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Iraq - Diversified development in a resource-rich fragile state : World Bank background note (English)

More than 10 years after the overthrow of Saddam, the impatience of the Iraqi people and government for transformation of their economy to advance shared prosperity is growing. The government has expressed the desire for the World Bank Group to enhance its role in this transformation. This note proposes two pillars for the government to consider as central to the objective of diversification: enabling transformative investments and a comprehensive financing framework aligned with these investments. The obstacles to this approach are considerable, so a pre-requisite is high level government ownership and an implementing structure to match. A proposed institutional structure to embody this is outlined.

Details

  • Document Date

    2015/01/01

  • Document Type

    Working Paper

  • Report Number

    96480

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Iraq,

  • Region

    Middle East and North Africa,

  • Disclosure Date

    2015/06/01

  • Disclosure Status

    Disclosed

  • Doc Name

    Iraq - Diversified development in a resource-rich fragile state : World Bank background note

  • Keywords

    diversification strategy;access to international capital markets;oil;oil sector;fragile and conflict state;resource rich countries;debt management strategy;barriers to investment;finance strategy;capital program;domestic financial sector;financial sector reform;capital market access;oil export revenue;public sector job;Letter of Credit;Public Debt Management;investment climate reform;education and health;level of policy;higher government spending;share of export;exploitation of resource;public investment management;revenues from oil;amounts of revenue;national investment finance;port of call;Public Financial Management;local content development;opportunities for corruption;domestic capital market;role of state;global financial crisis;construction and operation;policy and institution;capital flight;state bank;resource wealth;investment program;Natural Resources;annual budget;discretionary power;economic reform;security market;foreign investor;relative price;traded goods;Political Economy;institutional investor;private investment;vested interests;financing instrument;dutch disease;illicit activity;liquidity problem;foreign reserve;commercial sector;public funding;banking sector;investment framework;resource economy;institutional legacy;financing option;state budget;infrastructure provision;capital need;capital purpose;Cash flow;documentary requirement;productive capital;mortgage system;prudent borrowing;multiple sources;public-private partnership;strategic approach;financial constraint;infrastructure financing;supply side;perceived risk;project finance;deferred payment;Infrastructure Finance;fiscal space;capital budget;fiscal framework;public capital;cash inflow;accounting control;government issue;reporting system;Proposed Investment;sovereign guarantee;customs modernization;bond issuance;air port;bank finance;financial liability;match funding;sector liberalization;government guarantee;fiscal responsibility;productive workforce;bond financing;Energy Sector;risk reducing;investment problems;transparent framework;regulatory action;import contract;security situation;Civil War;fixed line;economic integration;security spending;Annual Pay Increase;food import;military operation;international support;food ration;export facility;accountability structure;bureaucratic power;political intervention;official action;intellectual influences;economic model;war effort;oil producing;routine maintenance;expansion plan;global commerce;trade finance;industrial bank;private bank;utility service;commercial transaction;policy priority;complementary action;welfare improvement;external stress;economic specialization;delayed development;oil economy;citizen security;political uncertainty;negotiation process;preferential treatment;market development;private investor;works contract;Advisory services;complete package;electricity shortage;Business Climate;export flow;existing capacity;financial obligation;research institutions;resource-rich country;rich economy;resource revenue;informal firms;resource abundance;institution need;interest issue;government ownership;economic diversification;Regional Security;regional conflict;import procurement;long-term capital;home countries;export credit;oil production;infrastructure needs;finance situation;domestic industry;oil price;energy subsidies;traded sector;gas resource;financial asset;domestic oil;increasing exports;professional employment;external supervision;government contract;political influence;oil revenue;privileged access;adverse changes;regulatory impediment;home country;housing sector;infrastructure sector;commercial bank;investment horizon;illiquid investment;governance mechanism;upstream investment;investment financing;credit enhancement;risk insurance;long-term financing;export infrastructure;legal framework;Oil Income;

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Citation

Iraq - Diversified development in a resource-rich fragile state : World Bank background note (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/432561467986278396/Iraq-Diversified-development-in-a-resource-rich-fragile-state-World-Bank-background-note