IRAQ EMERGENCY FISCAL STABILIZATION, ENERGY SUSTAINABILITY, & SOEs DPF

Abstract*

The country is at a dangerous crossroads not just for the security of its people but also for the stability of the region. Since at least the early 1980s Iraq has been in a continuous state of conflict or fragility such as the war with Iran (1980-88), the Gulf war of 1990-91, the 2003 war, widespread acts of terrorism since 2003, and the 2006-08 Sunni insurgency. Between 2003 and 2012, 182,000 people were killed by violent means. Iraq was slowly emerging... Show More

Development Objective

The operation is structured under three pillars which are also the program’s development objectives aimed at improving: (1) expenditure management; (2) sustainability of energy supply; and (3) transparency of state-owned enterprises. The first pillar includes reforms aimed at improving public wage reform, public investment and debt management, and the pension system. Within the second pillar,reforms focus on reducing gas flaring, expanding gas-to-power generation, and reducing electricity subsidies. The third pillar tackles the lack of transparency among financial and non-financial SOEs.

Key Details

Project Details

Project ID
P155962
Status
Closed
Team Leader
Luca Bandiera , Sibel Kulaksiz
Borrower 2
Ministry of Electricity

Country
Iraq
Disclosure Date
July 21, 2015
Approval Date
(as of board presentation)
December 17, 2015
Effective Date
December 19, 2015

Total Project Cost 1
US$ 1200.00 million
Implementing Agency
Ministry of Finance
Region
Middle East and North Africa
Fiscal Year 3
2016

Commitment Amount
US$ 1200.00 million
Environmental Category
N/A
Environmental and Social Risk
Not Applicable
Closing Date
December 31, 2016

Last Stage Reached
BANK APPROVED
Last Update Date
August 16, 2023

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Environment and Natural Resource Management

FY17 - Climate change30%
- FY17 - Mitigation30%

FY17 - Public Sector Management

FY17 - Public Administration80%
- FY17 - State-owned Enterprise Reform and Privatization20%
- FY17 - Transparency, Accountability and Good Governance60%
FY17 - Public Finance Management20%
- FY17 - Public Expenditure Management20%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	1200.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	1200.00
IDA Commitment	N/A
IBRD + IDA Commitment	1200.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	1200.00

Summary Status of World Bank Financing (US$ Millions) as of April 30, 2025

No data available.

Detailed Financial Activity as of April 30, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Apr 20, 2017	IBRD-85770	Int Charges	11,223,333.00
Apr 1, 2024	IBRD-85770	Loan Repay	48,120,000.00
Oct 1, 2017	IBRD-85770	Int Charges	12,566,000.00
Apr 1, 2018	IBRD-85770	Int Charges	0.01
Apr 1, 2018	IBRD-85770	Int Charges	13,164,667.00
Oct 1, 2019	IBRD-85770	Int Charges	20,374,000.00
Apr 1, 2020	IBRD-85770	Int Charges	16,775,000.00
Oct 1, 2018	IBRD-85770	Int Charges	18,971,000.00
Apr 1, 2019	IBRD-85770	Int Charges	19,959,334.00
Apr 1, 2016	IBRD-85770	Int Charges	4,376,991.50
Dec 22, 2015	IBRD-85770	Loan Disb	1,196,999,940.00
Dec 19, 2015	IBRD-85770	Loan Disb	3,000,000.00
Dec 19, 2015	IBRD-85770	Fee Charges	3,000,000.00
Apr 1, 2021	IBRD-85770	Int Charges	5,884,666.50
Apr 1, 2021	IBRD-85770	Loan Repay	41,520,000.00
Oct 1, 2021	IBRD-85770	Int Charges	5,535,603.50
Oct 1, 2021	IBRD-85770	Loan Repay	42,600,000.00
Oct 1, 2020	IBRD-85770	Int Charges	10,858,000.00
Nov 25, 2022	IBRD-85770	Int Charges	13,301,730.00
Nov 25, 2022	IBRD-85770	Loan Repay	44,760,000.00
Apr 1, 2023	IBRD-85770	Int Charges	1,397,505.20
Apr 1, 2023	IBRD-85770	Int Charges	296,057.47
Apr 1, 2023	IBRD-85770	Int Charges	24,599,302.00
Apr 1, 2023	IBRD-85770	Loan Repay	45,840,000.00
Apr 1, 2022	IBRD-85770	Int Charges	5,020,840.00
Apr 1, 2022	IBRD-85770	Loan Repay	43,680,000.00
Dec 17, 2015	IBRD-85770	Loan Commitment	1,200,000,000.00
Oct 1, 2023	IBRD-85770	Int Charges	595,708.10
Oct 1, 2023	IBRD-85770	Loan Repay	47,040,000.00
Oct 1, 2023	IBRD-85770	Int Charges	29,461,630.00
Apr 1, 2024	IBRD-85770	Int Charges	513,250.88
Apr 1, 2024	IBRD-85770	Int Charges	30,866,858.00
Oct 1, 2016	IBRD-85770	Int Charges	8,967,000.00

