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Al-Kazemi’s advisor expects 3 gains for Iraq after meeting with the International Monetary Fund and the World Bank

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Al-Kazemi’s advisor expects 3 gains for Iraq after meeting with the International Monetary Fund and the World Bank

Politics / Economy Today, 21:49
Today, Monday, Haitham Al

-Jubouri, technical advisor to the Prime Minister, identified the most important proposed projects, which are expected to be discussed with the International Monetary Fund and the World Bank during an upcoming meeting in Baghdad, and 3 of the gains expected to be made by Iraq, while he explained the extent of investment in surplus oil prices in implementing the support law. Emergency Food Security and Development.

Al-Jubouri told Al-Iraqiya News and followed by the Iraqi News Agency (INA), that "the recent World Bank report indicated that there had been positive growth in the Iraqi economy, in both its oil and non-oil parts, and this came after economic reforms through corrective steps taken by the current government and the previous parliament."

He added, touching on the current problems that the economy suffers from, that "the inflation rate was 6% in 2020, and in the last two years it rose to 7.9%, and the

reasons for this are the

    first of which is the increase in the monetary mass offered in the Iraqi market, which rose from 51 trillion dinars to 76 trillion, an increase of 25 trillion dinars, and the

    second reason is the increase in the dollar's exchange rate against the dinar."

He pointed out that "the unemployment problem has also risen to 12.7%, due to the outbreak of the Corona pandemic and the suspension of some production plants," noting that

"the revenues generated as a result of high revenues can address the problems of inflation and unemployment if invested correctly."

On the upcoming meeting that government officials will hold in Baghdad with representatives of the International Monetary Fund and the World Bank, al-Jubouri said that “the two parties were briefed on government reforms represented in the white paper and had valuable observations, which were not binding on the Iraqi government, and

their observations are viewed by international institutions into consideration, especially with regard to granting loans and investments.

He stressed that "the World Bank provides loans at a zero interest rate and a repayment period of more than twenty years to the Iraqi government in order to support the investment budget and does not grant any loans to the operating budget such as salaries and expenses."

He pointed out that

"Iraq needs the implementation of new projects in the

    field of rail linkage and new roads, the

    completion of the great port of Faw and the

    development of airports, and

these are plans that can be supported by the World Bank after its last positive report."

He pointed out that "the World Bank will study these plans after they are presented by the Iraqi side at the meeting, and perhaps finance part of them, and

this is a great gain for Iraq because it will push the wheel of development, increase job opportunities and create productive projects."

Regarding the extent of investment of the financial mass achieved from the increase in oil imports in the Emergency Support Law for Food Security and Development, Al-Jubouri explained,

“It will go to strengthen the vocabulary of the ration card, support farmers and peasants, cover the costs of oil production, import electric power and gas, and pay off Iraq’s debt, and 30% of it will go to developmental investment projects.".

In its report issued during the current month of April, the World Bank confirmed that Iraq ranked first in the Arab world with the largest growth in GDP and per capita for the year 2022.

The World Bank report expected that "Iraq's gross domestic product will grow during the current year by 8.9 percent, surpassing the rest of the Arab countries, including Qatar, which is expected to grow by 4.9 percent, Saudi Arabia 7 percent, Kuwait 5.7 percent, UAE 4.9 percent, Algeria 3.2 percent, Egypt 5.5 percent, and Jordan." 2.3 percent and Morocco 4.3 percent.

He added, "The growth of Iraq's GDP will be 4.5 percent, similar to Qatar, and it will rise in Egypt to 5 percent, Saudi Arabia will have 3.8 percent, Kuwait 3.6 percent, Algeria 1.3 percent, Tunisia 3.5 percent, and Jordan 2.3 percent."

The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3 percent, while Saudi Arabia's per capita growth will be 5.5 percent, Kuwait 4.5 percent, Bahrain 1.4 percent, Egypt 3.6 percent, and Qatar." 4.5 percent, while Morocco will decrease 0.1 percent.

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