Baghdad: Finance Minister Taif Sami Mohammed received a high-level delegation from the World Bank for the Middle East and North Africa region today. The two sides reviewed prospects for joint international cooperation to support the reform program currently being pursued by the Iraqi government and to expand the map of major development projects in the country.
According to National Iraqi News Agency, during the meeting, the Finance Minister affirmed that “the ministry is committed to creating an attractive environment for foreign and domestic investments by simplifying financial and banking procedures and providing all necessary facilities to stimulate the flow of money and business, thus ensuring sustainable development that will positively impact the level of services provided to citizens.” She emphasized that partnership with international institutions represents a fundamental pillar in the strategy to improve the national economic situation.
The meeting addressed the implementation steps for activating the private sector’s role as a pivotal partner in the economic development process. This includes providing technical and financial support for vital projects that contribute to job creation and infrastructure modernization.
The Minister explained that “empowering the private sector and granting it a leading role in the economic cycle is a strategic objective we seek to achieve in cooperation with the World Bank. This will ensure the resilience of the Iraqi economy and its ability to face global challenges.” She noted that the Ministry places paramount importance on stimulating productive and industrial sectors to reduce overall dependence on imports and localize international expertise within Iraqi institutions.
The discussions also focused on mechanisms to maximize non-oil revenues through the automation of tax and customs systems and the strengthening of public treasury resources. This will ensure long-term financial stability. Minister Sami indicated that “the Iraqi government is determined to undertake profound structural reforms aimed at diversifying national income sources and reducing the dominance of oil revenues in the general budget by activating electronic tax collection and controlling border crossings.” She expressed her appreciation for the World Bank delegation’s commendation of the progress Iraq has recently achieved in improving transparency and financial efficiency indicators, which has contributed to strengthening the international community’s confidence in the new Iraqi financial system.