World Bank offers new loans to help Iraq 12/19/2015
World Bank offers new loans to help Iraq
12/19/2015 0 Comments
the World Bank agreed to give Iraq a loan of $ 1.2 billion, to strengthen its efforts to adjust its finances, and improve the efficiency of the energy sector in the country, as well as to help cope with the effects of lower oil prices and rising security costs.
He said, "Middle management director East, "the World Bank Group, Fred Belhadj:" The Bank's support .. to the momentum of the current reforms in Iraq are very important at this critical time, as the country faces the challenges of long-standing in the financial sector, public financial management, energy efficiency and security use. "
He added: "In this process, offer a calculated risk. However, the risks that may result from failure to support the Iraqi government in these times much larger" .almsaol regional in the World Bank Group, said in his speech also said that "the Iraqi economy is going through a very critical period .. We believe that to help him recover quickly, and help Iraq achieve stability, will have great benefits not only to the Iraqi people but for the whole region.
"He announced the bank agreed to finance development policies aimed at fiscal situation in Iraq, and the provision of sustainable energy project, and enhance the transparency of state-owned enterprises.
According to the bank, this process, in line with the government's plan for economic recovery for the period between 2015 - 2018, committed by Iraq to implement reforms that will achieve the promotion of an integrated economic growth, and improve the efficiency of the delivery of basic services to the citizens, and to take action necessary to install the means of social protection.
chief economist at the World Bank Eric Le Bourne, he explained that "development policy loan is an essential part of the World Bank's efforts to help address the fragility of the situation and promote stability in Iraq and the Middle East and North Africa in general."
It is The new loan granted to Iraq focuses on three aspects, the first being to improve public expenditure management, where the government lowered last November, top civil servants salaries paid, and raised the wages of less staff salary, and then acted to re-distribution of wealth and mitigate social tensions at no cost, not to mention Steps have been taken to stop the 301 thousand pension for those who do not deserve.