Fast Facts 2017: Funding Facility for Economic Reform-Federal

12 Jun 2017
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Summary

The United Nations Development Programme (UNDP) is assisting Iraq in its efforts towards implementing key economic reform initiatives. To this end, UNDP and the Office of the Prime Minister of Iraq signed a project document establishing the FFER-Federal on 29 January 2017.

The objective of this Funding Facility is to diversify the economy, improve the management of national assets, combat corruption, and meet the loan conditionality set by international financial lending institutions such as the International Monetary Fund (IMF) and the World Bank (WB).

Highlights

  • 85% of the Offices of the Inspectors General (OIGs) assessed through questionnaires, field visits, and review of the legal framework under which they operate
  • 5% of the actual assets recovered by the OIGs as a result of anti-corruption efforts allocated to the Offices budget
  • Asset recovery coordination mechanism introduced, and procedures upgraded

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