Al-Sudani emphasizes that Development Fund must continue operating in line with intended goals

INA-  BAGHDAD


Media Office of the Prime Minister said in a statement obtained by the Iraqi News Agency-INA that Prime Minister Mohammed S. Al-Sudani chaired today the regular meeting of the Iraq Development Fund Board.

The statement read “During the meeting, the Prime Minister emphasized the importance of continuing the work of the fund in line with its planned vision and in accordance with the expectations of global financial institutions. He stressed the need to attract investors both domestically and internationally. He also highlighted housing projects and school construction that are on the verge of implementation, reiterating the government's commitment to a new approach where services are purchased from investors rather than executed by the state.”

It further said “The meeting approved the governance guidelines for the Iraq Development Fund after reviewing amendments and discussing the future mechanisms and policies of the Iraq Development Fund. These guidelines aim to provide a comprehensive framework for good governance and to ensure the effective and sustainable management of the Iraq Development Fund assets, aligning with the national goals for its establishment. The Iraq Development Fund operations will follow best global practices in sovereign and developmental funds to ensure the highest levels of integrity, transparency, and efficiency in all investments.”

The statement also added that the meeting also addressed the mechanisms for transferring school ownership from the Iraq Development Fund to the Ministry of Education and the accounting procedures for this, as well as the Ministry of Finance’s responsibility for guaranteeing the purchase of services from investors.