Joint statement of the Group of Seven, the European Union and the World Bank on Iraq

politicsIraqEuropean UnionThe World Bankgroup of seven

 2022-07-04 09:29A-AA+

Shafaq News/ The Economic Contact Group for Iraq announced on Monday, encouraging the Iraqi government to revive its economic reform agenda, while calling on the government to integrate climate considerations into its investments and development plans to improve food, water and energy security.

The group said in a statement received by Shafaq News Agency, that “the G7 countries, the European Union, the World Bank and the International Monetary Fund met yesterday to launch the joint presidency between Japan and the United Kingdom for the Economic Contact Group for Iraq.”

She added that “economic diversification and resilience are essential to the future prosperity of Iraq, as this will lead to the provision of basic services for all, economic opportunities including for women and youth, inclusive growth and greater stability for Iraqi society.”

The Iraq Economic Contact Group indicated that it continues to “stand ready to support the Iraqi government in implementing this important agenda for the Iraqi people.”

The group encouraged the Iraqi government to “revive its economic reform agenda, using the increased oil revenues to invest in Iraq’s long-term future, specifically improving infrastructure, providing water and electricity, human development, and shifting to green energy sources.”

It called on the Iraqi government to “integrate climate considerations into its investments and development plans to improve food, water and energy security,” noting that “establishing a thriving private sector is critical.”

The contact group stressed the need for “reforms to focus on improving competitiveness at the local and international levels, improving transparency and addressing corruption, as well as supporting the Iraqi economy, having a strong and independent financial sector, and a regulatory and tax environment that encourages increased business, and this in turn will allow the dynamic and young workforce in Iraq to thrive.” Creating businesses for the future, as well as attracting foreign investment.

The group concluded, that “a strong and targeted social safety net that ensures that the most vulnerable receive adequate support, the Iraq Economic Liaison Group will work to encourage the Iraqi government to move forward with reforms in this regard.”

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