ERBIL, Kurdistan Region - The UK on Monday became the co-chair, alongside Japan, of the Iraq Economic Contact Group (IECG), a body aimed at supporting the Iraqi government in enacting reforms.
The announcement was made in a statement posted by the UK embassy to Iraq, adding that G7 countries, the World Bank, and the European Union (EU) had met on Saturday to launch the joint chairing of the IECG by the UK and Japan.
The IECG was launched by the G7, EU, and the World Bank in 2020 to support the government in implementing much-needed economic reforms.
The statement also called on the Iraqi government to integrate climate change considerations into its reforms and investments. The IECG also called on the government to use increased revenue from oil exports to “revive its economic reform agenda.”
Iraq is the fifth-most vulnerable nation in the world to the effects of climate change, including water and food insecurity. The country is currently engulfed in an unprecedented level of dust storms and droughts.
“Reforms should focus on improving competitiveness, both domestically and internationally and improving transparency and tackling corruption,” it read.
The Iraqi government is dependent on oil revenues to covers its costs and to pay salaries. Despite suffering in much of 2021 due to record low oil prices, the country’s economy is once again booming as oil prices are increasing globally.
The Iraqi oil ministry said late Friday that it collected $11.5 billion in oil revenue last month, setting a third high record this year.
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