IMF Staff Country Reports

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 Date:

July 14, 2016

Electronic Access:

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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. The authorities are responding to the crisis with a mix of necessary fiscal adjustment and financing, maintaining their commitment to the exchange rate peg. The authorities started an SMP in November 2015 to establish a track record of policy credibility and pave the way to a possible IMF financing arrangement. Their performance under the SMP has been broadly satisfactory.

Series:

Country Report No. 2016/225

Subject:

Economic and financial statistics Expenditure Government finance statistics Oil prices Oil, gas and mining taxes Prices Public debt Public financial management (PFM)

Notes:

Also available in Arabic