Post-U.S. invasion economic strategy ‘complete shambles’, says Iraq Central Bank official
Post-U.S. invasion economic strategy ‘complete shambles’, says Iraq Central Bank official
By Laith Jawad
Azzaman, September 19, 2010
The years since the 2003-U.S. invasion of Iraq have done more harm than good to Iraq’s economy, a senior Central Bank official says.
“One of the reasons for the failure of the economic administration in the past seven years is the misuse of the resources which the country owns,” said Mudher Saleh, the bank’s official consultant.
He said there was imbalance and mismatch in Iraq’s economy with the state in control of 80 percent of the country’s riches and other sectors the remaining 20 percent.
“This mechanism cannot achieve any economic feasibility and therefore its unproductive and doomed to failure .. it is a complete shambles,” Saleh said.
It is very rare for senior central bank officials to be so harshly critical of their countries’ economies.
He accused the powers which overthrew the former regime and the subsequent governments of not being able “to bring prosperity to the Iraqi people.”
He did not name the powers but it was the U.S. and its troops which invaded Iraq in 2003 and topple the former regime of President Saddam Hussein.
One of the main structural problems in the Iraqi economy, according to Saleh, is the bloated state sector “where 95 percent of salaried people (about 3 million) do not deserve to be paid.”
He said unemployment was still 15 percent in Iraq in general and 28 percent among its youth.
“If the government wants to achieve prosperity it must create some form of partnership between the state and the private sector. The country’s resources should not be in the government’s hands. This is an error which should be taken into account in the future,” Saleh said.
http://www.azzaman.com/english/index.asp?fname=news\2010-09-19\kurd.htm
Post-U.S. invasion economic strategy ‘complete shambles’, says Iraq Central Bank official
By Laith Jawad
Azzaman, September 19, 2010
The years since the 2003-U.S. invasion of Iraq have done more harm than good to Iraq’s economy, a senior Central Bank official says.
“One of the reasons for the failure of the economic administration in the past seven years is the misuse of the resources which the country owns,” said Mudher Saleh, the bank’s official consultant.
He said there was imbalance and mismatch in Iraq’s economy with the state in control of 80 percent of the country’s riches and other sectors the remaining 20 percent.
“This mechanism cannot achieve any economic feasibility and therefore its unproductive and doomed to failure .. it is a complete shambles,” Saleh said.
It is very rare for senior central bank officials to be so harshly critical of their countries’ economies.
He accused the powers which overthrew the former regime and the subsequent governments of not being able “to bring prosperity to the Iraqi people.”
He did not name the powers but it was the U.S. and its troops which invaded Iraq in 2003 and topple the former regime of President Saddam Hussein.
One of the main structural problems in the Iraqi economy, according to Saleh, is the bloated state sector “where 95 percent of salaried people (about 3 million) do not deserve to be paid.”
He said unemployment was still 15 percent in Iraq in general and 28 percent among its youth.
“If the government wants to achieve prosperity it must create some form of partnership between the state and the private sector. The country’s resources should not be in the government’s hands. This is an error which should be taken into account in the future,” Saleh said.
http://www.azzaman.com/english/index.asp?fname=news\2010-09-19\kurd.htm