Iraq: 2022 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, February 3, 2023
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- Iraq: 2022 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: February 3, 2023
- Series: IMF Staff Country Reports
Key findings and current situation
- Iraq’s economy has been gradually recovering, supported by strong oil revenues and accommodative policies.
- Domestic inflation has been contained with the pass-through from high global commodity prices muted by domestic food and fuel subsidies.
- The near-term outlook is positive with high oil revenues expected to produce fiscal and current account surpluses and growth supported by accommodative fiscal and monetary policies.
- Underlying structural imbalances will likely continue to widen.
- In the baseline of gradually declining oil prices, fiscal and external deficits are projected to re-emerge in the medium term.
Monetary and inflation guidance
- The central bank should closely monitor domestic inflationary pressures.
- Should inflationary pressures intensify, the central bank should tighten domestic financial conditions by:
- phasing out its lending initiatives, and
- raising interest rates and reserve requirements.
Fiscal and structural policy recommendations
- Accelerate efforts to:
- upgrade public financial management,
- mobilize non-oil revenues,
- reduce the oversized government payroll,
- enhance the social safety net,
- improve the electricity sector’s efficiency, and
- reduce corruption.
Publication and document specifics
- Publication date: February 3, 2023
- Pages: 71
- Volume: 2023
- Issue: 075
- Series: Country Report No. 2023/075
- Stock No: 1IRQEA2023002
- ISBN: 9798400229305
- ISSN: 1934-7685
International Monetary Fund. Middle East and Central Asia Dept. "Iraq: 2022 Article IV Consultation-Press Release; and Staff Report", IMF Staff Country Reports 2023, 075 (2023), accessed 9/9/2026
Content in this bundle
- 1irqea2023002