Discussed with the World Bank economic and financial situation and investment climate in Iraq

Commission adviser to the prime minister discussed with the World Bank economic and financial situation and investment climate in Iraq

Date: 11/08/2012 16:10:38 Thursday

Baghdad (news) .. held the advisers in the Prime Minister’s meeting with the World Bank in Iraq, the presence of a number of members of the Economic and Financial Council of Representatives, and the General Secretariat of the Council of Ministers, and the Office of the Deputy Prime Minister for Economic Affairs, and representatives of the Ministries of Finance and Planning and the National Investment and other relevant ministries, along with international partners in the United Nations and the International Monetary Fund and the U.S. Agency for International Development, the European Union and the British Embassy and the French, and representatives of civil society organizations and businessmen, and a number of experts and advisers in the body. To discuss the reports submitted by the bank on the management of oil revenues, and review of public finance, and assess the investment climate in Iraq.
said head of the advisers Thamer Abbas Ghadban: extensively about the content of reports submitted by the World Bank, referring to Helms by first report, which included an analysis of the economic situation , and the energy sector and its role in economic development and its impact on fiscal policy, as well as the capacity of the state in an economy dependent on oil with the need to empower sectors other than oil to secure financial sources for the country, and the provision of labor market and sustainable investment climate allows private sector participation, noting that there are challenges facing Iraq on the medium term and contradictory with policy short-term adopted by the government. between Ghadhban: Mapgesh second report on the challenges of the financial situation and the lack of financial institutions to the mechanisms of economic management effective, and the need to redirect the increase in budget resources for investment purposes and not operational, and point to a study ratios Wages and compensation and benefits from public spending. stressing the importance of the partnership between the public and private sectors. said Chairman to: that Matnolh third report on the study of the investment climate in Iraq, which identified problems that hinder access or work investments and enabling electricity shortages and political instability and corruption winning funding, according to the different impact in the provinces of Iraq, The report identified seven aspects of the reform influential in the investment climate is access to funding, and the allocation of land, skilled labor, and the infrastructure, and reforming state-owned enterprises, and corruption, the business is official. part The representative of the World Bank in Iraq Ms. Mary Helen: the need to take the necessary steps to diversify its sources of income in Iraq and Iraq’s need to redirect resources to development in Iraq under the expected increase in oil production, and praised Helen interest Iraqi government transparency in the governance of the oil sector by joining the initiative Industries Transparency strategy. meeting discussed the contents of reports and its importance in providing advice to the Iraqi government to reform the economic and financial situation and policy would develop mechanisms of financial management and develop a framework average for government investment and reform put the state budget. / End / l. m /