The World Bank announces important details in its report on Iraq

  •  Time: 05/27/2021 21:15:10 
  •  Read: 5,291 times 
The World Bank announces important details in its report on Iraq

{Economist: Al Furat News} A senior expert at the World Bank, Wael Mansour, revealed, on Thursday, important details in his report on Iraq. 

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Mansour said in a televised interview, “Negative GDP growth has reached 10%, which is one of the worst growth that we see after 2003, and we attribute it to the drop in the price of oil, the OPEC Plus agreement that reduced oil production, and the Kurna pandemic that strikes many sectors, including services, religious tourism and others.” . 
He pointed out, “a sharp decline in financial resources, and the government has taken harsh measures, including with regard to reducing all spending outside of wages and salaries, and we have seen a sharp decline in public investment, social benefits and all programs that can support growth and reduce poverty, and a sharp decline in them.” 
Mansour stressed, “The World Bank is very interested in the growth factor and sustainable growth, the need for diversification and job creation outside the oil sector, and a fundamental necessity for the participation of women in the labor market, as Iraq is at the lowest rates in the world in this aspect.” 
He indicated that “if Iraq is able to achieve policies and involve women in the labor market, 2”. 
$ 2.5 billion as a result of burning gas associated with oil extraction and losses in agriculture and water. ” 
Mansour continued,“ The solutions to Iraq’s problems have become a large structural pile up from one government to another, and solutions are not easy and not immediate, and we are talking about problems in the public sector, electricity and infrastructure, and a very small banking sector that does not exist. And not supportive of the public sectors. ”He  
noted,“ We ​​are aware of the importance of the current government’s white paper, which is diagnosed with such accuracy and seriousness and sounds an alarm bell for the Iraqi economic situation and says that the solution is not immediate and there must be short-term measures and all of the reforms need a pause and a political decision in the first place. ”
Mansour concluded, “Not diving into these reforms means recurring problems from one government to another with the low exchange rate of the dollar against the Iraqi dinar,” adding, “We do not set conditions on Iraq, rather we offer advice to increase imports, and with the improvement in the price of oil it is a good look, but there are 3 risks hidden. The first is the political and security risk that topples all the economic recovery and the risk of fluctuations in the price of oil, and it may drop to 50 or 40 dollars a barrel. The other danger is the absence of reform and the failure to implement the white paper means losing 11 billion dollars to Iraq.

The World Bank expert stressed that “reforms affect salaries, electricity, social protection networks and other government-supported aspects,” noting that “e-government places Iraq in the back ranks in terms of corruption and the effectiveness of management.” 

Wafa Al-Fatlawi

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