Iraq: 2013 Article IV Consultation
IMF Staff Country Reports, July 19, 2013
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- Iraq: 2013 Article IV Consultation
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Bibliographic details
- Published: July 19, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475538908.002
Executive summary and macroeconomic risks
- Staff report highlights economic policies and development for Iraq’s 2013 Article IV Consultation (July 19, 2013).
- Risks to the macroeconomic outlook remain high.
- Identified transmission of risks:
- Lower oil revenues.
- Deterioration in the fiscal position.
- Pressures to use Central Bank of Iraq reserves for fiscal purposes, leading to depreciation pressures.
- Higher inflation.
- Authorities depend solely on fiscal policy to address these vulnerabilities, underscoring the need to urgently build up sufficient fiscal buffers.
- Iraq’s fiscal and external performance is very sensitive to fluctuations in oil prices.
Policy recommendations and mitigation measures
- Strengthen fiscal institutions and oil revenue management.
- Improve monetary policy transmission.
- Reduce the economy’s dependence on the oil sector.
Subject areas and keywords
- Subject: Commodities, Economic and financial statistics, External sector statistics, Foreign exchange, International trade, Oil, Oil exports, Oil prices, Oil, gas and mining taxes, Prices, Taxes.
- Keywords include: auction regulation, CBI reserve, central bank of Iraq, country authorities, CR, East Africa, exchange rate, External sector statistics, gas and mining taxes, GDP, Global, growth prospect, Iraq, ISCR, Middle East, North Africa, Oil, Oil exports, Oil prices, oil revenue transparency, private sector, regulation.
Content in this bundle
- Iraq: 2013 Article IV Consultation; IMF Country Report No. 13/217; April 30, 2013
- العراق: تقرير الخبراء حول مشاورات المادة الرابعة لعام 2013 ; 30 إبريل 2013