The disappearance of 120 billion dollars of Iraqi funds during the term of the Nuri al-Maliki for prime minister

Mohammed Tawfiq Allawi: report (Global Center for Development Studies Albraitani- IDS): the disappearance of 120 billion dollars of Iraqi funds during the term of the Nuri al-Maliki for prime minister

September 5, 2016 | 13:11

The disappearance of 120 billion dollars of Iraqi funds during the term of the Nuri al-Maliki for prime ministerNetwork Iraqi position

A recent report on the disappearance of the $ 120 billion financial surplus budgets Iraq during the term of the Nuri al-Maliki for prime minister.

The report issued by the International Center for Development Studies, based in London, he explained that during the period between 2006 – 2014 has made Iraq a large financial surpluses could contribute to the reconstruction and convert it into a modern state, where the total budget was in that period of $ 700 billion went mostly into the pockets of the corrupt.

According to the report, Prime Minister Haider al-Abadi received from his predecessor, al-Maliki treasury almost empty where there is no more than 700 million dollars, making Iraq in an extremely difficult financial situation, especially with the drop in oil prices and the decline in revenue and the rising cost of the war on Daesh.

The report pointed to the Iraqi Central Bank reserves also declined at a time when he should be getting it. At a time when budgets Iraq rose from 100.5 billion dollars in 2012 to 145.5 billion dollars in 2014, the central bank’s reserves fell from $ 88 billion to $ 67 billion.

This continued the decline that this year reached $ 43 billion, a decline of up to 45 billion dollars and the rate of decline is equivalent to $ 9 billion a year, go mostly to buy items unproductive.

The report pointed out that during January and February of 2016 Iraq ‘s financial revenues totaled 3.269 billion dollars , while the central bank sold 5.821 billion dollars to import goods, where it was to cover the difference of 2.552 billion dollars from the reserve.
As the central bank during the period from 2012 to 2015 $ 6.5 billion under the instruments to buy shows that it comes from a fictitious company and to calculate the companies turned out to be fake it well.

He warned the International Center for Studies of the continued wastage operation in central bank reserves, especially as oil prices remain at low levels and the increasing burden on the state because it means inflation, the budget deficit levels may exceed what is unspoken and who arrives in the next year to 32%.

In spite of attempts by Prime Minister Haider al-Abadi of curbing corruption in Iraq, but the beneficiaries of this phenomenon are trying to disrupt it, and the impact on the work of independent bodies through the influence of some parties or militias.

The report called for Prime Minister Haider al-Abadi to accelerate the detection of senior corrupt before starting the next election.

He noted the International Center for Studies that the Iraq dossier has considerable international attention, especially since corruption has caused the spread of terrorism in Iraq is a threat to the region and the world.

The report indicated that the success of al-Abadi in the fight against corruption is not as important as the liberation of Mosul and would be popular and international support can carry out its programs in the reconstruction and services, and building state institutions.