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The International Monetary Fund recommends that Iraq reduce its dependence on oil
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Baghdad today - follow-up
Today, Sunday (March 3, 2024), the International Monetary Fund recommended that Iraq reduce dependence on oil, work to increase non-oil revenues and control public spending, in order to ensure the continuation of economic reforms and achieve sustainable growth.
The final statement of the Fund’s experts at the end of the 2024 Article IV consultation mission indicated that “Iraq is expected to continue economic growth due to the expansion of public finances,” but warned of “a significant increase in exposure to oil price fluctuations in the medium term.”
The IMF said, “Greater declines in oil prices or extending OPEC+ cuts may affect Iraq’s financial and external accounts,” noting “the risks of escalating regional tensions and their potential impact in the event of an interruption to shipping routes or damage to the oil infrastructure, leading to losses.” “The potential positive impact of a rise in oil prices outweighs oil production.”
He added, "Iraq needs to increase non-oil exports and government revenues, and reduce the economy's exposure to oil price shocks . "
The statement stated, "Iraq needs higher and more sustainable growth in the non-oil sector to accommodate the rapidly growing workforce . "
The IMF statement indicated that "the growth of the non-oil sector in Iraq rebounded strongly in 2023, as estimates indicate that Iraq's real non-oil GDP will grow by 6 percent in 2023 after growth stopped in 2022."
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