Commission adviser to the prime minister discussed with the World Bank economic and financial situation and investment climate in Iraq

Date: 11/08/2012 16:10:38 Thursday



Baghdad (news) .. held the advisers in the Presidency of the Council of Ministers meeting with the World Bank in Iraq.

To discuss the reports submitted by the bank on the management of oil revenues, and fiscal review, and assessment of the investment climate in Iraq.

The head of the advisers Thamer Abbas Ghadban: extensively about the content of reports submitted by the World Bank, referring to Helms by first report, which included an analysis of the economic situation, and the energy sector and its role in economic development and its impact on fiscal policy, as well as the capacity of the state in the economy is supported the oil with the need to empower other non-oil sectors to secure financial resources for the country, and provide a sustainable labor market and investment climate allows the participation of the private sector, noting that there are challenges facing Iraq in the medium term and contradiction with the short-term policies adopted by the government.

And between Ghadhban: Mapgesh second report on the challenges of the financial situation and the lack of financial institutions to the mechanisms of economic management effective, and the need to redirect the increase in budget resources for investment purposes and not operational, and point to study rates of wages and compensation and benefits from public spending. Stressing the importance of the partnership between the two sectors the public and private sectors.

The prime body to: that Matnolh third report on the study of the investment climate in Iraq, which identified problems that hinder access or work investments and enabling electricity shortages and political instability and corruption winning funding, according to the different impact in the provinces of Iraq, The report identified seven impressive aspects of reform in the investment climate is access to finance, and the allocation of land, skilled labor, and the infrastructure and the reform of state-owned enterprises, and corruption, and the informal business sector.

For her part, represented by the World Bank in Iraq Ms. Mary Helen: the need to take the necessary steps to diversify its sources of income in Iraq and Iraq's need to redirect resources to development in Iraq under the expected increase in oil production, and praised Helen interest Iraqi government transparency in the governance of the oil sector joining to Industries Transparency Initiative strategy.

The meeting discussed the contents of the reports and their importance in providing advice to the Iraqi government to reform the economic and financial situation and to pursue a policy that would develop the financial management mechanisms and the development of part of the average for government investment and reform put the state budget. / End /. /





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