Haitham al-Jubouri, the Technical Adviser to the Iraqi Prime Minister, identified the most significant proposed projects for Iraq, which are expected to be discussed with the IMF and the World Bank at the next meeting in Baghdad. It will be possible for Iraq to achieve three gains, as well as clarify the extent of the investment of surplus oil price investments in implementation of the Emergency Food Security Support and Development Law.
Al-Jubouri indicated that the recent World Bank report indicated positive trends in the Iraqi economy, both in the oil and non-oil sectors, after economic reforms through corrective steps taken by the current government and the previous parliament. The inflation rate in 2020 was 6%, and during the last two years it was 7.9%, and the two main reasons are the increase in the monetary mass offered on the Iraqi market, from 51 trillion dinars to 76 trillion, and the increase in the dollar’s rate in relation to the dinar.
The Iraqi government officials and the representatives of the International Monetary Fund and the World Bank will hold a meeting in Baghdad to discuss the White Paper regarding government reforms. Al-Jubouri said that their views are considered by international institutions into consideration, especially for granting loans and investments.
Loans from the World Bank are provided to the Iraqi government at 0% interest and with a maturity of more than 20 years in order to support the investment budget. Loans for salaries and operating expenses are not granted. After the World Bank’s last encouraging report, Iraq needs more projects in the area of roads and railways, as well as the completion of the great port of Faw and the development of airports.