{
  "title": "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",
  "publication": "IMF Staff Country Reports, August 9, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/08/09/iraq-2017-article-iv-consultation-and-second-review-under-the-three-year-stand-by-45174",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2017/08/09/iraq-2017-article-iv-consultation-and-second-review-under-the-three-year-stand-by-45174",
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  "summary": "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.",
  "publishDate": "2017-08-09",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The report highlights a double shock facing Iraq as a result of the conflict with the Islamic State and the plunge in oil prices.\n- 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.\n- 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.\n- 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."
    },
    {
      "heading": "Key statistics and indicators (as reported)",
      "content": "- Real GDP growth in 2016: 11 percent\n- Oil production increase in 2016: 25 percent\n- International reserves: $54 billion (end of 2015) and $45 billion (end of 2016)"
    },
    {
      "heading": "Policy-relevant themes and focus areas",
      "content": "- Expenditure\n- Fiscal policy\n- Fiscal stance\n- Oil prices\n- Prices\n- Public debt\n- Revenue administration"
    },
    {
      "heading": "Keywords and analytical emphasis",
      "content": "- anti-corruption legislation\n- CBI auction\n- CR\n- economic reform program\n- expenditure commitment\n- Fiscal stance\n- GDP\n- Global\n- government\n- government's ability\n- investment expenditure\n- Iraq\n- ISCR\n- Medium-term growth prospect\n- Middle East\n- Oil prices\n- spending pressure\n\nInternational 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\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/08/09/iraq-2017-article-iv-consultation-and-second-review-under-the-three-year-stand-by-45174"
    }
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    "Published: August 9, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484314944.002",
    "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.",
    "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)",
    "Expenditure",
    "Fiscal policy",
    "Fiscal stance",
    "Oil prices",
    "Prices",
    "Public debt",
    "Revenue administration",
    "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",
    "**Country Report**"
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