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International Monetary Fund: This is why Iraq is facing economic problems (Daash); growth prospects in the medium level in Iraq remain positive
24-08-2015
International Monetary Fund: This is why Iraq is facing economic problems
The annual report of the International Monetary Fund recently dealt with the economic situation in Iraq, noting the Executive Committee of his reach information contained after consultation with the owners working in the country.
The report that Iraq is facing economic problems because of Daash gangs and terrorist decline in global oil prices, dropping the overall the actual gross domestic product in 2014 by up to 2.1 percent as a result of armed conflict, which the government waged against terrorism, while the production and export of oil has risen compared to its production and export in 2013.
He expected to see a total economic activity recovery, noting that this recovery will be increased by 0.5 percent thanks expansion in the oil sector.
He noted that oil prices caused the decline in Iraqi cash reserves globally, including those that reside in the Development Fund for Iraq, as it fell from $ 84 billion at the end of 2013 to $ 67 billion at the end of 2014, confirming the escalation of the financial pressures on the country the expectation of rising deficits it from 5.3 percent in the last year with 18.4 percent of the local public output in the year 2015 as a result of weakness in the oil and higher expenses related aspect of the humanitarian and security prices. praised the report to maintain its exchange rate policy, saying it was maintained well its stability, praising the exchange rate liberalization steps taken by the central bank, which led to a decline in the expansion of the parallel market down to only 2 percent by the end of 2014.
Impose new restrictions on exchange operations to have led an important concern in the market leading to the parallel market expands further in the first months of this year, but the removal of these restrictions recently have helped in slowing down expansion to up to 4 percent in the month of July.
The report concluded, that the growth prospects in the medium level in Iraq remain positive, although it will not be the level of growth before the current crisis. This growth will be driven by the planned increase in oil production and growth in the field of non-oil-backed improvement expected the security situation and the application of structural reforms. The Fund currently supports Iraq through rapid funding mechanism the amount reached 1.242 billion dollars.
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