Written question asked by Matthew Offord (Conservative) on Tuesday, 1 December 2020, in the House of Commons. It was due for an answer on Thursday, 3 December 2020. It was answered by James Cleverly (Conservative) on Tuesday, 8 December 2020 on behalf of the Foreign, Commonwealth and Development Office.

Iraq: Oil

Question: To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent assessment he has made of the effect of the change in the level of oil revenues in Iraq on the (a) economy and (b) reconstruction of that country.

Answer: The World Bank estimates that the collapse in oil revenues will force a 9.0% contraction in growth, a 19% fiscal deficit and over 40% of the population into poverty. The UK continues to work closely with the Government of Iraq (GoI) and international community to stabilise and reform the economy in order to create opportunities for all Iraqis. In 2018 the UK was a founding donor to the World Bank's Iraq Reform, Recovery and Reconstruction Trust Fund which supports reconstruction and economic stabilisation in Iraq. In October the UK launched the Iraq Economic Contact Group in London, to bring together the GoI, international partners and financial institutions to monitor risks and coordinate resources to support implementation of reforms and macro-economic stability. The UK will continue to support Iraq as it undertakes bold economic reforms.

Secondary information