World Bank and IMF meet with Iraqi Finance Minister, Central Bank

Iraq Business

28-04-2025

By John Lee.
Iraqi Finance Minister, Mrs Taif Sami Mohammed, along with the Governor of the Central Bank of Iraq (CBI), Dr Ali Al-Alaq, participated in the Annual Spring Meetings of the World Bank and the International Monetary Fund (IMF), held in Washington from 20-23 April 2025.
The discussions focused on global economic challenges, financial stability, and development, as well as other related issues, alongside general sessions, seminars, and side consultations.
Minister Sami's participation began with a meeting with World Bank Executive Director, Mr Abdulaziz Al-Mulla, where they discussed Iraq's economic situation and the World Bank's role in supporting Iraq's reform programs, particularly in areas such as revenue maximisation, expenditure control, digitisation, electronic systems, and infrastructure and energy projects.
She also met with Mrs Haila Sheikh Rouhou, Regional Vice President for the International Finance Corporation (IFC), to discuss investment barriers in Iraq and ways to address them. Key projects under IFC's supervision in the transportation, energy, and international trade finance sectors were also discussed. Sami highlighted IFC's potential support for Iraq's Development Fund projects, especially in supporting the private sector and agriculture.
Additionally, the delegation, led by Minister Sami, held a high-level meeting with Mr Othman Dawani, Vice President of the World Bank for the Middle East, to review the Bank's funded projects in Iraq, particularly the rail project. The meeting aimed at overcoming obstacles to project execution and ensuring timely completion. They also discussed future government priorities, such as renewable energy, waste management, transportation (including metro systems), airports, and railways.
Minister Sami participated in a ministerial meeting with IMF Managing Director, Mrs Kristalina Georgieva, where discussions centred on the global economic outlook, rising uncertainty, and its economic impact. The conversation focused on measures to enhance economic resilience, manage debt, and strengthen economic governance and the private sector to ensure regional economic stability.
Mrs Georgieva also outlined IMF's humanitarian support for conflict-affected countries, including Gaza, Yemen, Syria, and Sudan. She emphasised the need for medium-term reforms, economic diversification, and the creation of financial buffers to promote fiscal sustainability and macroeconomic stability.
The Iraqi delegation also met with Dr Mohamed Maait, IMF Executive Director, to discuss financial sector reforms in Iraq, and with Mr Jean Keum, IMF's Iraq mission head, to talk about the government's economic reform program aimed at bolstering both the oil and non-oil sectors while maintaining economic stability amid global economic challenges.
In line with these meetings, Minister Sami engaged with the IMF's Financial and Technical Affairs Department to discuss technical support for Iraq's tax and customs authorities, particularly focusing on automation and legal amendments to improve their systems. Further discussions also included the completion of the unified treasury account and support for Iraq's pension and social security systems.
The delegation also met with Mr Jihad Azour, Director of the IMF's Middle East and Central Asia Department, who reiterated the IMF's commitment to supporting Iraq's financial, banking, and monetary reform programs.
These annual meetings bring together central bank governors, finance ministers, development ministers, private sector leaders, and civil society representatives to discuss global issues, including the economic outlook, poverty eradication, and effective aid. The event featured workshops, regional briefings, and press conferences focused on global economic and international development challenges.
(Source: Ministry of Finance)