Iraq: Staff Report for the 2015 Article IV Consultation and Request for Purchase Under the Rapid Financing Instrument

IMF Staff Country Reports, August 18, 2015

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Iraq is facing a double shock emerging from the ISIS insurgency and the plunge in global oil prices.
In 2014, real GDP contracted by 2.1 percent mainly owing to the impact of the conflict.
Oil production and exports increased slightly compared with 2013.
In 2015, overall economic activity is expected to see a modest recovery of 0.5 percent thanks to oil sector expansion, while non-oil activity is expected to contract further.
Medium-term growth prospects remain positive, though less favorable than before the crisis.
Growth will be driven by the projected ramp-up in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform.

Subjects: Banking, Exchange restrictions, Expenditure, Foreign exchange, International trade, Oil exports, Oil prices, Oil, gas and mining taxes, Prices, Taxes
Keywords: CBI Law, CR, East Africa, Exchange restrictions, financial support, financing, financing gap, financing source, gas and mining taxes, Global, IMF Deputy managing director, ISCR, Middle East, North Africa, Oil, Oil exports, Oil prices, US$ balance