The Iraq Economic Contact Group (IECG) met today with Iraqi
representatives in Washington DC. Representatives from Iraq, the
World Bank, International Monetary Fund (IMF) and G7 discussed
Iraq’s economic challenges and opportunities and the need for
significant economic reform.
Despite some progress achieved under the current government in a
challenging context, Iraq continues to face daunting medium and
long-term economic challenges which are compounded by the
negative impacts of climate change - including water scarcity,
desertification, drought, and soaring temperatures. The IECG
encourages the Government of Iraq to drive forward an ambitious
economic reform agenda and take decisive climate action.
Iraq’s economic reform and recovery, the consolidation of its
democracy, and increasing the participation of women and girls in
all aspects of the country’s economic and political life, are all
key to promoting stability not only in Iraq but also in the
region.
Diversifying the economy and building an inclusive and dynamic
private sector to complement the hydrocarbon industry will
promote macroeconomic resilience and provide opportunities and
livelihoods for the people of Iraq. This will require reforms
that improve the business environment, modernise the financial
sector, strengthen macroeconomic stability and public financial
management, and fight against corruption; catalysing growth and
creating the building blocks for the private sector to thrive.
Investing Iraq’s oil revenues prudently - through good
governance, effective fiscal management, and transparency – will
be important to rebuilding and climate-proofing infrastructure
and improving basic services, creating the foundations for
sustainable growth.
The IECG remains committed to supporting the Government of Iraq
to tackle Iraq’s important economic and social challenges.
