Iraq announces $150 billion development fund backed by international contributions

BAGHDAD, Iraq — Iraqi government spokesperson Haydar Abboudi announced Tuesday that the Council of Ministers has approved the establishment of a $150 billion development fund supported by international guarantees and contributions. He said the fund is designed as an investment tool, independent of the general budget, to promote economic stability through investment. Abboudi said contributions from allied countries will begin at $100 billion and rise to $150 billion, with the process carried out in coordination with the World Bank and the Iraqi Parliament's Finance Committee. He added that the prime minister's upcoming visit to the United States will focus on economic files and that Iraq pursues balanced relations with all countries. The spokesperson said the consolidation of weapons under state authority will be completed in September, a timeline he said aligns with the planned withdrawal of international coalition forces. On the Kurdistan Region, he said the prime minister has directed oil production companies to increase output to support salary payments and address the region's financial crisis. Further details on the fund's structure and timeline were not immediately available.