Iraq: First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq
July 14, 2016
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This paper discusses Iraq’s First and Second Reviews of the Staff-Monitored Program (SMP) and Request for a Three-Year Stand-By Arrangement. The oil price decline has resulted in a massive reduction in Iraq’s budget revenue, pushing the fiscal deficit to an unsustainable level. The authorities are responding to the crisis with a mix of necessary fiscal adjustment and financing, maintaining their commitment to the exchange rate peg. The authorities started an SMP in November 2015 to establish a track record of policy credibility and pave the way to a possible IMF financing arrangement. Their performance under the SMP has been broadly satisfactory.
Subject: Economic and financial statistics, Expenditure, Government finance statistics, Oil prices, Oil, gas and mining taxes, Prices, Public debt, Public financial management (PFM)
Keywords: bringing expenditure, CBI auction, CR, financing, financing of the government, Global, government, Government finance statistics, IMF quota, Iraq, ISCR, ISIS attack, ISIS funding, Oil prices, oil revenue, oil-price shock, US$
Pages:
100
Volume:
2016
DOI:
Issue:
225
Series:
Country Report No. 2016/225
Stock No:
1IRQEA2016002
ISBN:
9781498357654
ISSN:
1934-7685
