Iraq: Third and Fourth Reviews Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement and for Waiver of Nonobservance of a Performance Criterion
March 22, 2007
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This paper discusses key findings of the Third and Fourth Reviews Under the Stand-By Arrangement (SBA) for Iraq. Economic growth in 2006 was below target because oil production did not increase as projected. This reflected lower-than-planned investment and the lack of security. Inflation increased to 65 percent in 2006 to December 2006. This was mainly owing to shortages of key commodities, caused in part by the ongoing insurgency. The underlying rate of inflation has also remained high.
Subject: Budget planning and preparation, Commodities, Expenditure, Foreign exchange, Imports, International trade, Oil, Public financial management (PFM)
Keywords: authorities request, Budget planning and preparation, CR, East Africa, fuel product, government, government import, IMF arrangement, Imports, Iraq, ISCR, Middle East, North Africa, Oil, oil wealth, revolving government credit
Pages:
55
Volume:
2007
DOI:
Issue:
115
Series:
Country Report No. 2007/115
Stock No:
1IRQEA2007001
ISBN:
9781451819120
ISSN:
1934-7685
