Iraq expects global effort in reconstruction process

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Iraq's reconstruction is a global responsibility, and stability in the country could help open up trade routes in the region, an Iraqi official said on Monday.

Secretary General of the Iraqi Cabinet Mahdi Al-Allaq made the remarks during the three-day Kuwait International Conference for the Reconstruction of Iraq (KICRI), which kicked off in Kuwait City.

The KICRI brought together representatives from more than 70 countries and international organizations, including the United Nations, the European Union and the World Bank, to discuss rebuilding Iraq after many years of war and conflict that had ripped through various parts of the country.

Data showed that reconstruction requires about 88.2 billion US dollars, while the Iraq government will attract foreign investment with 157 major construction projects for building railways, airports, hospitals, houses and refineries.

The role of the private sector should be seriously addressed in the reconstruction process in the war-torn country, and Iraq has introduced a raft of measures in a bid to provide an investment-friendly environment, including administrative and financial reforms, said Al-Allaq at the conference.

The fight with terrorism in the past three years has destroyed at least 138,000 homes, leaving about 2.5 million people homeless, said Mustafa al-Hiti, the head of the reconstruction fund.

Faced with the urgent need for reconstruction, the fund has built cooperation with many international organizations to conduct damage investigation, he said, noting that the reconstruction process has started.

Meanwhile, although it is difficult to alter Iraq’s reliance on oil exports in the short run, the country has been trying to improve its economic structure.

Oil exports brings more than 90 percent of Iraq’s fiscal revenue. The Iraqi government has realized the problem, and the reconstruction will encourage economy development and reduce reliance on oil exports, said Ibrahim Bahr al-Uloum, a member of the Iraqi Parliamentarian Oil & Energy Committee.

According to the government’s 2018 budget plan, there will be 11.6 billion US dollars from telecommunication, transportation and business growth, he said, noting it is a positive sign from the government for a more balanced economy structure.