United Nations Unveils Roadmap to Revitalize Dormant International Loans in Iraq

The United Nations announced a roadmap to activate international loan projects that remain stalled in Iraq and are yet to be implemented. Abdullah Al Dardari, Assistant Secretary-General of the United Nations and UNDP Regional Director for Arab States, stated on Monday that the organization provided initial information on halted international loans, previously approved by Iraq but not executed. Al Dardari clarified that the Iraqi Prime Minister, Minister of Finance, and Speaker of Parliament all showed significant interest, requesting a detailed presentation on these loans. He noted that work has begun on preparing this presentation, which will be followed by specific proposals to effectively utilize these loans for citizens. He also mentioned a ready model to leverage one such loan for advancing Iraq's primary healthcare system. He affirmed projects would be implemented in cooperation with national entities to ensure adherence to timelines and sound expenditure, preventing cost duplication or undue delays. Al Dardari reported a pressing need for a comprehensive study of economic factors including exchange rates, interest rates, taxes, customs duties, and public and private investment. He added that the organization will provide tools for these in-depth studies, detailing their effects on poverty, industry, and economic growth. He stressed the importance of supporting emerging industries, fostering a competitive and diverse economic environment, and building infrastructure and productive capacities that align with Iraq's local requirements and development needs.