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IMF welcomes Iraq’s entry into non-financing program

Baghdad ( – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, met on Thursday with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), who welcomed Baghdad’s accession to a non-financing program to support economic reform in Iraq.

The Prime Minister’s Office (PMO) mentioned in a statement that meetings with the IMF will begin next month to launch the program.

During the meeting, which took place on the sidelines of his participation in the World Economic Forum held in Davos, Al-Sudani said that the government’s plans for economic reform serve as the foundation for other reforms it has planned in several important areas.

Georgieva expressed her appreciation for the efforts made by the Iraqi government to strengthen the banking and financial sector, as well as the business and investment climate. She also acknowledged the unique challenges that Iraq faces.

“The Fund remains committed to supporting Iraq in this challenging environment,” Georgieva said via X, formerly Twitter. She also indicated that her meeting with the Iraqi Prime Minister included Ali Mohsen Al-Alaq, the Governor of the Central Bank of Iraq (CBI).

The IMF predicted last month that the drop in crude oil production under the OPEC+ group’s reductions and the closure of the pipeline leading to the Turkish port of Ceyhan would cause Iraq’s GDP growth to fall in 2024 and 2025.

Source: Iraqi News, 18. January 2024

IMF welcomes Iraq’s entry into non-financing program

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