By John Lee. The World Bank had reportedly agreed to lend Iraq $1.7 billion (2.0 trillion Iraqi dinars) to help meet its budget deficit. $1 billion of the amount will be a Development Policy Loan (DPL), with a further $350 million allocated to reconstruction and restoring stability to areas liberated from the Islamic State (IS, […]
Iraq: Developing More Capacity to Manage Public Funds Even amid conflict and fluctuations in oil prices, as home to the world’s third-largest oil reserves, Iraq has the sort of wealth from natural resources that makes it possible for its government to invest in the country’s infrastructure. Iraq spent more than US$51 billion on public procurement […]
By John Lee. The World Bank is seeking to finance development projects in areas recaptured from Islamic State (IS, ISIS, ISIL) militants, according to a report from Reuters. Regional vice president Hafez Ghanem (pictured) told the news agency he would also meet with Iraqi officials to discuss ways to help the government tackle its budget […]
The International Finance Corporation (IFC), a member of the World Bank Group, is investing up to $18 million in Saudi dairy company Al Safi Danone’s Iraq-based subsidiary, to expand its operations in order to improve domestic food security, boost Iraq’s non-oil sector, and reduce its reliance on imported dairy products. IFC’s long-term investment, which is […]
The World Bank Group and the Kurdistan Regional Government (KRG)-Iraq, have launched a social protection program of support to promote equity in living standards and reduce vulnerability. The program is aligned with the government’s efforts to develop a comprehensive social protection system and contributes to the goals of KRGs Vision 2020 of “freedom, health, welfare, […]
By John Lee. Prime Minister Dr. Haider Al-Abadi recently received in his office the director of the World Bank in the Middle East and North Africa, Mr. Farid Belhaj, and the Special Representative of the World Bank Mission in Iraq, Mr. Robert Bu Jodah. The meeting discussed the challenges of Iraq's economy caused by the […]
The Kurdistan Region of Iraq Needs an Estimated US$1.4 billion this Year to Stabilize the Economy The Kurdistan Regional Government (KRG) is facing an economic and humanitarian crisis as a result of the influx of Syrian refugees (starting in early 2012) and more recently the Internally Displaced Persons (IDP) in 2014. According to a newly […]
By John Lee. A report published on Thursday by the World Bank focuses on the implications of low oil prices for eight developing countries -- Egypt, Tunisia, Lebanon, Jordan, Iran, Iraq, Yemen and Libya -- and the economies of the GCC (Gulf Cooperation Council). The Plunging Oil Prices report questions the practice of pegging the […]
By John Lee. Iraq has been ranked 156th out of 189 countries in the World Bank's recent Doing Business 2015 report. Top of the list were Singapore, New Zealand and Hong Kong, with last place going to Eritrea, just behind Libya and the Central African Republic. Doing Business measures regulations affecting 11 areas of the […]
By John Lee. The Iraqi Finance Ministry has announced that the World Bank plans to send a high-level delegation to Baghdad in the near future. NINA that the Finance Minister, Hoshyar Zebari, met with the World Bank's representative in Iraq, Robert Boujoda, to discuss cooperation between the government and the World Bank. Tthey also reviewed […]
From The World Bank. A new project will reduce traffic fatalities by nearly 25 percent on two transport corridors connecting Iraq to its northern, southern and western neighbors and beyond. The US$355 million Iraq Transport Corridors Project, approved by the World Bank Board of Directors on Thursday, will improve road quality and safety and promote […]
By John Lee. The acting Finance Minister, Ali Yousef Shukri (pictured), is reported to have held a meeting with a representative of the World Bank to discuss the restructuring of the state-owned banks in Iraq. According to the report from NINA, the discussions related particularly to the Rasheed and Rafidain banks. (Source: NINA)
