2017 in bankruptcy of Iraq



AM:11:52:27/02/2014

Caution the World Centre for development studies, from the bankruptcy of Iraq over the next three years because of the budget deficit which threatens Iraq's oil sector, adding that the military operations in Al-Anbar cost Iraq $7 million a day, indicating that the giant oil companies are unable to handle the turbulent environment of the Iraqi economy, which threatens to pull out of it.

He said the Centre in London, a report said on Thursday that he "exceeded the budget deficit to ${50} billion, Iraq would be at risk of bankruptcy in the year 2017, will be unable to pay the salaries of its employees."

"The truncated {%} from the budget allocated for oil investments have contributed to the reduction in Iraqi exports of {2.62} million barrels per day to {2} million barrels over the past three months, the impact on State revenue and plans to increase exports to more than {3.5} million barrels by 2014."

The report said that "giant oil companies are unable to handle the turbulent environment of the Iraqi economy, the threat of its withdrawal, in addition to the security factor highlights a financial and administrative corruption, bureaucracy and lack of experience and the need for Iraq's infrastructure and the training of a {70} in the oil sector to reach the desired goals.

He noted that "{BP} cancelled contracts to dozens of foreign operators from North Rumaila, ENI also threatened to withdraw from the Zubair field in Basra because of the red tape that has delayed signing a contract of six months".

On the war by the Iraqi army in Anbar said that "Iraq has contributed to the budget deficit, the weakening of the capacity of the State to establish security, being at war in Anbar charged Iraqi economy worth seven million dollars a day, which puts the budget and affect the ability of the State to bear the burden in defending the other regions of Iraq."

However, the real budget deficit had risen to {32} billion dollars in the absence of agreement between Baghdad and Erbil on oil export, the adoption of five dollars for each oil-producing province, adoption of laws did not match the capacity of Iraq to afford".

The "disability is not justified, the fact that the budget had been prepared on the basis of the price of {90} dollars a barrel, while the price of oil was less than $ {100}, i.e., that the budget should be in surplus, in particular the completion rates in most provinces did not exceed {40} and some were zero.

The Centre drew attention to "the amounts retained from previous budgets until the year 2012 was over {50} billion dollars, raising questions about the true cause of the deficit, if not try new theft of public money and convert it for personal gain and for the benefit of senior State officials.

"Financial and administrative corruption in Iraq has led to the emergence of a new class of rich and new business affiliates of the Iraqi Government, who came to get rich quickly, prompting the emergence of a market for luxury goods in Iraq, most notably private aircraft which may up their prices to {16} million dollars, while a third of the people live below the poverty line, the Ministry of transport to a Caliphate controls to buy those planes, which indicates that the volume of requests necessary to issue such instructions.

The British Council expressed surprise "that economists and advisers to Iraqi Government budgeting since 2014, in the absence of final accounts that show real spending of resources, and provide control commands Exchange, indicating clearly the fear of disclosure, and deliberately hidden for fear of revealing a significant financial and administrative corruption of Iraq years ago."
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