Tuesday, September 19, 2006


Iraq Finance Minister vows to tackle inflation

Iraq's finance minister on Monday vowed to take effective action against inflation, while appealing for technical and financial support to rebuild the country. Briefing fellow financial leaders attending the annual meeting of the World Bank and IMF, Iraqi Finance Minister Bayan Jabr said his government was determined to clean up corruption and curb inflation, which was recently reported at a rate of 70 per cent.
Jabr and Iraqi central bank governor Sinan Al-Shabibi described to their counterparts from the United States and some two dozen other countries how they plan to finance the country's economic reconstruction.
International donors have pressed Iraq for a hydrocarbons law that would outline ownership and foreign investment in Iraq's oil reserves and a reduction of government subsidies.
Iraq presented its strategy for building up its economy in a meeting Monday at U.N. headquarters. Attendees included supporters of the International Compact on Iraq, which was launched in July by the Iraqi government and the United Nations, with support from the U.S. and Britain.
Since 2004, Iraq has already resolved debts from the former regime with the Paris Club of country creditors and some other nations, and has also settled commercial creditors' debts, Jabr said. He said his government hopes by December to sign an international donors' agreement.

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