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International Monetary Fund: Iraq's medium-term growth prospects are positive
2017/08/10 00:10
(Encyclopedia of this Day News | Iraq News ) - Baghdad - directly: International Monetary Fund forecast to remain the economic activity of Iraq in this year 's silent because of shrinking oil production by 1.5% due to OPEC 's agreement to cut oil production and restore a modest non - oil sector.
The medium-term growth prospects of the Iraqi economy are positive, and growth will return to the expected moderate increase in oil production and recovery in non-oil growth, supported by the expected improvement in security and the implementation of structural reform, the IMF said in a statement on Wednesday.
"The risks are still very high, but they are mainly due to volatile security, political tensions and weak policy implementation."
Iraq faces a double shock caused by the conflict with a push and drop in oil prices, the statement said.
Real GDP rose by 11% by the end of 2016, due to a 25% increase in oil production, which was not significantly affected by the conflict with the DUP.
The decline in oil prices led to the decline of Iraq's international reserves from 54 billion dollars at the end of 2015 to 45 billion dollars by the end of 2016.
Financial pressures continue, with the government deficit rising from 12% of GDP in 2015 to 14% in 2016, despite continued fiscal consolidation due to weak oil prices and rising humanitarian and security spending.
The IMF statement noted that the authorities have maintained an appropriate link to the exchange rate, and simplified documentation requirements implemented by the Central Bank of Iraq reduced the parallel market to 6% in June 2017.
Sinjuk confirmed Iraq's support through a three-year reserve arrangement of 3.831 million SDRs ($ 5.380 billion), equivalent to 230 percent of the quota.
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2017/08/10 00:10
(Encyclopedia of this Day News | Iraq News ) - Baghdad - directly: International Monetary Fund forecast to remain the economic activity of Iraq in this year 's silent because of shrinking oil production by 1.5% due to OPEC 's agreement to cut oil production and restore a modest non - oil sector.
The medium-term growth prospects of the Iraqi economy are positive, and growth will return to the expected moderate increase in oil production and recovery in non-oil growth, supported by the expected improvement in security and the implementation of structural reform, the IMF said in a statement on Wednesday.
"The risks are still very high, but they are mainly due to volatile security, political tensions and weak policy implementation."
Iraq faces a double shock caused by the conflict with a push and drop in oil prices, the statement said.
Real GDP rose by 11% by the end of 2016, due to a 25% increase in oil production, which was not significantly affected by the conflict with the DUP.
The decline in oil prices led to the decline of Iraq's international reserves from 54 billion dollars at the end of 2015 to 45 billion dollars by the end of 2016.
Financial pressures continue, with the government deficit rising from 12% of GDP in 2015 to 14% in 2016, despite continued fiscal consolidation due to weak oil prices and rising humanitarian and security spending.
The IMF statement noted that the authorities have maintained an appropriate link to the exchange rate, and simplified documentation requirements implemented by the Central Bank of Iraq reduced the parallel market to 6% in June 2017.
Sinjuk confirmed Iraq's support through a three-year reserve arrangement of 3.831 million SDRs ($ 5.380 billion), equivalent to 230 percent of the quota.
[You must be registered and logged in to see this link.]
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