Ali Al-Mawlawi

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Oil is the lifeblood of the Iraqi economy, accounting for nearly 90% of government revenues and about two-thirds of GDP in 2009. Such dependence often opens the door to abuse of revenues by those in power and few would have predicted, amid that turmoil following the overthrow of Saddam Hussein, that Iraq's oil industry would one day be among the most transparent in the region.

The so-called resource curse afflicting many developing countries that are rich in natural resources can be avoided by instituting good governance measures based on transparency and accountability.

Since May 2003, proceeds from export sales of petroleum, petroleum products and natural gas have been deposited in accounts held at the Federal Reserve Bank of New York, known as the Development Fund for Iraq (DFI).…  Seguir leyendo »