PM advisor: 3 Iraqi gains after meeting the International Monetary Fund and WB

INA – BAGHDAD
 
Technical Adviser to the Prime Minister, Haitham al-Jubouri, identified on Monday, the most important proposed projects, which are expected to be discussed with the International Monetary Fund and the World Bank – WB during an upcoming meeting in Baghdad, as 3 gains expected to be made by Iraq, while clarifying the extents of investing surplus oil prices in implementing the Emergency Food Security Support and Development Law.
 
"The recent WB report indicated that there had been positive growth in the Iraqi economy, in both oil and non-oil parts, as this came after economic reforms through corrective steps taken by the current government and the previous parliament," said Al-Jubouri to Al-Iraqiya News TV, followed up by the Iraqi News Agency – INA.
 
Touching on the current problems that the economy suffers from, Al-Jubouri noted that "the inflation rate was 6% in 2020, and in the last two years it leveled up to 7.9%, and the reasons for this are the first of which is the increase in the monetary mass offered in the Iraqi market, which rose from 51 trillion dinars to 76 trillion, an increase of 25 trillion dinars, and the second reason is the increase in the dollar's exchange rate in a change to the dinar,".
 
He pointed out that "the unemployment problem has also risen to 12.7%, due to the outbreak of the Corona pandemic and the suspension of some production plants," noting that "the generated revenues as a result of high revenues can address the problems of inflation and unemployment if invested correctly,".
 
On the upcoming meeting that government officials will hold in Baghdad with representatives of the International Monetary Fund and the World Bank, al-Jubouri said that “the two parties were briefed on government reforms represented in the white document and had valuable observations, which were not binding on the Iraqi government, and their observations are viewed by international institutions into consideration, especially with regard to granting loans and investments,”.
 
“WB provides loans at a zero interest rate and a repayment period of more than twenty years to the Iraqi government in order to support the investment budget and does not grant any loans to the operating budget such as salaries and expenses," he added.
 
He pointed out that "Iraq needs the implementation of new projects in the field of rails and new roads, the completion of the great port of Faw and the development of airports, as these are plans that can be supported by the World Bank after its last positive report,".
 
“WB of Iraq will study these plans after they are presented by the Iraqi side at the meeting, and perhaps finance part of them, and this is a great gain for Iraq because it will push the wheel of development, increase job opportunities and create productive projects," he highlighted.
 
Regarding the extent of investment of the financial mass achieved from the increase in oil imports in the Emergency Support Law for Food Security and Development, Al-Jubouri explained, “It will go to strengthen the food ration card, support farmers and peasants, cover the costs of oil production, import electric power and gas, and pay off Iraq’s debt, and 30% of it will go to developmental investment projects,”.