{
  "title": "Iraq: First and Second Reviews of the Staff‑Monitored Program and Request for a Three‑year Stand‑By Arrangement — Press Release; Staff Report; and Statement by the Executive Director for Iraq",
  "publication": "IMF Staff Country Reports, July 14, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076/index.md",
  "summary": "This paper discusses Iraq’s First and Second Reviews of the Staff-Monitored Program (SMP) and Request for a Three-Year Stand-By Arrangement. The oil price decline has resulted in a massive reduction in Iraq’s budget revenue, pushing the fiscal deficit to an unsustainable level.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- The paper discusses Iraq’s First and Second Reviews of the Staff‑Monitored Program (SMP) and Request for a Three‑Year Stand‑By Arrangement.\n- The oil price decline has resulted in a massive reduction in Iraq’s budget revenue, pushing the fiscal deficit to an unsustainable level.\n- Authorities are responding with a mix of necessary fiscal adjustment and financing while maintaining their commitment to the exchange rate peg.\n- An SMP was started in November 2015 to establish a track record of policy credibility and pave the way to a possible IMF financing arrangement.\n- Performance under the SMP has been broadly satisfactory."
    },
    {
      "heading": "Key findings and issues",
      "content": "- Fiscal impact:\n  - Oil price decline → massive reduction in budget revenue.\n  - Fiscal deficit described as unsustainable.\n- Policy response:\n  - Combination of fiscal adjustment and financing measures.\n  - Continued commitment to the exchange rate peg.\n- Program implementation:\n  - SMP initiated in November 2015.\n  - Performance under the SMP: broadly satisfactory."
    },
    {
      "heading": "Policy recommendations and program intent",
      "content": "- Use SMP track record to pave the way for a possible IMF financing arrangement (request for a Three‑Year Stand‑By Arrangement).\n- Blend of fiscal adjustment and financing to address revenue shortfalls while preserving the exchange rate peg."
    },
    {
      "heading": "Metadata and classification",
      "content": "- Publication date: July 14, 2016\n- Pages: 100\n- Volume: 2016\n- Issue: 225\n- Series: Country Report No. 2016/225\n- DOI: https://doi.org/10.5089/9781498357654.002\n- Stock No: 1IRQEA2016002\n- ISBN: 9781498357654\n- ISSN: 1934-7685\n- Subjects: Economic and financial statistics; Expenditure; Government finance statistics; Oil prices; Oil, gas and mining taxes; Prices; Public debt; Public financial management (PFM)\n- Keywords: bringing expenditure; CBI auction; CR; financing; financing of the government; Global; government; Government finance statistics; IMF quota; Iraq; ISCR; ISIS attack; ISIS funding; Oil prices; oil revenue; oil‑price shock; US$\n\nInternational Monetary Fund. Middle East and Central Asia Dept. \"Iraq: First and Second Reviews of the Staff‑Monitored Program and Request for a Three‑year Stand‑By Arrangement‑Press Release; Staff Report; and Statement by the Executive Director for Iraq\", IMF Staff Country Reports 2016, 225 (2016).\n\n---\n\n Content in this bundle\n\n- Cr16225\n  - Cr16225 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr16225 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr16225a\n  - cr16225a (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr16225a (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076/bundle-manifest.json)",
    "Authors: Arrangement-Press Release",
    "Published: July 14, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498357654.002",
    "The paper discusses Iraq’s First and Second Reviews of the Staff‑Monitored Program (SMP) and Request for a Three‑Year Stand‑By Arrangement.",
    "The oil price decline has resulted in a massive reduction in Iraq’s budget revenue, pushing the fiscal deficit to an unsustainable level.",
    "Authorities are responding with a mix of necessary fiscal adjustment and financing while maintaining their commitment to the exchange rate peg.",
    "An SMP was started in November 2015 to establish a track record of policy credibility and pave the way to a possible IMF financing arrangement.",
    "Performance under the SMP has been broadly satisfactory.",
    "Fiscal impact:",
    "Policy response:",
    "Program implementation:",
    "Use SMP track record to pave the way for a possible IMF financing arrangement (request for a Three‑Year Stand‑By Arrangement).",
    "Blend of fiscal adjustment and financing to address revenue shortfalls while preserving the exchange rate peg.",
    "Publication date: July 14, 2016",
    "Pages: 100",
    "Volume: 2016",
    "Issue: 225",
    "Series: Country Report No. 2016/225",
    "DOI: https://doi.org/10.5089/9781498357654.002",
    "Stock No: 1IRQEA2016002",
    "ISBN: 9781498357654",
    "ISSN: 1934-7685",
    "Subjects: Economic and financial statistics; Expenditure; Government finance statistics; Oil prices; Oil, gas and mining taxes; Prices; Public debt; Public financial management (PFM)",
    "Keywords: bringing expenditure; CBI auction; CR; financing; financing of the government; Global; government; Government finance statistics; IMF quota; Iraq; ISCR; ISIS attack; ISIS funding; Oil prices; oil revenue; oil‑price shock; US$",
    "**Cr16225**",
    "**_cr16225a**"
  ],
  "related": [
    {
      "title": "Cr16225",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16225.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16225.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16225.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "_cr16225a",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/scr/2016/_cr16225a.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/scr/2016/_cr16225a.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/scr/2016/_cr16225a.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/iraq-first-and-second-reviews-of-the-staff-monitored-program-and-request-for-a-three-year-44076/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-14T13:26:40.373Z"
}