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

IMF Staff Country Reports, August 9, 2017

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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

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Bibliographic details

• Published: August 9, 2017
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484314944.002

Summary findings

• The report 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, driven by a projected moderate increase in oil production and a rebound in non-oil growth supported by expected improvement in security and implementation of structural reform.

Key statistics and indicators (as reported)

• Real GDP growth in 2016: 11 percent
• Oil production increase in 2016: 25 percent
• International reserves: $54 billion (end of 2015) and $45 billion (end of 2016)

Policy-relevant themes and focus areas

• Expenditure
• Fiscal policy
• Fiscal stance
• Oil prices
• Prices
• Public debt
• Revenue administration

Keywords and analytical emphasis

• 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

International Monetary Fund. Middle East and Central Asia Dept. "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", IMF Staff Country Reports 2017, 251 (2017), accessed 9/22/2026, https://doi.org/10.5089/9781484314944.002

Content in this bundle

• Country Report
  • Country Report (Markdown version)
  • Country Report (PDF)