Open letter to Mr. Prime Minister road map for overcoming the economic and financial crisis to Government technocrats sought

- POSTED ON 17/02/2016

Since 2003 until present, the Iraqi economy has suffered from the loss of economic planning and policy strategies and weak dispersion and chaos and confusion in the administration of the economy and various sectors, leading to double its contribution to GDP and the focus was on oil as the main supplier of economic resources which limits (56%-60%) Of GDP and 93% of the total budget revenues.

It was the Iraqi economy walking man one and the other lame, which contributed to the aggravation of the problems is the mismanagement of public funds and administrative and financial corruption and marginalization and national economic cadres dimensions (technocrats) on the management of economic actors in addition external economic conditions including the instability in oil prices and the rise and decline and the inability of the previous Governments of sovereign Fund (reserve) when oil prices rise as the rest of the oil producing region.

And unsettling economic process in Iraq and its complexity is the lack of fiscal and monetary policy in a clear and specific objectives and strategies, which resulted in a lack of control over fixed rates and balanced exchange rate of the Iraqi dinar against foreign currencies, adding that some applications of monetary policy as the auction sale of daily currency contributed to leak large amounts of foreign currency outside Iraq like importations or unreal (laundering). this happens with confused vision for coordination between fiscal and monetary policies.

All these reasons added to instability, insecurity and the war on terrorism and theft of public money and the lack of accountability of spoilers and the inability of the competent authorities on contraband stolen funds bringing the country to the current economic and financial crisis and the economy, where the economy is currently in a phase of recession and economic collapse

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Sameer Al-Nusairi- Open letter to PM Abbadi - PDF FILE