STATUTORY COMMITTEE REPORT
TO:    The President, International Bank for Reconstruction and Development
Recommendation of the expert selected by the Republic of Iraq as a member of the Committee
under Section 4 (iii) of Article III of the Articles of Agreement on the proposed Loan (Emergency
Fiscal Stabilization, Energy Sustainability, and State-Owned Enterprise Transparency
Development Policy Loan) to the Republic of Iraq
The undersigned member of the Committee constituted under Section 7 of Article V of the
Articles of Agreement of International Bank for Reconstruction and Development (the Bank) hereby
submits this recommendation as part of the report pursuant to Section 4 (iii) of Article III of said Articles
in respect of the proposal that the Bank grant to the Republic of Iraq a loan in an amount of one billion
two hundred million Dollars ($1,200,000,000). The purpose of said loan is to improve: (1) expenditure
management; (2) the sustainability of energy supply; and (3) the transparency of state-owned enterprises.
1.     The member of the Committee has carefully studied the merits of the proposal to grant such a
loan, and of the purposes to which the proceeds of the loan are to be applied.
2.     The member of the Committee is of the opinion that the program toward the financing of which
the proceeds of such loan are to be applied comes within the purposes of the Bank as set forth in Article
I of said Articles of Agreement, and that said program is designed to promote the development of the
productive facilities and resources of the Republic of Iraq and is in the interest of the Republic of Iraq
and of the members of the Bank as a whole.
3.     Accordingly, the member of the Committee finds that said program merits financial assistance
from the Bank, and hereby recommends said project for such assistance.
Expert Selected by  overnororthe
Republic of Iraq
Dated at Washington, D.C.
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