Iraq Discusses Financial And Technical Support With IMF, World Bank


(MENAFN- Iraq Business News) By John Lee.

Iraqi Finance Minister Taif Sami met with World Bank Executive Director for Iraq, Abdulaziz Al Mulla, to discuss the World Bank's support for Iraq, including financial aid, technical support, and capacity building.

Al Mulla emphasized the bank's commitment to supporting member countries and that Iraq would benefit from the World Bank's programs aimed at bolstering the Iraqi economy.

Minister Sami also met with International Finance Corporation (IFC) Vice President Hela Cheikhrouhou to discuss ongoing efforts with the IFC related to financing and developing the private sector and supporting projects that create job opportunities.

Minister Sami expressed appreciation for the IFC's support in various sectors, including energy and ports, and for projects such as the Baghdad International Airport rehabilitation and expansion.

In a high-level meeting with newly appointed World Bank Vice President Ousmane Dione, the minister discussed the bank's readiness to support financial and economic projects in Iraq, particularly the strategic Development Road Project and the railway project. Dione confirmed the bank's commitment to offering technical support and advice in line with Iraq's national priorities.

During a series of spring meetings, Minister Sami and her delegation also met with the Multilateral Investment Guarantee Agency (MIGA) , part of the World Bank Group, to discuss the importance of supporting private sector investment projects in Iraq, particularly in the fields of environment and renewable energy, and providing funding for government banks.

In a related meeting, Minister Sami discussed Iraq's technical needs with the International Monetary Fund's (IMF) Director of Financial and Technical Affairs, focusing on support for Iraq's fiscal policy and public finance management, particularly continued technical support for the Treasury Single Account program and ongoing tax and customs reforms.

Minister Sami emphasized ongoing efforts to improve budget planning and execution, reduce current expenditures, increase non-oil revenues through expanding tax bases, automate transactions, and enhance customs efficiency. She highlighted the steps taken toward transitioning to a Treasury Single Account [Unified Treasury Account] system and working on an integrated financial management system.

(Source: Ministry of Finance)

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