Economist: Iraq has become a very large banking office



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Dia Hassoun

The US Ambassador to Baghdad, Douglas Seelman, addressed a message to the Iraqis as he completed his term as US ambassador to Iraq, asserting that Iraq is ahead of a sovereign and prosperous future. “As my mission ends, I want all Iraqis to know that I see great potential, A truly democratic Iraq, sovereign, independent and prosperous. “

Douglas said that our unprecedented security cooperation with the Iraqi security forces led to the unification of Iraq and contributed to its stability.

Is what the US ambassador said came from diplomatic courtesy, or is there really a major economic revival waiting for Iraq?

Guest of the program “Iraqi worries” on the radio ” Sputnik ” economic expert Saleh al-Hamashi, says about the statements of the US ambassador in Baghdad:

“The statement of the US ambassador in Baghdad came as a courtesy to the diplomatic and hope for the Iraqis, but the reality of Iraq in fact, is a tragic reality, the United States claimed that it will make Iraq a democratic country, but the situation today in Iraq is different, where It is worsening day after day, and is deteriorating, there is a large increase in the population, leading to great pressure on services, not to mention the problems of unemployment and housing, and Iraq’s debt is increasing year after year, and I do not think there is a bright future awaits Iraq, Under this situation, with a regional and international conflict to gain market share Iraq , the problem of the Iraqi economy is that it is linked to oil, and the latter is linked to the global economy, which suffers from many problems too, there is a slow growth, and there is a very large international conflict between the United States and China in control of international trade, Is suffering from economic problems, all these problems reflected on oil prices, and then reflected on the situation in Iraq, and on this basis, I do not think that the future of Iraq bodes well economically.

And whether the international race towards Iraq is a positive indicator of Iraq’s economic future, says Al-Humashi:

“States are racing towards Iraq is to get the greatest benefits to their interests, and remains the role of the Iraqi government to benefit from these economic relations, but it is noted, there are many agreements concluded by the Iraqi government adversely affect the Iraqi market, the exemption of Jordanian goods from the tax, For example, negatively affect the Iraqi industry, as well as increase the volume of trade exchange with Iran and try to reach 20 billion dollars a year, all for the benefit of countries and not for the benefit of Iraq, in addition to the Iraqi government has not yet shown important investments related to the residential aspect or Structural aspects The government lacks data and statistics, while there are no private sector projects. There is no real description of the economic problem, In a country that does not have an economy, but has money, where Iraq has become a very large banking office, and countries are trying to get their share of the emerging Iraqi market. “

As for private sector investments in Iraq, al-Humashi says:

Private sector investment is very limited, limited only to entertainment, because there is no protection of capital, under the socialist system inherited by the Iraqi government from the former regime, the private sector is linked to the factories of the government is suspended from work, and the economy is still in the hands of the state and government banks are in control of Money in Iraq, and notes that the government does not want to liberalize the economy properly, which begins to reform the banking system. “

Prepared by: Diaa Ibrahim Hassoun

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