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

August 9, 2017

Preview Citation

Format: Chicago

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, (USA: International Monetary Fund, 2017) accessed September 18, 2024

Also available in: العربية

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. 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. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform.

Subject: Expenditure, Fiscal policy, Fiscal stance, Oil prices, Prices, Public debt, Revenue administration

Keywords: 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

Publication Details

Pages:

137
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/251
Stock No:

1IRQEA2017001
ISBN:

9781484314944
ISSN:

1934-7685

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