At a Glance

• Iraqi Finance Minister met World Bank Vice President Ousmane Dione in Bangkok.
• Central Bank Governor Nizar Nasser Hussein attended the IMF-World Bank Annual Meetings.
• The discussions focused on financing critical infrastructure in energy, transport, education, and digital sectors.

Iraqi Finance Minister Faleh al-Sari met with World Bank Vice President Ousmane Dione to secure funding for critical infrastructure reforms, with the bank praising Iraq's structured approach and pledging advanced fiscal support.

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Key Statements and Focus Area

• Faleh al-Sari stated that "the World Bank represents an essential partner in the path of economic and financial reforms."
• World Bank Vice President Ousmane Dione "praised the existing coordination with the Ministry of Finance."

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The meeting with the World Bank Vice President for the Middle East, North Africa, Afghanistan, and Pakistan (MENAAP) region took place in Bangkok, Thailand, and was attended by the Governor of the Central Bank, Nizar Nasser Hussein, within the framework of the Annual Meetings of the International Monetary Fund and the World Bank Group.

Finance Minister Discusses Funding for Strategic Projects and Supporting Economic Reforms in Iraq with the World Bank

The Minister of Finance, Mr. Faleh Sari, met today, Thursday, in the Thai capital, Bangkok, with the World Bank Vice President for the Middle East, North Africa, Afghanistan, and Pakistan (MENAAP) region, Ousmane Dione.

The meeting was attended by the Governor of the Central Bank, Mr. Nizar Nasser Hussein, within the framework of the Annual Meetings of the International Monetary Fund and the World Bank Group.

During the meeting, the Minister highlighted Iraq's aim to leverage the Group's technical expertise and financial backing to execute critical projects in energy, education, transport, and digital transformation to drive sustainable development and optimize public service delivery.

Vice President Dione commended the Ministry of Finance for effectively streamlining its communication channels and operational frameworks, noting a distinct seriousness in the management of joint portfolios.

This institutional readiness, Dione emphasized, "paves the way for supportive steps" from the international community toward Iraq’s upcoming economic and financial reforms.

FYI

The ongoing talks at the Annual Meetings of the International Monetary Fund and the World Bank Group build directly on a strategic foundation established during a July 2026 Washington summit, where Prime Minister Ali Faleh al-Zaidi and World Bank President Ajay Banga agreed on comprehensive technical support to modernize Iraq's banking sector. 

This Iraq-World Bank cooperation advanced further during a September 2026 bilateral meeting in Baghdad, where Finance Minister Faleh al-Sari met with World Bank directors to transition digital initiatives and UN-backed customs networks into live operational phases.

The partnership was heavily reinforced during the October 5 parliamentary meeting when the Parliamentary Finance Committee, chaired by MP Adi Awad, hosted a World Bank delegation led by Sandeep Mahajan, Regional Practice Director for Prosperity in the Middle East, North Africa, Afghanistan, and Pakistan region. 

During this legislative session, both parties discussed the exact mechanisms required to transition from traditional line-item budgeting to a program- and performance-based framework to modernize public spending, optimize allocations through specialized software, and reduce institutional corruption. 

This structural reform features a phased, partial rollout piloted across selected governorates and institutions to aggressively maximize non-oil revenues and enhance tax automation, thereby reducing the state's total vulnerability to volatile global crude oil fluctuations. 

Additionally, the Finance Committee chairman emphasized the critical need to secure alternative trade routes to bypass the Strait of Hormuz and stabilize national supply lines, while the World Bank committed to providing specialized training to keep Iraq on a correct economic path.

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