Iraq: Staff-Monitored Program-Press Release; and Staff Report

International Monetary Fund

No 2016/011, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the Iraqi authorities’ request for a Staff-Monitored Program (SMP). The authorities have requested an SMP to establish a track record of policy credibility to pave the way to a possible IMF financing arrangement. Under the SMP, the authorities will implement fiscal consolidation that will contain public expenditure in line with available revenue and financing, and aim to reduce the non-oil primary deficit by US$20 billion or 12 percent of non-oil GDP between 2013 and 2016. Under the SMP, agreement has also been reached on measures to strengthen public financial management, anti-money laundering and countering the financing of terrorism, and financial sector stability.

Keywords: ISCR; CR; oil price decline; oil; ad-referendum agreement; ISIS attack; government; managing director of the International Monetary Fund; CBI auction; oil revenue; U.S. dollar; banks Rasheed; government import; Government finance statistics; External sector statistics; Oil prices; Global (search for similar items in EconPapers)
Pages: 64
Date: 2016-01-12
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