Iraqi Economy: Latest Developments On Iraq’s Economic Recovery

There are many developments in the Iraqi economy. Current developments include CBI control measures, World Bank report, Chapter VII withdrawal, and United Nations mission. All these are equally remarkable in Iraq’s economic recovery and development.

Iraqi Economy Update: CBI Stays In Control Of Local Iraqi Banking Sector

The Central Bank of Iraq recognizes its role in the Iraqi economy particularly the regulation of local banking sector. Recently, the CBI took over Warka Bank under guardianship. According to an officer of the CBI, the central bank shall supervise the bank all throughout its insolvency. The CBI, in the same way, is expected to appoint a new administrator that shall be given a month to restore the bank’s financial well-being.

In lieu of its economic responsibility, the Central Bank of Iraq further ensured the public that the Iraqi economy has been doing well. Central Bank Governor Shabibi confirmed that counterfeit currency trading had no significant impact on the national economy based on statistics data.

Iraqi Economy Update: World Bank Report On Iraq’s Economic Standing

The Iraqi seminar, conducted in light of the World Bank Report, asserted many issues on the Iraqi economy. World Bank Report, in particular, revealed that poor financial infrastructures have been keeping economic development at a slow phase. Iraq’s financial sector, in turn, needs radical reforms, not to mention sufficient funding.

World Bank report on Iraqi economy was concluded with a handy resolution. The report recommended the promotion of government-owned banks, as well as, modernization of the regulatory framework. Nonetheless, the World Bank report urged for a dramatic reform on the Iraqi economy to realize dramatic growth and development, too.

Iraqi Economy Update: International Support For Chapter VII Withdrawal

The Iraqi government recently called for the support of Britain for assistance in the lifting of Chapter VII sanctions against the Iraqi economy. Of course, it is also noteworthy that Iraqi human rights organizations are advocating withdrawal of Chapter VII sanctions by virtue of economic freedom. Human rights advocates even asked for a humanitarian pause on the Arab Summit Day.

House of Representatives First Deputy Chairman Suhail, in a meeting with the Political Affairs Head and Italian Ambassador, expressed the interest of the government to ask for Italy’s help in the process of liberating the Iraqi economy from Chapter VII sanctions. The First Deputy Chairman also stressed out the importance of strengthening parliamentary relations between Italy and Iraq.

Iraqi Economy Update: United Nations Budget For The Mission In Iraq

The United Nations Mission in Iraq (UNAMI) has already got the budget allocation amounting to $172 million. UNAMI Fund shall be under the control of the UN Department for Political Affairs. UN’s Political Affairs Department administers and oversees general operation in line with the mission.

Budget allocation on UN’s Mission in Iraq has been mandated by UN Resolution No. 1500 through the UN Secretary-General’s Special Representative in Iraq. The resolution, drafted on August 14, 2003, intends to help out Iraq on its way toward national recovery and development. Fair enough, Iraq needs indulgence from the UN after the imposition of the Chapter VII sanctions against the Iraqi economy.

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