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After currency devaluation, Iraq poverty rate rises to 27%

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BAGHDAD, 20 April, 2021 (TON): The country's poverty rate has increased to about 27 per cent after the central bank devalued the Iraqi dinar against the US dollar, Iraq's Ministry of Planning said.

Media quoted the Ministry spokesman Abdul-Zahara al-Hindawi on Monday, "The devaluation of the Iraqi dinar pushed up the poverty rate to about 27 per cent, but the Ministry had completed a reform and recovery plan to respond to the economic and health crises."

Improving the private sector to boost the national economy, supporting public services, and addressing development gaps between provinces are included in the three-year plan (2021-2023).

However, the overall security situation has been relatively improved in Iraq since the defeat of the Islamic State group late in 2017, but significant challenges remain, including political and security maladies, economic instability, persistent low standards of living, social unrest caused and eroded public services.

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