Iraq : First Review of the Three-Year Stand-By Arrangement and Financing Assurances Review, Requests for Waivers of Nonobservance and Applicability of Performance Criteria, Modification of Performance Criteria, and Rephasing of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq

Author/Editor: International Monetary Fund. Middle East and Central Asia Dept.
Publication Date: December 13, 2016
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Summary: Iraq is adjusting to a double shock arising from the ISIS attacks and the sharp drop in global oil prices. The conflict has hurt the economy through displacement and impoverishment of millions of people, and destruction of infrastructure and assets. The oil price decline has resulted in a massive reduction in 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 peg provides a key nominal anchor in a highly uncertain environment with policy capacity weakened by the war against ISIS.
Series: Country Report No. 16/379
Subject(s): Stand-by arrangement reviews | Balance of payments deficits | Fiscal policy | Fiscal consolidation | Fiscal reforms | Financial management | Public enterprises | Bank restructuring | Economic indicators | Debt sustainability analysis | Staff Reports | Press releases | Phasing of purchases | Performance criteria waivers | Iraq
Publication Date: December 13, 2016
ISBN/ISSN: 9781475559972/1934-7685 Format: Paper
Stock No: 1IRQEA2016003 Pages: 109
US$18.00 (Academic Rate:
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