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An International Report Highlights Policy Recommendations For Economic Recovery In Iraq

rocky
rocky
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An International Report Highlights Policy Recommendations For Economic Recovery In Iraq Empty An International Report Highlights Policy Recommendations For Economic Recovery In Iraq

Post by rocky on Wed 07 Oct 2020, 3:24 pm

An International Report Highlights Policy Recommendations For Economic Recovery In Iraq
On October 7, 2020
[rtl]Baghdad .. In a new report on the recovery of the Iraqi economy from the Covid-19 crisis, the United Nations Development Program presented recommendations that included expanding social security coverage for the poor, increasing funding revenues for major government programs, and allocating more resources for the development of the private sector.[/rtl]
[rtl]The report, released today, entitled “The Impact of Covid-19 on the Iraqi Economy,” analyzes the effects of the epidemic on the inclusive economy, and provides a number of recommendations for policies to meet the challenges and ensure continuous progress towards achieving the sustainable development goals.[/rtl]
[rtl]The Resident Representative of the United Nations Development Program in Iraq, Zeina Ali Ahmed, said: “Although the financial conditions and economic conditions in Iraq have been largely positive in the past few years, two major crises have delayed progress, namely the oil crisis and the Corona pandemic.[/rtl]
[rtl]She added, “This has had major impacts on the population, especially in the areas of income, jobs and poverty, with a real possibility of inequality rising dramatically. For example, the report revealed that private sector employees in Iraq are more vulnerable to poverty risks than workers in the public sector, especially those with low incomes and workers in the informal sector, as well as female-headed households.[/rtl]
[rtl]According to the report, it is expected that the gross domestic product of Iraq will decrease by about 10% in 2020, and that the budget deficit in the same year will reach an unprecedented level of nearly 30% of the GDP.[/rtl]
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[rtl]The approach that the United Nations Development Program is proposing to the Iraqi government and other key stakeholders for planning Iraq's economic recovery is two-fold:[/rtl]
[rtl]The need to quickly identify additional financing options, avoid ill-considered monetary reforms, and improve the quality and targeting of public spending.[/rtl]
[rtl]Supporting the non-oil private sector in achieving growth and reducing dependence on oil, while continuing to provide job opportunities for a large number of the most vulnerable and low-income families by expanding the scope of social assistance programs.[/rtl]
[rtl]Zina Ali Ahmed emphasized that: "The United Nations Development Program and its partners are ready to support the Government of Iraq in implementing these measures, to achieve economic stability and ensure the protection of the most needy."[/rtl]
[rtl]This follows the report, “The Impact of the Oil Crisis and COVID-19 on Iraq's Fragility,” released in August 2020.[/rtl]
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