The formation of an international financial alliance to support Iraq in Britain
|[You must be registered and logged in to see this image.] |
Economy News - Baghdad
Today in London, I announced the establishment of an international financial alliance that includes 7 foreign and Iraqi financial institutions, to provide advice to the Iraqi government to face the stifling financial crisis that led to the state’s inability to commit to paying employees ’salaries on time and resort to internal and external borrowing.
According to the British Foreign Office, the financial alliance will be called the "Economic Contact Group" and its goal is to stimulate international support for the urgent economic reform program, which will last for 3 years and cost 6 million pounds sterling.
According to the statement of the British Foreign Office, which was reviewed by "Al-Economy News", the financial alliance provides global expertise to achieve economic growth and provide international expertise from the public and private sectors to enhance economic stability in Iraq and introduce vital economic changes in order to push the wheel of growth.
The International Financial Alliance to support Iraq includes the G7 countries, which are "America, Britain, Japan, France, Germany, Canada and Italy, in addition to the International Monetary Fund and the World Bank, and from Iraq includes the Ministry of Finance, the Central Bank of Iraq and the Parliamentary Finance Committee."
After the first meeting of the financial alliance, he issued a statement saying, "Iraq is facing daunting economic challenges that have been broadly overshadowed by two crises, the Corona virus crisis and the decline in oil prices ."
He stressed, "There is a need to take immediate measures to achieve stability in the economy and create a comprehensive economic environment suitable for the implementation of the reform, as the members of the Economic Contact Group for Iraq agreed to work with the Iraqi government to put an out-of-way way to set the sequence and priorities of reforms in addition to mobilizing international support to implement these reforms ."
He noted that the Iraq Economic Contact Group will hold its meetings every three months to monitor progress, manage risks and coordinate support effectively, and this includes two annual meetings on the sidelines of the Spring and Annual Meetings of the World Bank .
She added, "It supports the Iraqi government's vision of reform, not only to ward off current crises, but to create permanent economic opportunities for the Iraqi people that meet their aspirations."
Meanwhile, Minister of Finance Ali Allawi said that the white paper received absolute support from the industrialized countries and international organizations for the first time , indicating that the international support and welcoming the white paper is an achievement of the Ministry of Finance .
He added, "International organizations saw that Iraq faces daunting economic challenges overshadowed by the Corona crises and low oil prices, and that the White Paper is an ambitious program for comprehensive economic reform, strengthening the growth of the private economy and protecting the most vulnerable groups .
He pointed out that the industrialized countries and international organizations declared their support for the Iraqi government's vision of reform not only to ward off the current crises, but to create permanent economic opportunities for the Iraqi people that meet their aspirations .