Agreement between Iraq and Japan for Small Project Financing Worth $300 Million

The Iraqi government signed an agreement with Japan today, Thursday, to finance small and medium-sized projects worth $300 million, as announced by Prime Minister Mohammed Shia' al-Sudani. The Iraqi Prime Minister stated in a statement that Japanese funding "will contribute to revitalizing and establishing the national industry." Iraq is working to strengthen non-oil activities to diversify sources of economic income and enhance industrial and agricultural sectors. In March, the International Monetary Fund recommended that Iraq reduce its reliance on oil, work on increasing non-oil revenues, control financial situations, public sector wage bills, and expand the tax base to ensure the continuity of reforms and achieve economic stability.