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

International Monetary Fund

No 2017/251, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; Iraq; government; GDP; anti-corruption legislation; spending pressure; expenditure commitment; investment expenditure; economic reform program; CBI auction; Medium-term growth prospect; government's ability; Oil prices; Fiscal stance; Middle East; Global (search for similar items in EconPapers)
Pages: 137
Date: 2017-08-09
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