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Monday, April 24, 2017

IRAQ DINAR AND DONG VIETNAM UPDATE, 24 APRIL

BAGHDAD, Iraq – Iraq’s foreign minister has asked the United States to develop a financial plan for the reconstruction of the country after ISIS, similar to a program developed for Western Europe after the Second World War.
In discussions with US Special Presidential Envoy to the coalition Brett McGurk, Ibrahim al-Jaafari stressed the need for “collective support from the international community to contribute to the reconstruction of infrastructure after the defeat of terrorism,” read a statement from the foreign minister’s office published after their meeting.
Jaafari suggested “the adoption of a project similar to the Marshall Plan which contributed to rebuilding Germany after the Second World War. He emphasized activating the strategic framework signed between Baghdad and Washington,” the statement detailed.
The Marshall Plan, passed by Congress in 1948, saw the United States commit funds that eventually totaled over $12 billion (roughly $123 billion today) for the rebuilding of Western Europe ravaged by war. The plan was adopted out of fear of Communist expansion amid economic hardship in the post-war years.
As a result of the Marshall Plan, Western European industrialization had a rebirth, bringing renewed investment into the region and, at the same time, stimulating the US economy as it created a market for American goods, according to the US Department of State.
Iraq will need billions of dollars to rebuild after ISIS. Large portions of major cities were destroyed in the war, infrastructure was neglected under ISIS, villages are riddled with mines and booby-traps.
The deputy governor of Anbar estimated that his province would need $22 billion alone for reconstruction, according the International Peace Institute’s Global Observatory.
McGurk visited Baghdad to discuss security and political developments in the country and the war against ISIS. He met with Prime Minister Haider al-Abadi on Friday and “pledged ongoing coalition support for Iraqi forces in fight against ISIS and stabilization after ISIS,” he stated on Twitter.
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The awareness campaign has been going on for weeks, with the television saying that their currency would have more purchasing power. Then a week ago we started getting the first rumblings of prices dropping at fuel places, and now the Iraqi in the street is seeing price reductions all over.
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The World Bank on Saturday confirmed its support for Iraq’s economic reforms and development through an integrated financial management system, while welcoming the steps taken by the Iraqi government in the area of ​​resource management and the crystallization of reform visions.
The Ministry of Finance said in a statement on the sidelines of a joint meeting between an Iraqi delegation headed by Finance Minister Abdul Razzaq al-Issa in the presence of Prime Minister’s Adviser, Mohammed Saleh, a number of officials of the Ministry of Finance, the World Bank team and its representatives in Baghdad in the spring meetings of the IMF and the World Bank in Washington, “Alsumaria News, a copy of it,” The representatives of the World Bank have pointed out that economic reforms are a key need to reach an integrated system to manage the financial process of the state at the federal and local levels.”
The ministry added that “the participants explained that the percentage of the task achieved by Iraqi institutions in this area, which gives the appropriate room for the World Bank to support the budget and reconstruction projects within the limits of time to achieve its objectives required.”
“The World Bank welcomed the steps of the Iraqi government in the field of resource management and crystallization of reform visions in coordination with international financial organizations and institutions.”
Finance Minister Abdul Razzaq al-Issa said on Friday that the World Bank has indicated its readiness to allocate nine million dollars to support the investment of associated gas in Iraq.

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