nearly $ 3 billion in just two months in 2012

According to a British report: Baghdad lost nearly $ 3 billion in just two months in 2012

Published 13/04/2013 10:52 AM

Iraqi dinarBAGHDAD – “arenas of liberation”
A report issued by the International Center for Development Studies and the epicenter London to Iraq, which reached its budget to nearly $ 119 billion for this year does not have except that which converts the International Monetary Fund from proceeds from the sale of oil in the Development Fund for Iraq.

The report pointed out, according to the website Arab. Net, that the Iraqi economy has been suffering for a period of sharp fluctuations in the Iraqi dinar exchange rate reflected clearly on the economic situation of the Iraqi citizen.
attributed the report to the money laundering operations and financial and administrative corruption in the joints of the Iraqi state, which led to loss Iraq nearly three billion dollars in just two months in the last year 2012.
The report indicated that the Iraqi Central Bank announced in August of last year that its reserves of hard currency amounted to $ 67 billion U.S., while the Iraqi government announces that balances preventive Development Fund for Iraq amounted to 18 billion dollars. 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 to these reserves to enhance the value of the Iraqi dinar in the capital markets balances abroad.
International Center for Development Studies explained that some force in the Iraqi government is seeking to take advantage of the surplus oil revenues to exploit reserves built by Iraq during the past ten years to maximize their assets abroad.
The lower reserve bank Central serious matter for the Iraqi economy, being economical ريعيا depends on revenues from oil sales which means Iraq’s lack of margin flexibility to cope with fluctuations in world oil prices and to maintain economic balance required.
The report adds that the Iraqi government for its part has been announced years ago for a deficit in 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.
ITC pointed out that Iraq is not able to benefit from allocations 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 same councils re funds that have been allocated to the Ministry of Finance so that the funds retained amounted to more than $ 50 billion, while the percentages of achievement in some provinces amounted to only 6%.
The report pointed out that the Iraqi government’s inability to take advantage of its funds in Development Fund for Iraq and the need for international protection from creditors around the government like the government of caretaker to pay salaries only.
The report indicated that it is affecting recently relationships Iraqi Foreign, when Iraq wanted buy arms deal from Russia worth more than $ 4 billion could not do so, was invoked suspicions of corruption, while he is still unable to buy these weapons.
While proclaiming the Iraqi government is ready to deposit $ 4 billion in Central Bank of Egypt to support the Egyptian economy struggling back and refused to do so later.
also forced the Iraqi government to do operations transfers between some ministries to be able to conduct state business or the coverage of this deficit. Where it was transfers of funds from some development projects and housing finance allocations in the Defense Ministry and the offices of presidencies.
At the year 2012 the Iraqi government redeploy nearly $ 70 million allocation to build housing complexes in a number of western provinces and South as well as from the draft Baghdad, the capital of Arab culture for paying the salaries of employees of some units in the Iraqi army and the presidential aircraft.
confirmed the Global Center for Development Studies, the reality 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.