Experts and economists skeptical of the possibility of reconstruction of infrastructure, government bonds worth 70 billion dollars
Experts and economists have criticized the law, which they said lacked "transparency" in the funding, implementation and oversight, considering that his money would be a "debt" or bonds issued by the government, wondering about the possibility of reconstruction of infrastructure to $ 70 billion, says the draft law,
Iraq, despite spending $ 320 billion since 2003, "without a clear accomplishment." Preparing the House of Representatives on Sunday to read "the law of the reconstruction of infrastructure and service sectors", according to a source in the Council. Prime Minister Nuri al-Maliki late 2009 launch of the project and said there was a $ 70 billion ready to invest in Iraq, presented the project to sharp criticism from opponents of Prime Minister, who accused him of being put for the purpose of election propaganda and gain more votes in the elections.
In a statement to "The World" on Saturday, said Hadi al-Hassani, the former deputy and close associate of Prime Minister Nuri al-Maliki, said "the reservations of the political blocs on the law focused on a fear of influence on the reserve of the Iraqi currency."
And bridge the al-Hassani said, "but the central bank's demands to guarantee the right only of the investor, without taking money from him," he adds, "We needed a law guaranteeing the right of the Iraqi and foreign investor."
He continues, former President of the Economic Commission parliamentary "culture of borrowing so far rejected by us, considering that Iraq is a country rich and borrowing Sinhec the country's debt is indispensable, while the borrowing does not mean an imbalance Valkarz Japanese for example, is like a grant because he is on a period of 40 years."
And on the questions posed by the expert sources of financing "reconstruction of infrastructure," which is said to have up to $ 70 billion, shows al-Hassani, "for sources of funding, foreign banks lend money to the investor and the investor needs to turn guarantee from the Iraqi state and through the departments concerned such as the Central or the Ministry of Finance ". and stresses the leader of the Dawa Party-Iraq Organization as" if it does not pass this law, it means punishing the Iraqi people, and failure to implement the necessary projects for the welfare and prosperity and a hindrance to economic growth and would prevent Iraq from turning into a producer. "
Attention former deputy, to hold the Iraqi government "meetings and agreements in principle with many companies and investors, they have a big desire to invest, but they can not afford to risk only after the issuance of a law that guarantees their money."
To the detection of a source familiar with the National Alliance for the "world" for "real concerns about the uncertainty surrounding the project, which intends to Maliki's government has tabled in Parliament," he says, "The reconstruction project of infrastructure does not enjoy consensus within the National Alliance and there are fears the introduction of Iraq into a spiral debt again. " The source "difficult to pass this law under the dome of the parliament."
He denies the appearance of the central bank adviser Mohammed Saleh Bank's intention to issue bonds to finance the reconstruction of infrastructure, and stresses in a meeting with the "world" that the "guarantee means that lending, the central bank is legally authorized to lend."
Explains the appearance of "The Central Bank does not finance projects, is the focal point for monetary stability and all what we are doing is managing the auction of treasury transfers," he adds, "the central bank can play a mediating role for the management of public lending, which could tend to him the government."
He says the central bank adviser "to the government are two ways to finance such a large project, the first through the investment budget in the budget year 2011 from the investment side, which was allocated 30%, or through a supplemental budget in the event of increased revenues thanks to increased oil prices." Turn denied the Attorney Independent Sabah al-Saadi that have been "Consider the law," which will be read today, and stressed the "world" that "if the law is the same as that previously submitted, it does not carry new and reservations will be the same."
And wondering Saadi said, "What is the proposal to the ministries burdening a new law, approved Valmoisnp and mechanisms of exchange, however, identified the ministries which can not be how some of the implementation of projects issued other laws?".
He adds, "who insist on putting this project are ignorant of the concept of investment, it means the movement of foreign funds within the State there is no meaning because the state guarantees him the money and this is a big mistake" and believes that "the state put so large-scale projects must be to have stocks lot of money, and the case that Iraq's budget deficit. "
On the matter of re-launch the project again after two years of rejection, "says the former head of the Integrity Commission" is certainly maneuver government must be scrutinized in the background, feasibility, "and asks," Is intended to achieve a form of corruption as that of the investors relations with parties to take power? ".
For his part, asked the economist Antoine on behalf of "the possibility of reconstruction of infrastructure, 70 billion dollars in Iraqi governments failed despite spending $ 320 billion since 2003?".
And adds the "world", "at a time can not the Iraqi government to encourage businessmen and investors of Iraqis who took part in building Arab countries in the Gulf and Egypt How can you attract foreign investors? I do not think there is a possibility to accomplish such a project (reconstruction of infrastructure) in the random government works. "
He says, "when it is put forward such a project, there must be a clear plan, specific to the size of projects and sectors and the size of spending and the time limit for implementation, and be working under the supervision of enforcement authorities and regulators are known," and concludes by saying, "We must declare projects high level of transparency, but unfortunately most of the projects put forward Trade has become a political
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