IMF Staff Country Reports

Iraq: First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq

July 14, 2016

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Iraq: First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq, (USA: International Monetary Fund, 2016) accessed November 21, 2024

Also available in: العربية

Summary

This paper discusses Iraq’s First and Second Reviews of the Staff-Monitored Program (SMP) and Request for a Three-Year Stand-By Arrangement. The oil price decline has resulted in a massive reduction in Iraq’s budget revenue, pushing the fiscal deficit to an unsustainable level. The authorities are responding to the crisis with a mix of necessary fiscal adjustment and financing, maintaining their commitment to the exchange rate peg. The authorities started an SMP in November 2015 to establish a track record of policy credibility and pave the way to a possible IMF financing arrangement. Their performance under the SMP has been broadly satisfactory.

Subject: Economic and financial statistics, Expenditure, Government finance statistics, Oil prices, Oil, gas and mining taxes, Prices, Public debt, Public financial management (PFM)

Keywords: Bringing expenditure, CBI auction, CR, Financing, Financing of the government, Global, Government, Government finance statistics, IMF quota, Iraq, ISCR, ISIS attack, ISIS funding, Oil prices, Oil revenue, Oil-price shock, US$

Publication Details

  • Pages:

    100

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2016/225

  • Stock No:

    1IRQEA2016002

  • ISBN:

    9781498357654

  • ISSN:

    1934-7685

Notes

Also available in Arabic

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