Iraq: 2013 Article IV Consultation

July 19, 2013

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Iraq: 2013 Article IV Consultation, (USA: International Monetary Fund, 2013) accessed November 21, 2024

Summary

This staff report on Iraq’s 2013 Article IV Consultation highlights economic policies and development. Risks to the macroeconomic outlook remain high. The risks can translate into lower oil revenues, deterioration in the fiscal position, pressures to use Central Bank of Iraq reserves for fiscal purposes leading to depreciation pressures, and higher inflation. Policies to mitigate their impact include strengthening fiscal institutions and oil revenue management, improving monetary policy transmission, and reducing the economy’s dependence on the oil sector. The authorities depend solely on fiscal policy to address these vulnerabilities, underscoring the need for the authorities to urgently build up sufficient fiscal buffers, since Iraq’s fiscal and external performance is very sensitive to fluctuations in oil prices.

Subject: Commodities, Economic and financial statistics, External sector statistics, Foreign exchange, International trade, Oil, Oil exports, Oil prices, Oil, gas and mining taxes, Prices, Taxes

Keywords: Auction regulation, CBI reserve, Central bank of Iraq, Country authorities, CR, East Africa, Exchange rate, External sector statistics, Gas and mining taxes, GDP, Global, Growth prospect, Iraq, ISCR, Middle East, North Africa, Oil, Oil exports, Oil prices, Oil revenue transparency, Private sector, Regulation

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/217
Stock No:

1IRQEA2013001
ISBN:

9781475538908
ISSN:

1934-7685

Notes

Also Available in Arabic

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