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Program Management	Satisfactory	2016-11-04
Progress towards achievement of PDO	Satisfactory	2016-11-04
Monitoring and Evaluation	Satisfactory	2016-11-04
Overall Implementation Progress (IP)	Highly Satisfactory	2016-11-04

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-26-2018
Outcomes	Substantial
Risk to Development Outcome	High
Bank Performance	Substantial
Borrower Performance	Moderately Satisfactory
Government Performance	Moderately Satisfactory
Implementing Agency	Moderately Satisfactory

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 03-26-2019	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome	High	N/a
Bank Performance	Satisfactory	N/a
Borrower Performance	Moderately Satisfactory	N/a
Government Performance	Moderately Satisfactory	N/a
Implementing Agency	Moderately Satisfactory	N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Approval and publication on the Ministry of Finance website of a public debt management strategy in line with international best practice Value None Publication
Date September 1, 2015 March 31, 2017
Comment
Reduction in the basic annual salary of top public sector employees as a ratio of annual GDP per capita Value 1.90 0.00 1.70
Date September 1, 2015 March 31, 2017
Comment

Improved financial sustainability of the State Pension Fund through better governance as measured by a 5 percent nominal reduction of the cash benefit spending of the National Board of Pension	Value	0.00	0.00	5.00
	Date	September 1, 2015		March 31, 2017
	Comment

Percentage of capital projects valued at over US$500 million for which a feasibility study with cost-benefit analysis is done Value 3.00 0.00 5.00
Date September 1, 2015 March 31, 2017
Comment
Fuel switching to generate power from petroleum products to gas—measured as total gas volume supplied to gas turbine power production Value 600 MMscf 840 MMscf
Date December 1, 2014 March 31, 2017
Comment
Improved service delivery—measured by total electricity sold Value 44000000.00 0.00 47600000.00
Date December 1, 2014 March 31, 2017
Comment
Reduced gas flaring—measured by the amount of additional (associated) gas processed (average MMscf per day) Value 656 MMscf 1070 MMscf
Date December 1, 2014 March 31, 2017
Comment
Increased tariffs for energy-intensive consumers—measured by the retail price of electricity sold (in ID per kWh) Value ID 30.74 kWh ID 31.05 kWh
Date December 1, 2014 March 31, 2017
Comment
Publication of a consolidated annual report on financial and employment metrics of non-financial SOEs Value None Publication
Date September 1, 2015 March 31, 2017
Comment
Gas-to-Power Inter-ministerial Committee in place and an Action Plan developed Value None Action Plan
Date September 1, 2015 March 31, 2017
Comment
Ratio of state deposits in private banks to state deposits in all banks Value 0.00 0.00 5.00
Date January 1, 2015 March 31, 2017
Comment
Progress in implementing FATF action plan Value zero actions 5 of 8actions
Date June 1, 2015 March 31, 2017
Comment

Approval and publication on the Ministry of Finance website of a public debt management strategy in line with international best practice	Value	None	Publication
	Date	September 1, 2015	March 31, 2017
	Comment

Reduction in the basic annual salary of top public sector employees as a ratio of annual GDP per capita	Value	1.90	0.00	1.70
	Date	September 1, 2015		March 31, 2017
	Comment

Percentage of capital projects valued at over US$500 million for which a feasibility study with cost-benefit analysis is done	Value	3.00	0.00	5.00
	Date	September 1, 2015		March 31, 2017
	Comment

Fuel switching to generate power from petroleum products to gas—measured as total gas volume supplied to gas turbine power production	Value	600 MMscf	840 MMscf
	Date	December 1, 2014	March 31, 2017
	Comment

Improved service delivery—measured by total electricity sold	Value	44000000.00	0.00	47600000.00
	Date	December 1, 2014		March 31, 2017
	Comment

Reduced gas flaring—measured by the amount of additional (associated) gas processed (average MMscf per day)	Value	656 MMscf	1070 MMscf
	Date	December 1, 2014	March 31, 2017
	Comment

Increased tariffs for energy-intensive consumers—measured by the retail price of electricity sold (in ID per kWh)	Value	ID 30.74 kWh	ID 31.05 kWh
	Date	December 1, 2014	March 31, 2017
	Comment

Progress in implementing FATF action plan	Value	zero actions	5 of 8actions
	Date	June 1, 2015	March 31, 2017
	Comment