World Bank expresses support for Iraq’s economic reforms

World Bank expressed its support for the economic reforms witnessed in Iraq through using integrated financial management system, as the Iraqi delegation headed by Iraq’s Minister of Finance Abdel Raziq Al Eissa resumes its meeting with a delegation from the World Bank. The meeting comes in the framework of the current spring meeting of International Monetary Fund and World Bank held in Washington.

Representatives of World Bank praised the economic reforms, saying that such reforms are considered major necessity to improve the economic situation and to pave the way for the establishment of Integrated financial management system on the federal and local levels.

The World Bank’s delegation said that Iraq has made significant progress in the field of money laundering and financing of armed groups. It added, “The country has made significant progress over the last two years in the field of money laundering and the financing of terrorism through the issuance of a special law No. 39 of the year 2015.”

The international delegation added the banks should continue to support and amend the procedures, policies and human resources of the compliance standard, to reach a high level of more than (65%) of the standard to ensure acceptance of the bank's classification and continuity of participation in the window in the next review.