Iraq Discusses Financial and Technical Support with IMF, World Bank

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Iraq Discusses Financial and Technical Support with IMF, World Bank

Taif Sami, the Iraqi Finance Minister, met with Abdulaziz Al Mulla, the Executive Director of the World Bank for Iraq, to talk about the World Bank’s support for Iraq, which includes financial aid, technical support, and capacity building.

Al Mulla emphasized the World Bank’s commitment to supporting member nations and the fact that the Iraqi economy would benefit from the bank’s programs.

Minister Sami also met with Vice President Hela Cheikhrouhou of the International Finance Corporation (IFC) to talk about the IFC’s ongoing efforts to support projects that create jobs and finance and develop the private sector.

Serve Sami communicated appreciation for the IFC’s help in different areas, including energy and ports, and for activities like the Baghdad Worldwide Air terminal recovery and extension.

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, in a high-level meeting with Ousmane Dione, the newly appointed World Bank Vice President. Dione affirmed the bank’s obligation to offering specialized help and counsel in accordance with Iraq’s public needs.

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

Minister Sami met with the Director of Financial and Technical Affairs of the International Monetary Fund (IMF) in a related meeting to talk about Iraq’s technical needs. He focused on how to help Iraq manage its public finances and fiscal policy, particularly by providing ongoing technical support for the Treasury Single Account program and tax and customs reforms.

Serve Sami stressed continuous endeavors to further develop spending plan arranging and execution, decrease current uses, increment non-oil incomes through growing assessment bases, robotize exchanges, and upgrade customs effectiveness. She talked about the steps taken to work on an integrated financial management system and move to a Treasury Single Account (Unified Treasury Account) system.