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The world Bank launches an initiative to recover stolen funds from Iraq

Category: Economy

Date: 2021-02-01T08:26:50+0000
The world Bank launches an initiative to recover stolen funds from Iraq

Shafaq News / The World Bank said that changing the Iraqi dinar's exchange rate against the US dollar grants the state the ability to increase its revenues.

The world bank indicated that its portfolio in Iraq currently amounts to two billion dollars, bolstering efforts to start a global initiative to recover smuggled funds from states.

The Special Representative of the World Bank Mission in Iraq, Ramzi Numan, said in an interview published by the Iraqi government news agency and seen by Shafaq News Agency, "the partnership between the World Bank and Iraq is very close and is based on years of joint work," pointing out, "Iraq has a crucial position at the Arab and global level. The World Bank supported Iraq in stability and peace, or wars and economic turmoils that led to harsh repercussions on the government and people of Iraq."

"The World Bank's portfolio in Iraq currently amounts to two billion dollars and that these loans were signed about two or three years ago," noting, "the main loan is for the reconstruction of the liberated areas."

Regarding changing the exchange rate of the dollar in the Iraqi currency auction, he said, "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of oil in hard currency and converting it into the Iraqi dinar gives it a financial mass that allows it actually to increase revenues and reduce the deficit."

He explained, "the strategic objective of reducing the exchange rate is to strengthen the local product and local industries to be able to challenge the foreign product."

He stressed "the need to address the increase in prices and inflation and focus on projects that allow reducing the social distress."

He continued that "raising the price of the dollar is an international policy that the Ministry of Finance and the Ministry of Planning and the Iraqi government have participated in, especially the International Monetary Fund," explaining, "Iraq is now in the plight of the financial deficit. It has nothing but borrowing, either internal or external," indicating, "Internal borrowing threatens the reserves of the central bank, just as using it to fill the deficit removes the possibility of investment with abundant opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on debt sustainability, subsequent repayment capabilities, and financial and monetary stability. This is financial engineering that must be looked at in an integrated manner."

Numan revealed a global initiative that a team from the World Bank is working on in coordination with international organizations to recover money smuggled from countries. Numan added that special departments of the Ministry of Finance are linked to the World Bank's initiative, indicating that the World Bank is ready to provide technical support.

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