Projects Worth $189bn Frozen in Iraq

The deputy head of the Iraqi businessmen’s association, Tariq Saleh, has said that around 600 major projects worth $189 billion are frozen in Iraq due to the government’s failure to enforce a funds management law. He told Al Mada:

“[The projects] have simply been stalled or suspended because of the government’s failure to enforce laws on state funds management and public debt … the freezing of these projects has led to slackening of economic growth and reduced productivity.”

According to a report from Emirates 24/7, he said the absence of those laws have spawned financial and administrative malpractices, adding that loans amounting to nearly $60 billion provided by government banks to civil servants have not been paid back yet.

What we need at this stage is the enforcement of those laws, linking the budget to development plans and projects, and financially controlling all projects ,” he said.

(Source: Emirates 24/7)

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