IN ORDER FOR IRAQ TO BECOME A MAJOR PLAYER ON A GLOBAL LEVEL.. THE WORLD BANK IS WATCHING THEM AND ANALYZING EVERYTHING..
PLEASE READ THE FOLLOWING AS IT MAY HELP YOU TO UNDERSTAND WHERE WE ARE IN THIS PROCESS..
(ISN) INTERIM STRATEGY NOTE:
viii. Given Iraq’s difficult operating environment and the uncertainties that lie ahead, an ISN is the appropriate strategy vehicle at this point in time. This ISN is also proposed for a longer time horizon - from mid-FY09 through FYll- than the typical ISN. (FOR YEAR 2009 THROUGH YEAR 2011)
ix. The central guiding principle of this ISN is that Iraq is well-endowed with natural and financial resources, and that the main role for the World Bank in this context is to help Iraq use its resources more effectively and transparently and to lay the ground work for an increased role for the private sector.
x. Regarding the form of the assistance, the main instruments of Bank Group support under this ISN include:
(i) operational support to accelerate implementation of the current portfolio, totaling about US$1 billion;
(ii) advisory services in selected sectors and areas;
(iii) I RD financial support in priority sectors to be selected on the basis of funding needs and implementation capacity;
(iv) IFC investment and advisory services products; and
(*) MIGA’s political risk guarantee products.
IS THERE A RELATIVE RISK WHEN WE LOOK AT IRAQ'S POLITICAL STABILITY?
xi. With respect to the content of the assistance, activities under this ISN will fall under one or more of three thematic areas of engagement:
(i)continuing to support ongoing reconstruction and socio-economic recovery;
(ii)improving governance and the management of public resources, including human, natural and financial; and
FINANCIAL: As we have been seeing in the news for the past several weeks, they keep talking about passing new banking laws. TAKE INTO ACCOUNT the managing of "public resources", to you think Iraq is passing or failing at this time?
IMO, they ARE making progress.. but they are NOT there yet.. they take one step forward and 3 steps back..
(iii) supporting policies and institutions that promote broad-based, private-sector-led growth, with the goal of revitalizing the private sector and facilitating job creation.
ISN will aim to:
a ) enhance the effectiveness of institution building and analytical and advisory activities;
b ) strengthen the implementation of the current portfolio;
c ) introduce more flexibility in the Bank Group’s programming and ability to experiment with alternative implementation arrangements; and
RIGHT HERE we see the World Bank telling Iraq they need to update their banking strategy in country.. We have seen great progress in this area as far as them coming online with electronic banking etc.. but the STILL need new legistlation passed as it relates to their banking laws.. Or the Banking Act..
d ) foster donor coordination. For planning purposes, this ISN is based on the assumption that (*) progress in the security situation over the next two to three years would continue to be slow and incremental, with a risk of reversal.
THIS DOCUMENT FROM THE WORLD BANK IS DATED FEBRUARY 2009. "Progress in the security situation over the next two or three years"... WOULD YOU GIVE IRAQ A PASS OR FAIL HERE? IMO, FAIL.. We need to see "relative stability".. we have not seen that since we pulled out IMO.. we have only witnessed deterioration.
xiv. Risks. There are high risks to the World Bank Group’s program in Iraq. The most important risk pertains to the political and security situation, which remains fkagile, as does the country’s operating environment
NOW THAT YOU KNOW what the BIG GUYS are looking at.. let's look at the articles... and I only touched on just a FEW points here... there is much more.. The World Bank and IMF is continuously studying the economic growth activity, as well as political stability in Iraq