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IMF Executive Board Calendar Empty IMF Executive Board Calendar

Post by claud39 on Mon Jul 15, 2019 5:06 pm

IMF Executive Board Calendar

As part of the Fund's increased transparency, the tentative calendar of the formal meetings and seminars of the Executive Board for the next seven days is shown below.

Please note that the calendar is subject to change, and that the agenda for each meeting is typically finalized the day before the meeting. The calendar posted below contains the latest available information.

An IMF Executive Board Calendar Archive is also available. 


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[tr style="margin: 0px; padding: 0px;"][td style="margin: 0px; padding: 0px;"]Last Update:  July 01, 2019 15:54:47  ET[/td]
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[tr style="margin: 0px; padding: 0px;"][th]July 15, 2019[/th]
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Title: Honduras - 2019 Article IV Consultation and Discussions on an SCF/SBA Arrangement
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[tr style="margin: 0px; padding: 0px;"][td style="margin: 0px; padding: 2px 12px 2px 50px; font-family: arial, sans-serif; border-color: rgb(221, 221, 221); font-size: 12.672px;" colspan="2" valign="top" width="100%"]Country: Brazil

Title: Brazil - 2019 Article IV Consultation
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Title: Cape Verde - 2019 Article IV Consultation
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[tr style="margin: 0px; padding: 0px;"][th]July 17, 2019[/th]
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Title: Cameroon - Fourth Review Under the Extended Credit Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria
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[tr style="margin: 0px; padding: 0px;"][td style="margin: 0px; padding: 2px 12px 2px 50px; font-family: arial, sans-serif; border-color: rgb(221, 221, 221); font-size: 12.672px;" colspan="2" valign="top" width="100%"]Country: Serbia, Republic of

Title: Republic of Serbia - 2019 Article IV Consultation and 2nd Review under the PCI
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July 19, 2019

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Country: Iraq
Title: Iraq - 2019 Article IV Consultation

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[tr style="margin: 0px; padding: 0px;"][th]July 22, 2019[/th]
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Title: France - 2019 Article IV Consultation
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Title: Somalia - 2019 Article IV Consultation;Review of Overdue Financial Obligations to the Fund and Further Review Following Declaration of Ineligibility
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Title: The State of Eritrea - 2019 Article IV Consultation
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https://www.imf.org/external/NP/SEC/bc/eng/Index.aspx?fbclid=IwAR3gIesPyJT6cDgCiR2G6yiKz1bi-Latu1zCbAzcACEI5WZBxKSx7yUOrcY
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IMF Executive Board Calendar Empty Re: IMF Executive Board Calendar

Post by claud39 on Fri Jul 26, 2019 4:38 pm

IMF Executive Board Concludes 2019 Article IV Consultation with Iraq


July 26, 2019

IMF Executive Board Calendar ED3CD7E1970747F0A814C83AF7C48925

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation  - Iraq - IMF Executive Board Concludes 2019 Article IV Consultation with Iraq.


An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to retire domestic debt and accumulate fiscal buffers. Gross international reserves reached $65 billion by end-2018.

However, post-war reconstruction and economic recovery have been slow. Non-oil GDP rose by only 0.8 percent year-on-year in 2018 in a context of weak execution of reconstruction and other public investment. Overall GDP contracted by around 0.6 percent as oil production was cut to comply with the OPEC+ agreement.

The 2019 budget implies a sizable fiscal loosening that will reverse the recent reduction in vulnerabilities. Current spending is expected to increase by 27 percent year-on-year, in part due to a higher public sector wage bill, while revenues will be dampened by the abolition of non-oil taxes. As a result, the budget is projected to shift to a deficit of 4 percent of GDP in 2019, and reserves are projected to decline.

The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. Although the level of public debt will remain sustainable, gross fiscal financing needs will increase. Non-oil GDP growth is projected to reach 5½ in 2019 but subside over the medium term.


In a context of highly volatile oil prices, the major risk to the outlook is a fall in oil prices which would lower exports and budgetary revenues, leading to an even sharper decline in reserves or higher public debt. Geopolitical tensions, the potential for social unrest in a context of weak public services and lack of progress in combatting corruption pose further risks.

Executive Board Assessment - Iraq - IMF Executive Board Concludes 2019 Article IV Consultation with Iraq.

Executive Directors agreed with the thrust of the staff appraisal. They were encouraged by the recent strengthening of Iraq’s economy but recognized that the country continues to face daunting challenges. Social conditions remain harsh, post-war reconstruction progress is slow, development needs are large, and institutional weaknesses are significant. Volatile oil prices and a difficult regional and geopolitical environment pose additional difficulties. Directors encouraged the authorities to seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems, and promoting sustainable and inclusive growth.

Directors emphasized that building a robust fiscal framework is essential to maintain fiscal and macroeconomic stability and strengthen buffers. They encouraged the authorities to adopt a risk‑ and rules-based approach to fiscal policy as part of broader reforms to manage oil revenue more effectively, reduce tendencies for procyclicality, and shift to a more growth-friendly composition of expenditure. Directors supported scaling up reconstruction and development expenditure gradually in line with improving absorptive capacity. They underscored the need to strengthen public financial management to ensure public spending is appropriately monitored and to reduce vulnerabilities to corruption. In this context, Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation.

Directors emphasized that gradual fiscal adjustment, including containing current primary spending and boosting non-oil revenues is essential for maintaining fiscal and debt sustainability. They recommended that spending measures should give priority to containing the growth in wage bill and lowering subsidies to the electricity sector. Directors emphasized that the poorest and the most vulnerable must be protected from the adjustment process.

