I'm not an economist and I have a very limited background about economy since its a very big science but when economy contradicts logic I try to find an explanation.
Today, we received a press release. As a summary for the release, the Iraqi minister of finance received the Italian ambassador in Iraq and they discussed the procedures of ending the subject of the Italian loan to Iraq. The loan (400 million euro) will be used to buy Italian agricultural machines to be distributed to the Iraqi farmers
Until now, everything seems normal and logical. A third world country takes loan money from an industrial country. That would be completely acceptable if this third world country is a poor country but is it acceptable for a country that gained 32 billions dollars only as supplementary budget from the increasing of oil prices?
Why does Iraq need this loan? Our government wastes millions of dollar everyday in putting more blast walls, renewing pavements and of course in buying new armored vehicles for the enormous and increasing number of Iraqi officials. We can buy thousands of agricultural machines with the millions that have been wasted for the faked projects. Of course I'm not talking about the millions that had been stolen by the former ministers or even by the contractors.
I'm seriously waiting for an answer by an economist because the whole loan seems one more contract in the wallet of someone.
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Posted by: frank | September 10, 2008 at 01:15 PM
Iraq does not need the loan. One possible scenario is that Mr. Al-Maliki does. To the Iraqi mind, al-Maliki cannot spend Iraqi money on anything and remain popular with his parliament. What he can do, is to borrow from nations like Italy, but never repay. This is what the Iraqi government is doing. The more interesting question would be: Where are the Iraqi billions, on whose bank account? May be someone from the CIA knows the answer.
Posted by: Nathanael | September 06, 2008 at 05:11 PM
We need to stop funding this occupation. The Iraqis are just going to sit back and keep taking while their bank accounts balloon into the hundreds of millions of dollars.
For every victim killed in 911, 418 iraqis were killed.
What the hell does that mean? Most of those deaths were the result of 3 different allah factions engaged in ethnic cleansing.
Posted by: Tom | September 05, 2008 at 12:54 PM
When is the Iraqi Dinar (IQD) going to be equal to the USD or Euro?
Posted by: Edward Neel | September 05, 2008 at 12:15 AM
We need to do a better job taking care of our own and be more responsible with our money.
Posted by: Joe the Dog Lover | September 04, 2008 at 04:30 PM
For every victim killed in 911, 418 iraqis were killed.
Posted by: fdsa | September 04, 2008 at 07:04 AM