Shafaq News- Baghdad
Prime Minister Ali Al-Zaidi hasunveiled plans for a sovereign development fund that could mobilize up to $250billion in Gulf-backed financing for infrastructure projects, a source familiarwith discussions within the Coordination Framework (CF), Iraq's largestparliamentary bloc, told Shafaq News on Wednesday.
The proposed fund, which Al-Zaidipresented during the CF's June 2 meeting, would receive an initial $10 billioncontribution from the Central Bank of Iraq, while Gulf countries would beinvited to participate through investment partnerships and projectimplementation. The PM also outlined mechanisms for executing the initiative,which is intended to improve infrastructure and create employment opportunitiesfor young Iraqis.
The proposal comes as the governmentadvances a broader economic reform agenda, including a program budget approvedby the Council of Ministers in cooperation with the World Bank and theparliamentary Finance Committee.
On the political front, the CFauthorized Al-Zaidi to continue consultations with political blocs over theremaining cabinet positions and granted him broad discretion in selectingcandidates for vacant ministries, including the Interior Ministry, according tothe source. The discussions also addressed ministries allocated to partiesaffiliated with armed factions, with Al-Zaidi tasked with engaging those groupsto reach an agreed mechanism for nominating candidates.
Parliament approved Al-Zaidi'sgovernment and ministerial program on May 14, granting confidence to 14ministers, while nine cabinet posts remain vacant pending political agreementon their allocation. Completion of the cabinet, the source said, is expectedafter Al-Zaidi's planned visit to Washington and following parliament'slegislative recess.
The meeting further reviewed effortsto place weapons under state control, including proposals to integrate armedfactions into the Popular Mobilization Forces (PMF), a predominantly Shiiteumbrella force incorporated into the Iraqi state in 2016, and updates fromcommittees overseeing the government's weapons-monopoly initiative. The Iraqigovernment has set September as a target for completing the process.
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A source previously told Shafaq Newsthat Iraq's top state leaders were scheduled to meet on Wednesday evening todiscuss efforts to place weapons under state control, economic reforms, andother political and security issues.