He Chrisatan in the final statement of the talks of the IMF mission on Iraq, which were held in Amman, "harmed Iraq severely affected due to the conflict with al Daesh, and the sharp drop in world oil prices since 2014 has been the Iraqi government responded to the fiscal crisis, and the crisis in the balance of payments, correct financial large, but necessary, supported by financial assistance from the international community. "
He noted that "in 2016, the real growth of the gross domestic product by 11%, supported by a substantial increase in oil production, which benefited from previous oil investments continued. However, non-oil economy has shrunk by 8% due to the conflict and fiscal adjustment.
He stressed that the Christian "the sharp decline in oil prices caused lower gross international reserves of Iraq from US $ 53.7 billion at the end of 2015 to a level still comfortable, of $ 46.5 billion, at the end of December /" 2016.
" The pressures on public finances big ones remain, with the government deficit remains at a level of 12% of GDP in 2016, due to continued weakness in oil prices, high humanitarian and security spending."
"Also the total public debt of 32% to 64% of the gross domestic product rose in the period 2014-2016. Slowed credit growth and rising bad loans at state - owned banks and private banks significantly in 2016."
He noted that "the Iraqi government maintained the exchange rate peg, a nominal substrate Hamh.mbana that growth prospects in Iraq remain in the medium term modest due to the stability of the expected oil production, and the stability of its investment in the face of constraints on revenues, and the recovery modest in the non-oil growth, backed the expected improvement in the security situation and the implementation of structural reforms. "
He stressed the need for further reforms to create fiscal space inclusive growth, and enhance the business environment, reduce corruption, and reform of the banking sector to support growth led by the private sector, and diversification in the economy, once launched the reconstruction process in post - regulation Daesh.
" The risks remain high . This stems mainly from uncertainty surrounding the prospects for oil prices, thesecurity situation and political uncertainty, and a citizen of management weaknesses."
It is said that an Iraqi delegation held with the International Monetary Fund experts (IMF) discussions in Amman on Article IV of the 2017 consultations, and the second revision of the agreement to prepare the credit (SBA) with Iraq, amounting to a 36 - month, which was approved by the Executive Board of the International Monetary Fund in July 7 2016.
It aims to prepare the credit agreement to correct the balance of public finances and the balance of theexternal position, and improving public financial management, while protecting social spending.
He met with the team during the mission with the Minister of Finance acting Abdul Razzaq al - Issa, and theGovernor of the Central Bank of Iraq by proxy Ali Mohsen Ismail Keywords, Advisor to the Prime Minister theappearance of favor, and officials from the ministries of finance, oil, and planning, and the Oil Marketing Company (SOMO), and the device Central Bureau of Statistics, the central bank Iraqi, and representatives of the Kurdistan Regional Government, and the Office of financial supervision.
Iraqi authorities and experts of the International Monetary Fund began discussions on the second revision of the standby credit agreement. These discussions will continue during the coming spring meetings of theInternational Monetary Fund and the World Bank in the period between April 21 to 23/2017 in Washington , DC. "