IECG renews its commitment to support the Iraqi government in facing economic and social challenges

 
 
Baghdad-INA
 
The Iraq Economic Contact Group (IECG) affirmed its commitment to supporting the government to face economic and social challenges, while identifying the most important points that help in the economic advancement of the country.
 
 
IECG said in a joint statement, followed by the Iraqi news agency (INA)," The UK and Japan co-hosted a meeting on economic reform and climate action in Iraq at the Annual Meetings of the IMF and the World Bank Group” .
 
IECG met today with Iraqi representatives in Washington DC. Representatives from Iraq, the World Bank, International Monetary Fund (IMF) and G7 discussed Iraq’s economic challenges and opportunities and the need for significant economic reform, the statement added.
“Despite some progress achieved under the current government in a challenging context, Iraq continues to face daunting medium and long-term economic challenges which are compounded by the negative impacts of climate change - including water scarcity, desertification, drought, and soaring temperatures. The IECG encourages the Government of Iraq to drive forward an ambitious economic reform agenda and take decisive climate action,” the statement continued.
 
IECG also confirmed that Iraq’s economic reform and recovery, the consolidation of its democracy, and increasing the participation of women and girls in all aspects of the country’s economic and political life, are all key to promoting stability not only in Iraq but also in the region.
 
IECG emphasized that,"Diversifying the economy and building an inclusive and dynamic private sector to complement the hydrocarbon industry will promote macroeconomic resilience and provide opportunities and livelihoods for the people of Iraq. This will require reforms that improve the business environment, modernize the financial sector, strengthen macroeconomic stability and public financial management, and fight against corruption; catalyzing growth and creating the building blocks for the private sector to thrive”.
The statement also pointed out that ,"Investing Iraq’s oil revenues prudently - through good governance, effective fiscal management, and transparency – will be important to rebuilding and climate-proofing infrastructure and improving basic services, creating the foundations for sustainable growth".
The IECG confirmed that it will remain committed to supporting the Government of Iraq to tackle Iraq’s important economic and social challenges.