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The European Union and the World Bank issue a joint statement on the economy of Iraq ... and an urgent request

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Statement of the co-chairs issued by the co-presidency of the European Union, Germany and the World Bank following the meeting of the directors of the Iraqi Economic Contact Group,

following the launch of the Iraqi Economic Contact Group (IECG) on October 22, 2020 in London, the Government of Iraq met with its international partners in the Economic Contact Group at the level of directors in March 2, 2021, to conduct an assessment of recent reform steps, in order to begin identifying and aligning international support, and to map the way forward towards holding a high-level contact group meeting in late spring of 2021.  



The Iraqi economy has faced multiple shocks that led to a severe recession and high poverty rates. Structural hurdles accumulated for decades limit the availability of fiscal reserves to mitigate the socio-economic impact on Iraq's most vulnerable citizens and its business ventures. As a result, engaging in reforms is the fastest way to reverse the situation. Indeed, the long-term success of Iraq is crucial to the stability of the entire region. But the Iraqi oil-based economic model is facing an increasing challenge from a young and growing population that needs to diversify job opportunities, and from an irreversible global trend towards decarbonization and a green economy.