World Bank allocates $250 mn for Iraq's stability

Visiting Iraq today for the eighth time as United Nations Secretary-General, Ban Ki-moon reiterated his call on Iraq's regional and international partners to lend their support to the Government and people of Iraq in the fight against Daesh.

''This support must be provided in full coordination and consultation with the Government of Iraq and with respect for the country's sovereignty and territorial integrity," he added.

"We have just held constructive talks [ ] on the security, political, economic and social reforms, as well as humanitarian and human rights situation in Iraq," Mr. Ban said at a press conference following a meeting with Iraq's Prime Minister Haider al-Abadi, Foreign Minister Ibrahim al-Jaafari and other government representatives.

Joined by the presidents of the World Bank President, Jim Yong Kim, and President of the Islamic Development Bank (IDB), Ahmad Mohammed Ali, the UN chief said their visit is a joint and combined demonstration of their support for the "noble" and at times difficult efforts of the Iraqi Government in securing peace and stability through national reconciliation and socio-economic reforms.

The Iraqi Prime Minister said his government had cut expenditure by 40 percent in 2015.

He said the UN, World Bank and Islamic Bank had integrated plans to assist Iraq overcome its financial and economic crises.

"I heard from the visiting top officials that there are plans by the international community to help Iraq, and the plans will kick off next week," al-Abadi told reporters.

The 15 percent slump in world oil prices plummeting over the two past years, al-Abadi, had weighed heavily on the state budget which is 90 percent dependent on oil revenues.

The World Bank chief told reporters that "more economic and administrative reforms are needed to restore stability to the areas that are liberated from Daesh," adding that the World Bank has allocated 250 million dollars for this purpose.

''We recognize that Iraq is facing tremendous challenges as it confronts Daesh and copes with 3.2 million internally displaced persons, while also trying to improve services to citizens and reform the economy. The drop in oil prices obviously has made the government’s efforts to promote growth and create jobs much more difficult,'' he said.

''Despite these challenges, Iraq is moving ahead to implement major reforms that will have a long-term positive impact on the country and its citizens. These reforms will be critical for promoting and consolidating stability. We urge a broader and stronger effort to build more inclusive institutions, which, in turn, will both improve the delivery of services and will fight corruption.'' ''The World Bank will be on your side, and on the side of every Iraqi citizen, for each step of this long journey toward justice, development, peace and shared prosperity,'' he concluded The IDB chief also said the Islamic Bank "will be supportive and cooperative with the government reform program," asserting that it "will play a substantial role in rebuilding the areas freed from the Daesh."

Source:WAM