Kurdistan Needs $1.4bn to Stabilize Economy

Transportation routes were disrupted. Foreign direct investment flows have declined and operations of foreign enterprises have been adversely affected. Disruption of public investment projects have had a negative impact on the economy.

“As a result of the Syrian conflict and the ISIS crisis, KRI’s population increased by 28 percent placing strains on the local economy, host community, and access to public services. We accepted and treated them as our own by providing access to all public services in our region," said Dr. Ali Sindi, KRG Minister of Planning.

“While our government has allocated significant resources―through the Immediate Response Plan―to accommodate the needs of the displaced population, it cannot address this big scale humanitarian crisis on its own. Greater support from the national and international partners will be needed to rise above this humanitarian crisis and meet the needs of the displaced.”

The report is an outcome of close collaboration between a wide spectrum of World Bank experts and regional government institutions and international partners. “A national and international response is needed in the immediate future and in the medium-term there is a need for structural reforms,” said Sibel Kulaksiz, World Bank Senior Economist and Project Leader.

“The authorities have already recognized the need for economic reforms and the diversification of the economy. Indeed, one of the main pillars of the KRG Vision is the development of a diversified economy driven by the private sector.”

The full report can be downloaded here.

(Source: World Bank)

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