"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilising the states of the region and the world", said Planning Minister Salman al-Jumaili, adding that the reconstruction was therefore also the responsibility of the worldwide community.
Although US Secretary of State Rex Tillerson will attend the donor conference on Tuesday, he will instead call for multinational companies and banks to boost their activities in the war-torn country.
Iraq's volatile security has driven foreign businesses from investing in a country that is only just starting to emerge from a three-year war and has yet to eradicate widespread corruption.
"When the costs of improving governance, upgrading oil and gas infrastructure and other "recovery" expenses are factored in, the needs of the largely Sunni areas rise to $88.2 billion", reported the Wall Street Journal (WSJ), citing a new assessment by experts at the World Bank and the Iraqi government.
The Iraqi government needs $88.2 billion (€71.92 billion) for reconstruction efforts after its victory against the "Islamic State" (IS) militant group, Iraqi Planning Minister Salman al-Jumaili said at the opening of an global conference on the issue in Kuwait on Monday.
Around 138,000 houses and flats have been damaged, with half of them completely destroyed.
"We finished one battle but we are engaged now with a war for reconstruction", said Mustafa al-Hiti, the head of Iraq's reconstruction fund for areas affected by terrorist operations.
However, officials acknowledge a feeling of fatigue from worldwide donors, especially after the wars in Iraq and Syria sparked the biggest mass migration since World War II.
"If the global community doesn't help the government of Iraq to stabilise these areas (devastated by the war) the gains against Daesh could be at risk", she said, using the Arabic acronym for Islamic State.
Iraqi forces are backed by an global coalition led by the USA, which pounds militant strongholds from the air.
It announced $330 million alone had been pledged Monday for Iraq at a humanitarian conference in Kuwait City. However, the U.S. provided Iraq with over $600 million in humanitarian funding for the fiscal year of 2017, according to U.S. Aid.
"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilizing the states of the region and the world", said al-Jumaili.
The US also occupied Iraq for eight years after its invasion of the country in 2003, which led to the fall of former strongman Saddam Hussein.