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Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality

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Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality Empty Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality

Post by claud39 on Tue May 12, 2020 10:15 am

Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality




12-05-2020



Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality Image










Baghdad / news

Prime Minister Mustafa Al-Kazemi received the Special Representative of the World Bank Mission in Iraq, Ramzi Numan.

Al-Kazemi's media office said in a statement that "ways to coordinate work between the Iraqi government and international institutions to overcome the economic crisis were discussed, and work to launch economic reform efforts that would encourage investment and reconstruction, enhance the service reality, and provide job opportunities."





https://www.ikhnews.com/index.php?page=article&id=215924
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Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality Empty Iraq Presentation

Post by claud39 on Tue May 12, 2020 2:33 pm

[size=44]Iraq Presentation[/size]




May 01, 2020




Al-Kazemi discusses with the World Bank encouraging investment and enhancing service reality Logo-wb-header-fr



Iraq is going through a difficult period, faced both with the erosion of its budgetary revenues following the collapse of international oil prices and persistent political and social unrest. This situation is further exacerbated by the COVID-19 (coronavirus) pandemic, which the healthcare system, with limited capacity and without real financial buffers, is struggling to contain and manage.  

In October 2019, Iraqi youth took to the streets in large numbers to denounce systematic corruption, poor services and high unemployment. These demonstrations highlighted the fragility of the country's socio-economic system. As a sign of appeasement, the government has announced a stimulus package aimed at sharply increasing public sector hiring, pensions and transfers - a response that some have deemed ineffective, as job creation , the growth of the private sector and the implementation of concrete measures to fight corruption require longer-term structural reforms, which were not included in this plan. However, thanks to a record level of oil production and agricultural yields, but also from the increase in electricity production and a fiscal easing, GDP grew by 4.4% over the year. Inflation was contained on average at 0.2% in 2019, largely thanks to a drop in the invoice for imports from neighboring countries, pushing the government to raise customs tariffs and to ban, demand from local producers, importation of certain commodities.  

The stimulus program reduced the budget surplus to 3% of GDP in 2019, compared to 11.2% the previous year, to the detriment of essential spending on human capital and infrastructure. In fact, despite a slight increase in investment expenditure (by 5%), their implementation rate only emerged at 45% of the amounts budgeted. Most of the spending went to the petroleum sector. Investments outside the petroleum sector are only running at 18%, raising concerns for public services, the growing infrastructure deficit and the delay in the reconstruction program.  

Ultimately, Iraq's economic outlook looks uncertain. The collapse in oil prices and an unfavorable international economic situation - including due to the major disturbances caused by the COVID-19 pandemic - are expected to severely penalize Iraq, with an expected economic contraction of 5% in 2020. Without significant reforms to boost private sector participation, the economy will have a hard time recovering, knowing that growth is expected to return to a disappointing level, from 1.9 to 2.7% in 2021-22. Fiscal rigidities, which have increased over the past two years, should complicate matters given the erosion of oil revenues. With a barrel at 30 dollars and in the absence of planned consolidation measures, the budget deficit should widen to reach 19% of GDP at the end of 2020. Result,  

Iraq will have to contend with a persistent current account deficit in 2020, sluggish oil prices and incompressible imports. The reserves of the central bank and the public banks should fill the financing needs, accentuating the vulnerability of the country in the short term.  

Last updated: May 01, 2020




FINANCING

Iraq: Commitments by fiscal year ($ millions) *

[size=11]01,2001,4891,110200201520162017201820190500100015002000[/size]
* Amounts include IBRD and IDA commitments




https://www.banquemondiale.org/fr/country/iraq/overview
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