{
  "title": "Iraq: 2022 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, February 3, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/02/03/iraq-2022-article-iv-consultation-press-release-and-staff-report-529146",
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  "summary": "The 2022 Article IV Consultation discusses that 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.",
  "sections": [
    {
      "heading": "Key findings and current situation",
      "content": "- Iraq’s economy has been gradually recovering, supported by strong oil revenues and accommodative policies.\n- Domestic inflation has been contained with the pass-through from high global commodity prices muted by domestic food and fuel subsidies.\n- 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.\n- Underlying structural imbalances will likely continue to widen.\n- In the baseline of gradually declining oil prices, fiscal and external deficits are projected to re-emerge in the medium term."
    },
    {
      "heading": "Monetary and inflation guidance",
      "content": "- The central bank should closely monitor domestic inflationary pressures.\n- Should inflationary pressures intensify, the central bank should tighten domestic financial conditions by:\n  - phasing out its lending initiatives, and\n  - raising interest rates and reserve requirements."
    },
    {
      "heading": "Fiscal and structural policy recommendations",
      "content": "- Accelerate efforts to:\n  - upgrade public financial management,\n  - mobilize non-oil revenues,\n  - reduce the oversized government payroll,\n  - enhance the social safety net,\n  - improve the electricity sector’s efficiency, and\n  - reduce corruption."
    },
    {
      "heading": "Publication and document specifics",
      "content": "- Publication date: February 3, 2023\n- Pages: 71\n- Volume: 2023\n- Issue: 075\n- Series: Country Report No. 2023/075\n- Stock No: 1IRQEA2023002\n- ISBN: 9798400229305\n- ISSN: 1934-7685\n\nInternational 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\n\n---\n\n Content in this bundle\n\n- 1irqea2023002\n  - 1irqea2023002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1irqea2023002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 3, 2023",
    "Series: IMF Staff Country Reports",
    "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.",
    "The central bank should closely monitor domestic inflationary pressures.",
    "Should inflationary pressures intensify, the central bank should tighten domestic financial conditions by:",
    "Accelerate efforts to:",
    "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",
    "**1irqea2023002**"
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