by admin | December 25th, 2012
Based on current Iraqi Dinar newsreports, Iraq’s oil industry is one of the world’s strongest today, producing millions of barrels of oil on a daily basis. And with several noteworthy experts and organizations predicting the Middle Eastern country’s output to increase over the decades to come, more investors – interested in purchasing Iraqi Dinarnotes to invest in oil and other sectors conducive for investments – are becoming drawn to this nation.
The predicted increased output of the country’s most marketable product has also caught the attention of World Bank, which is an international financial organization dedicated to the alleviation of poverty through the extension of special loans for developing countries to establish capital programs.
According to a representative of Iraq’s Central Bank, the World Bank asked Iraq to become a donor state by the year 2014. Although this Middle Eastern country’s oil sector is doing quite well, and is predicted to do even better within the next few years, the Iraqi economy’s legs are still somewhat maimed by the adverse after-effects of war.
“Poverty is still rife in Iraq. Iraq continues to be a potential conflict zone. There are regular bombings in the country,” says Paul Sullivan, an economics professor at National Defense University (NDU).
Sullivan, who is also an adjunct professor of security studies at Georgetown University, has long been studying the recuperation of Iraq. He points out that this country has several problems of its own to worry about at present, such as the need to rebuild infrastructure and initiate health care programs.
Iraqi Dinar newsreporters quote Sullivan explain how the Iraqis have an abundance of oil revenue lying around, yet they’re never fully utilized because of corruption, inadequate governance, poor rule of law, and other detrimental factors.
“The World Bank is less than clueless if they think Iraq is ready to be a donor state,” says Sullivan.
On the other hand, Majid al-Sadi, current head of the Iraqi Business Council, believes that this nation will be ready to become a donor state as soon as the oil output rises. “Iraq since its inception has always been a donor county,” he says.
He then explained how Iraq extended billions of dollars (which basically amounts to trillions when converted to Iraqi Dinarcurrency) to other countries in need of financial aid, including Jordan, before the 2003 invasion.