The US Agency for International Development (USAID) has awarded a three-year economic governance advisory contract, known as Economic Governance II, to the US’ BearingPoint. The firm won the original one-year governance contract in July last year (MEED 1:8:03).

Under the terms of the $20 million agreement, the US firm will be required to reform national policy, regulation and administrative procedures, along with the institutions that will have the biggest impact on the ability of foreign and domestic private sector firms to invest in Iraq (MEED 7:5:04).

The areas covered by the contract include: tax and fiscal reform; monetary policy and building up the capacity of the Central Bank of Iraq; development of the banking sector; introduction of new commercial laws and institutional reforms; capacity building of the electricity industry; and technical assistance to the communications industry (MEED 9:1:04).