"Disappearance of 112 billion dollars of Iraq's money"

Bertha News Agency 152 2017-06-05

BAGHDAD (Reuters) - About 312 billion dollars have been smuggled abroad, according to a decision by the finance committee of the Iraqi parliament, Ahmad al-Haj al-Rashid, pointing to the disappearance of more than 112 billion dollars.

Al-Haj Rashid said in a press statement that the parliamentary committees of integrity and finance conducted close follow-up on the disappearance of government revenues, but the results are still unclear on how to spend Iraqi revenues.

Rashid pointed out that 312 billion dollars of Iraqi revenues have been removed from the country, noting the disappearance of 112 billion dollars of revenue and do not know where it is.

"The Iraqi government spent only 115 billion pounds of the total revenues it received last year," he said, adding that it spent another $ 58 billion in the private sector.

He confirmed that the committee prepared six reports on the output of Iraqi revenues abroad, showing that 57% of those revenues have been removed from Iraq.

He added that the biggest problem for Iraq lies in the existence of large corruption within government institutions, including most of its joints, pointing out that the bulk of the government works only by paying bribes, he said.