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[size=38]World Bank Support: Is External Financing Enough to Stabilize Iraq?[/size]
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October 15, 2024[You must be registered and logged in to see this link.]
Baghdad/Al-Masala: The World Bank warns that the poorest countries, where about 40% of the population lives below the poverty line, are facing a significant decline in international aid, with an accelerating economic and social deterioration.
The bank's report indicated that these countries suffer from the highest levels of debt since 2006, which increases the repercussions of climate change, and fuels political instability and wars. These countries have also been severely affected by the Covid-19 pandemic, which led to a 14% decline in per capita GDP between 2020 and 2024.
The World Bank has called for increased external support for these countries through the International Development Association, but bilateral aid has declined significantly, deepening the crisis.
Poor countries must invest 8% of their GDP annually to achieve development goals, a huge challenge given their structural problems and the conflicts that impede control of their territories.
The report indicated that these countries can improve their conditions by increasing tax revenues and improving the effectiveness of public spending, but structural economic conditions and debts constitute a major obstacle.
In the Iraqi case, in terms of the impact of debt and corruption on the country’s economy, Iraq suffers from large debts and a financial system that relies heavily on oil revenues, with low international support and reduced foreign investment.
There are also structural problems such as corruption and political insecurity that hinder necessary economic reforms.
With regional tensions and internal conflicts escalating, Iraq needs massive investments to achieve sustainable development, but without strong international support, Iraq may face a similar path to these poor countries.
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