Key Messages: • The Government expenditure for 2013 totals IQD 138.4 Trillion ($ 118.3 Billion), with an increase of 18% over 2012 and exceeding 70% of GDP. The budget has three main headings: Energy, Security / Defense and Social Services, accounting for 21%, 14%, and 13% respectively of total budget. • Investment Expenditure represents 40% (IQD 55.1 Trillion
Read More
Download Iraq has proven oil reserves of 118 billion barrels and this could be increased by up to 235 billion barrels. Iraq also has 78 trillion standard cubic feet of gas reserves which could also be increased by up to 110 trillion standard cubic feet through enhanced recovery and exploration. The Iraqi Deputy Prime Minister Barham Salih stated that new exploration showed tha
Read MoreIraqi Oil: What is hidden inside the Oil Contracts from the 1st and 2nd Bid Rounds? By Munir Chalabi
Download PDF Over eleven months have passed since the signing of the oil contracts between the Federal Ministry of Oil in Baghdad and the International oil companies (IOCs) resulting from the first and second bid rounds. However, to this date none of these contracts have been publicly released or published in any foreign language. Amazingly, all the contracts are written in En
Read More
Download PDF On June 11, 2011, the Los Angeles Times reported that at least $6.6 billion out of the $12 billion of Iraq's money from the United Nations' oil-for-food program was very likely stolen, stating, "For the first time, federal auditors are suggesting that some or all of the cash may have been stolen, not just mislaid in an accounting error. Stuart Bowen, special inspe
Read More
For the full paper, including 2 appendices, click PDF file. Introduction Misconduct charges against the Central Bank of Iraq (CBI) and banking system, before and after the replacement of the Governor in October 2012, have included two groups. The first relates to possible ‘misuse’ of CBI’s foreign exchange auction sales by banks, favouritism in allocating sales, and money lau
Read More