IMF Expresses Readiness to Offer Technical Support and Advice to Iraq

The International Monetary Fund (IMF), through its Managing Director Kristalina Georgieva, expressed its full readiness to provide technical support and advice to Iraq. This announcement followed a meeting between Ms. Georgieva and her delegation with Iraqi Prime Minister Ali Faleh Al-Zaidi in Washington D.C., held late Saturday night Baghdad time. According to a statement from the Prime Minister's office, the meeting thoroughly discussed Iraq's current economic situation and prospects for future cooperation between Iraq and the IMF. Discussions also covered essential economic and financial policies and reforms aimed at achieving genuine economic growth, diversifying national income sources, and reducing reliance on oil revenues. For his part, Prime Minister Al-Zaidi emphasized the critical importance of the relationship between Iraq and the Fund. He noted the Iraqi government has already begun implementing a comprehensive package of measures to combat financial and administrative corruption, alongside extensive economic, financial, and administrative reforms. These steps aim to build a more diversified and sustainable national economy, based on supporting the private sector, fostering an attractive investment environment, and addressing existing balance of payments imbalances. In return, Georgieva expressed her appreciation for the reform measures implemented by the Iraqi government, particularly efforts to combat corruption and comprehensive economic reform. She reiterated the Fund's complete readiness to offer specialized technical support and advice to Iraq, contributing to an integrated economic framework for reform, clearly defining priorities for the next phase, and enabling the private sector to play a larger role in overall economic development, ultimately achieving desired economic growth.