Iraq: 2017 Article IV Consultation and Second Review under the Three-Year Stand-by Arrangement-and Requests for Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Iraq
August 9, 2017
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This 2017 Article IV Consultation highlights a double shock facing Iraq as a result of the conflict with the Islamic State and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was little affected by the conflict with the Islamic State. Falling oil prices have driven the decline in Iraq’s international reserves from $54 billion at the end of 2015 to $45 billion at the end of 2016. Medium-term growth prospects are positive. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform.
Subject: Expenditure, Fiscal policy, Fiscal stance, Oil prices, Prices, Public debt, Revenue administration
Keywords: anti-corruption legislation, CBI auction, CR, economic reform program, expenditure commitment, Fiscal stance, GDP, Global, government, government's ability, investment expenditure, Iraq, ISCR, Medium-term growth prospect, Middle East, Oil prices, spending pressure
Pages:
137
Volume:
2017
DOI:
Issue:
251
Series:
Country Report No. 2017/251
Stock No:
1IRQEA2017001
ISBN:
9781484314944
ISSN:
1934-7685
