Iraq and the IMF

The IMF Stands Ready to Help Iraq--Statement of Horst Köhler, Managing Director of the IMF to the International Donors' Conference for the Reconstruction of Iraq
October 24, 2003





Iraq: Macroeconomic Assessment

Prepared by the Middle Eastern Department
In Consultation with other Departments

Approved by Mohammad Shadman-Valavi

October 21, 2003

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A previous version of this staff paper was summarized as the macroeconomic framework section of the United Nations Development Group (UNDG)/World Bank Joint Iraq Needs Assessment report issued on October 8, 2003 for the International Conference on Reconstruction in Iraq.

Contents

Executive Summary

  1. Economic Background
    A. Economic Activity
    B. Prices C. Fiscal Policy
    D. Monetary Policy
    E. Balance of Payments

  2. Developments and Reconstruction Efforts in 2003
    A. Steps to Reactivate the Economy and Strengthen Liquidity
    B. Oil Production and the Balance of Payments
    C. Budget Implementation in 2003
    D. Central Bank and Financial System
    E. Other Policy Initiatives

  3. Macroeconomic Program for 2004 and Prospects
    A. Macroeconomic Projections
    B. The 2004 Budget
    C. Structural Fiscal Issues
    D. Balance of Payments
    E. Monetary Policy

  4. Assessment

Text Boxes
1. Assumptions in the Estimation and Projection of Gross Domestic Product
2. External Current Account Estimates and Projections, 2001-04
3. Budget, July-December 2003-04 25

Figures
1. Six-Month Inflation Rates, July 2001-July 2003
2. Exchange Rates for the Iraqi Dinar