Iraq and IMF announce new steps to strengthen national economy, 3 MARCH

 Iraq and IMF announce new steps to strengthen national economy

Wawazine News – Economy

The Iraqi Ministry of Finance announced on Sunday the results of the meetings that took place with the International Monetary Fund in the Jordanian capital Amman, where it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, in a move aimed at enhancing financial stability and supporting the national economy.


A statement issued by the ministry, received by Mawazne News

The Iraqi delegation, headed by Finance Minister Taif Sami Mohammed and the Governor of the Central Bank of Iraq, concluded its meetings with the International Monetary Fund from 24 to 26 February 2025, where Iraq’s economic performance and prospects for sustainable growth were discussed, indicating that the progress achieved in various economic sectors was assessed.


The statement pointed out that the discussions focused on macroeconomic indicators, as a significant growth in non-oil GDP of 5% was recorded for 2024, supported by the expansion of the agricultural sector and increased public spending, indicating that growth was expected to continue by 3.5% in 2025, reflecting an improvement in economic diversification and reducing dependence on oil, which enhances the stability of the national economy.


The modernization of the public debt strategy was also discussed, stressing the importance of developing the banking sector to support investments and attract foreign capital, contributing to improving financial stability.

The International Monetary Fund stressed its support for Iraq in developing fiscal policies by providing consultants and experts to help the ministry manage public debt and improve the tax system.


Within the framework of promoting financial stability, it was agreed to intensify cooperation with foreign correspondent banks, which contributes to facilitating foreign trade financing and promoting the use of the Iraqi dinar in major transactions.


In conclusion, the statement stressed that the meetings confirmed the continued progress in financial and economic reforms, reflecting the commitment of the Iraqi government to achieve financial sustainability that supports development and drives investment, in light of an ongoing strategic partnership with the International Monetary Fund.