Govt. Wants World Bank Intervention in Budget 2016 Formulation

According to our authentic source, the Council of Ministers from the Iraqi government has approved that the World Bank has become an essential partner in order for the establishment of public finances according to the federal budget to empower the economy of the country and to reform economic growth. The source further said that the Iraqi Finance Ministry needs international assistance in order to set targeted priorities for projects that are much needed by the ministries and to reform the doors of distribution. Point to be noted that such kinds of required modifications by the World Bank are according to the listed items in the government program, which was announced by the management of Iraqi PM Haider Al Abadi.

He further added that the Iraqi government needs to get loan of one billion U.S dollars from World Bank to manage the shortage in the budget because of the major downfall in the global oil prices. It is also said that the World Bank is agree to issue a loan against some conditions to maintain real administrative and economic stability in the system, which would be the most perfect step in awarding and reforming the private sector. The Iraqi government program given by the PM Haider Al Abadi including a number of paragraphs related in reforming the Iraqi private sector and legal reforms to stabilize the Iraqi economy.

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