Iraq: 2007 Article IV Consultation, Fifth Review Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement, Waiver of Applicability, and Waivers for Nonobservance of Performance Criteria: Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq
IMF Staff Country Reports, August 31, 2007
Source details
- Canonical URL
- Iraq: 2007 Article IV Consultation, Fifth Review Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement, Waiver of Applicability, and Waivers for Nonobservance of Performance Criteria: Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq
Other formats
Bibliographic details
- Published: August 31, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451819144.002
Growth and oil production
- Economic growth has been slower than expected at the time of the last Article IV Consultation, mainly because the expected expansion of oil production has not materialized.
- Following a decline in oil production and real GDP in 2005, economic growth is estimated at 6¼ percent in 2006.
Structural reforms and policy actions
- Progress in implementing the structural reforms has been made.
- Official fuel prices have been increased to levels in other oil-exporting countries in the region.
- Private sector importation of fuel products has been liberalized.
Key takeaways
- Slower-than-expected growth linked to underperformance in oil production.
- 2005 saw a decline in oil production and real GDP; 2006 growth estimated at 6¼ percent.
- Structural reform measures include fuel price adjustments and liberalization of private-sector fuel imports.
Source: Iraq: 2007 Article IV Consultation, Fifth Review Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement, Waiver of Applicability, and Waivers for Nonobservance of Performance Criteria: Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq — August 31, 2007.