Iraq and the IMF conclude talks to prepare a 3-year reform plan
Iraq and the IMF conclude talks to prepare a 3-year reform plan
2026-11-12
Shafaq News – Amman
The Iraqi Ministry of Finance announced on Wednesday evening the conclusion of talks with the International Monetary Fund in the Jordanian capital, Amman, with progress made in the negotiation process towards a reform program supported by the Fund in the coming years.
Finance Minister Faleh Sari said at the conclusion of the talks, in a statement received by Shafaq News Agency, that the discussions addressed setting a medium-term reform path for the years (2027-2029), which would enhance financial sustainability and support the ability of the Iraqi economy to face future challenges.
According to the statement, the reform program aims to improve the performance of public finances in Iraq, in addition to establishing a clear monetary framework that helps stabilize monetary policies and enhance their effectiveness and better reflection on economic activity.
The talks also addressed plans to develop the banking sector, including public and private banks, and to strengthen the anti-money laundering and counter-terrorism financing system, as well as reforming the electricity sector, improving governance and combating corruption.
The minister confirmed that negotiations will continue at the expert level during the next phase, in preparation for the preparation of a joint document between Iraq and the International Monetary Fund, which includes a framework for financial reforms and a timetable for their implementation over three years.
The International Monetary Fund announced on October 29 that it was preparing a new lending program for Iraq, whose economy was severely damaged by the repercussions of the war with Iran, after it had begun talks with the authorities in Baghdad.
On October 17, the head of the International Monetary Fund, Kristalina Georgieva, announced the Fund’s intention to “strongly” support Iraq through a much-needed loan program.
It is worth noting that the Iraqi Minister of Finance, Faleh Sari, participated in the annual meetings of the International Monetary Fund and the World Bank Group, which were held in the Thai capital, Bangkok, last month, as part of strengthening cooperation with international financial institutions and supporting the path of economic and financial reform in Iraq.
Sari also held a series of meetings with officials of the International Monetary Fund, beginning with a meeting with the Fund’s Executive Director for Iraq and the region, Mohamed Maait, and the incoming Executive Director, Ali Al-Hosni, in the presence of the Governor of the Central Bank of Iraq, Nizar Nasser Hussein, where the economic and financial situation in Iraq was discussed, and views were exchanged on reform priorities and ways to enhance joint cooperation.
Iraq’s last program with the International Monetary Fund ended in 2019, and it entails interest payments to the international institution amounting to about $428 million until 2030.
shafaq.com
