World Bank Group Renews Its Commitment to Continued Support of Iraq

Washington: The World Bank Group has renewed its commitment to the continued support of Iraq, approving a new Country Partnership Framework (CPF) to form the basis of its 2022–2026 partnership with the country. 
 
The framework lays out the main development goals the World Bank Group aims to support in Iraq and proposes a series of strategic interventions to help Iraq respond to the ongoing pandemic crisis, reform the economy and rebuild human capital.
 
The new framework comes against a background of highlighted fragility in Iraq, where the impact of the COVID-19 crisis, volatility in oil prices, and growing climate risks have compounded existing challenges. 

Such challenges could lead to more instability but also provide an opportunity for a new government to realign the country’s priorities by moving forward on economic reform and tackling deep structural issues.
 
"With its inherent flexibility, the CPF will serve as a platform for the World Bank Group to address immediate needs of the poor and most vulnerable, and work on the causes and drivers of Iraq’s fragility and crises," said Saroj Kumar Jha, World Bank Mashreq Regional Director, in a press release on Thursday.
 
"The Bank Group is ready to support the people of Iraq by contributing to tackling corruption, building transparent and accountable institutions,  and a more enabling public sector for improved business environment in Iraq," he added.
 
The CPF has been drawn up in keeping with the World Bank Group’s 2020–2025 Strategy for Fragility, Conflict and Violence. 
 
The Strategy allows the World Bank Group to continue to engage with countries during periods of conflict and violence in order to help them transition out of crises more successfully. 
 
The CPF is aligned with Government of Iraq (GOI) reform priorities listed in their programs and national strategies, and promotes the renewal of the social contract between citizens and the state, as well as fostering a healthy local private sector and strengthening the legitimacy and capacity of core institutions.
 
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