With this avalanche of crises and obstacles that stand in the way of any progress for the Iraqi economy , We note that there is something like a reverse tensile forces, there is no reform looms and no light at the end of the tunnel that shows that things are going better.
Iraq, as we mentioned is in itself a unique case, politics interfere with the economy, but personal interests are above to the interests of the country and no voice rising above to the sectarian and partisan voice, and the continuation of the administrative, financial and political corruption in all aspects of the state, so that Iraq is today looking for loans and assistance to be able to move forward in the era of failed governments that lack of vision .
Economic adviser to Iraqi Prime Minister mudhhir Mohammed Saleh announced that the World Bank and the IMF estimated the size of the financial distress experienced by Iraq is $ 50 billion between 2016 and 2019. Getting the international loan is not easy, but requires implementation of a series of measures including informing the International Monetary Fund on the net real exchange for Iraq during the 2015 », something which puts Iraq in a difficult position because of the economic and political instability which is the most important grant conditions by the Fund and the World Bank the world’s oil countries have managed to put plans and programs to take advantage of financial returns and boosted its incomes and sovereign funds, and diversify their economies, but in Iraq, it’s a totally different in terms that Iraq did not benefit from the boom in oil prices with the exception of a few influential officials and about $ 300 billion was disappeared from its budget in the era of the previous governments , while the Iraqi people suffers and still the bitterness of poverty, unemployment and marginalization.
The problem in Iraq was not once upon a time because of the collapse in oil prices or the war on terrorism, but it is an administrative problem with distinction, noting that the censorship is non-existent and Reform is an empty slogans, and in Iraq have no voice louder than the corruption, and here we mention, for example, but not limited to that of 2014 was passed without the budget, however there was no accountability for the destination which was responsible for this , as well as interventions by the previous government to intervene of the mechanism of work of the Central Bank and the seizure of cash reserves, and the result was as we know to dismiss the central bank director at that time due the non- acceptance of these abuses.
Iraq is passing through a very delicate stage that is hardly had the strength to keep going, and we mention the report of the International Monetary Fund, which has proved the bankruptcy of Iraq, as a result of economic and political ignorance to declare the bankruptcy of Iraq as a result of financial mismanagement and a lack of professional economic planning not to mention the exclusion of the qualified personalities and economic minds, and successive governments have produced a torrent of confusion and corruption brought Iraq to the brink of the abyss today horrendously.
The evidences that the country today stands at a dangerous crossroads are what was brought by warning of the International Center for British development studies, from the bankruptcy of Iraq in three years because of the deficit of the budget, which is clearly threatening Iraq’s oil sector .
The report was then pointed out that military operations in Anbar, costing the country $ 7 million a day, pointed out that the financial and administrative corruption in Iraq has led to the emergence of a new class of rich people and businessmen affiliated to the Iraqi government.
In an article for us earlier we confirmed that Iraq because of the economic and political storms would be exposed to a big blow to include all aspects of the state both economic, political and even social which is what we see today in parallel with the instability.
We note here that the International Monetary Fund has categorized Iraq within fragile states because of territorial disputes. This has led to a decline in gross domestic product and rising inflation.
Once again Iraq stands at the sharp curve that the economy is very exhausted and the situation threatens to further decline due to the acquisition of a few people on the fates of the country and its resources accompanied by the absence of deterrent control and good management , while Iraq is experiencing poverty and unemployment of a terrifying ratios, accompanied by a rise in public debt, and the continuation of austerity measures and taxes, which would threaten for further congestion in popular circles, and may be bad consequences would happen.