Iraq: Staff Report for the 2015 Article IV Consultation and Request for Purchase Under the Rapid Financing Instrument

August 18, 2015

Preview Citation

Format: Chicago

Iraq: Staff Report for the 2015 Article IV Consultation and Request for Purchase Under the Rapid Financing Instrument, (USA: International Monetary Fund, 2015) accessed December 21, 2024

Summary

This 2015 Article IV Consultation highlights that Iraq is facing a double shock emerging from the ISIS insurgency and the plunge in global oil prices. In 2014, real GDP contracted by 2.1 percent mainly owing to the impact of the conflict, while oil production and exports increased slightly compared with 2013. In 2015, overall economic activity is expected to see a modest recovery of 0.5 percent thanks to oil sector expansion, while non-oil activity is expected to contract further. Medium-term growth prospects remain positive, though less favorable than before the crisis. Growth will be driven by the projected ramp-up in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform.

Subject: Banking, Exchange restrictions, Expenditure, Foreign exchange, International trade, Oil exports, Oil prices, Oil, gas and mining taxes, Prices, Taxes

Keywords: CBI Law, CR, East Africa, Exchange restrictions, Financial support, Financing, Financing gap, Financing source, Gas and mining taxes, Global, IMF Deputy managing director, ISCR, Middle East, North Africa, Oil, Oil exports, Oil prices, US$ balance

Publication Details

Pages:

100
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/235
Stock No:

1IRQEA2015001
ISBN:

9781513555942
ISSN:

1934-7685

Notes

Also available in Arabic

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