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

July 14, 2016

Preview Citation

Format: Chicago

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, (USA: International Monetary Fund, 2016) accessed September 19, 2024

Also available in: العربية

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.

Subject: 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$

Publication Details

Pages:

100
Volume:

---
DOI:

---
Issue:

---
Series:

Country Report No. 2016/225
Stock No:

1IRQEA2016002
ISBN:

9781498357654
ISSN:

1934-7685

Notes

Also available in Arabic

FACTSHEETS

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

IMF Staff Country Reports