The European Union and the World Bank issue a joint statement on the economy of Iraq ... and an urgent request

The European Union and the World Bank issue a joint statement on the economy of Iraq ... and an urgent request







   Time: 03/09/2021 23:38:03

The European Union and the World Bank issue a joint statement on the economy of Iraq ... and an urgent request

According to the joint statement, “Following the launch of the IECG on October 22, 2020 in London, the Government of Iraq met with its international partners in the Director-level Economic Contact Group on March 2, 2021, to conduct an assessment of the recent reform steps, in order to start identifying Align international support, and map the way forward towards holding a high-level contact group meeting in late spring of 2021. '  

He explained, "The Iraqi economy has faced multiple shocks that have led to a severe recession and high poverty rates, and that structural obstacles that have accumulated for decades limit the availability of financial reserves to mitigate the social and economic impact on Iraq's most vulnerable citizens and its commercial projects. As a result, engaging in reforms is the fastest way." To reverse the course of the situation. "

The statement added, "Indeed, the long-term success of Iraq is crucial to the stability of the entire region; but the Iraqi economic model based on oil is facing an increasing challenge from a young and growing population that needs to diversify job opportunities, and from an irreversible global trend towards decarbonization and access to a green economy." .  

He continued, "The Iraqi government has taken commendable steps to address immediate and long-term financial and economic challenges by initiating a frank discussion about the requirements for structural reform to address financial imbalances, address critical infrastructure gaps and direct the Iraqi economy towards sustainable and comprehensive development, including gender equality."

"As partners and friends of Iraq, we have indicated our appreciation for the steps taken recently to move from analysis to implementation, as evidenced by the Cabinet's approval of the implementation plan for the White Paper, including the governance structure to achieve this goal," the statement indicated. ".  

He called for "expediting the adoption of a reform-oriented Iraqi national budget, given the need for it to provide the necessary means and tools to ensure that Iraq can continue on its reform path towards stability. At the same time, we have been informed of the additional work needed to implement reforms. There is an economic and social cost to delay." In taking action. "
"Therefore, it will be necessary now to start urgent implementation based on the identified priorities. The reform agenda must be an integral part of a broad and open dialogue between the government of Iraq, its parliament and its citizens, in order to ensure that the future of Iraq is formulated in a comprehensive manner," the statement concluded.





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