Baghdad-Mil
The United Nations Development Program ( UNDP ) praised the economic reforms undertaken by the Iraqi government, expecting that the third package will yield positive results during the next two years, 2026 and 2027.
“Reforms are an ongoing effort in all economies and countries, and there have been some notable reforms over the past years by the Government of Iraq, such as the adoption of a three-year budget framework, and others in which the programme has contributed, such as regulating digital electronic payment in 2024, strengthening the anti-money laundering capabilities of the Iraqi judiciary, or adopting the National Development Plan 2024-2028,” said Auke Lootsma, the programme’s resident representative in Baghdad.
“The third set of reforms, which is to strengthen the banking sector , led by the Central Bank of Iraq, and prepare an updated nationally determined contribution, will yield results next year and beyond,” he added, explaining that “the program sees opportunities for further reform in policy areas that provide greater access to finance for youth, start-ups, and small and medium-sized enterprises, in sectors such as renewable energy, services, trade, economy, agriculture, and others, as well as reforms that ensure better integrity and transparency in the provision of public services to citizens, companies, and investors.”
He pointed out that “one of the recommendations in assessing the financing system or digital landscape in Iraq is to establish a system that allows interoperability and digital transactions across financial institutions and digital card operators, as well as adopting improved customer protection legislation that can ensure consistent fee structures and trust in the digital financial system.”
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