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation. Directors highlighted the benefits of increasing financial inclusion, especially for the SME sector, which has a large potential to absorb entrants to the labor market.

Directors agreed that building public institutions and enhancing governance is key for success, and highlighted the scope for Fund capacity development to support these efforts. They welcomed progress in developing an anti-corruption framework and called for further modifications to the legal regime for combatting corruption coupled with stronger coordination between the relevant government agencies, while continuing to strengthen the framework for Anti-money laundering and combatting the financing of terrorism (AML/CFT). Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

Directors looked forward to continued close engagement between the authorities and the Fund in the context of post program monitoring.




Iraq: Selected Economic and Financial Indicators, 2015–24
(Percent of GDP, except were indicated)
projection
2015201620172018201920202021202220232024
Economic growth and prices
Real GDP (percentage change)2.515.2-2.5-0.64.65.32.62.32.12.1
Non-oil real GDP (percentage change)-14.41.3-0.60.85.45.04.13.42.72.7
GDP deflator (percentage change)-26.1-13.414.615.4-4.52.32.62.83.13.3
GDP per capita (US$)5,0474,8435,26358825,72860176.172632664866,666
GDP (in ID trillion)207.2206.7231.0265.0264.8285.4300.4315.9332.3350.4
Non-oil GDP (in ID trillion)137.3138.3140.8145.6158.1173.2188.1202.8217.1232.6
GDP (in US$ billion)177.7175.2195.5224.2224.1241.5254.1267.3281.1296.5
Oil production (mbpd)3.724.634.474.414.594.844.935.015.105.18
Oil exports (mbpd)3.353.793.803.864.034.254.334.404.474.55
Iraq oil export prices (US$ pb) 1/45.935.648.765.256.055.854.954.454.454.8
Consumer price inflation (percentage change; end of period)2.3-1.50.2-0.12.02.02.02.02.02.0
Consumer price inflation (percentage change; average)1.40.50.10.40.82.02.02.02.02.0
National Accounts
Gross domestic investment24.920.816.712.918.816.716.015.615.615.4
Of which: public15.611.58.35.310.68.47.57.06.86.6
Gross domestic consumption81.287.080.879.184.585.486.887.988.689.6
Of which: public22.622.621.821.226.526.326.426.226.226.3
Gross national savings18.412.518.619.813.612.511.711.110.39.4
Of which: public3.1-2.07.013.46.55.24.13.21.80.8
Saving - Investment balance-6.5-8.31.86.9-5.2-4.2-4.3-4.6-5.3-6.0
Public Finance
Government revenue and grants30.626.833.039.840.539.637.936.535.534.6
Government oil revenue27.822.928.936.737.236.334.533.132.031.0
Government non-oil revenue2.84.04.23.13.33.33.43.43.53.5
Expenditure, of which:43.440.734.632.044.643.141.240.540.540.5
Current expenditure27.829.326.426.733.934.733.633.533.733.9
Capital expenditure15.611.58.35.310.68.47.57.06.86.6
Overall fiscal balance (including grants)-12.8-13.9-1.67.9-4.1-3.5-3.3-4.0-5.0-5.9
Non-oil primary fiscal balance, accrual basis (percent of non-oil GDP)-46.5-43.3-39.4-42.4-56.9-52.1-49.2-47.1-46.2-45.3
Adjusted Non-oil primary fiscal balance, accrual basis (excl. KRG, percent of non-oil GDP) 2/-44.7-43.3-39.4-40.5-50.1-46.0-43.6-41.8-41.0-40.2
Adjusted non-oil primary expenditure (excl. KRG, percent of non-oil GDP) 3/48.949.246.346.255.651.549.147.246.345.5
Adjusted non-oil primary expenditure (excl. KRG, annual real growth, percent) 3/-24.70.9-4.52.829.9-0.61.41.63.13.2
Memorandum items
Total government debt (in percent of GDP) 4/56.264.258.949.351.450.550.651.553.656.4
Total government debt (in US$ billion) 4/99.9112.5115.2110.4115.3121.9128.5137.5150.7167.3
External government debt (in percent of GDP)37.237.135.630.632.231.530.528.426.824.9
External government debt (in US$ billion)66.165.069.568.772.276.277.675.875.373.8
Monetary indicators
Growth in reserve money-12.09.2-4.46.72.55.44.74.95.14.6
Growth in broad money-9.17.12.62.72.56.25.46.05.95.3
External sector
Current account-6.5-8.31.86.9-5.2-4.2-4.3-4.6-5.3-6.0
Trade balance-0.1-1.77.613.43.54.13.22.01.30.5
Exports of goods31.828.634.841.237.036.234.433.132.031.2
Imports of goods-31.9-30.3-27.1-27.8-33.5-32.0-31.2-31.1-30.8-30.7
Overall external balance-6.7-3.72.56.3-2.5-1.1-1.6-3.5-3.8-4.7
Gross reserves (in US$ billion)54.145.549.464.757.253.548.538.828.214.3
Total GIR (in months of imports of goods and services)9.37.87.38.06.86.25.54.22.91.4
Exchange rate (dinar per US$; period average)1,1661,1801,1821,1821,1821,1821,1821,1821,1821,182
Real effective exchange rate (percent change, end of period) 5/6.51.8-5.14.9..................
Sources: Iraqi authorities; and Fund staff estimates and projections.
1/ Negative price differential of about $3.6 per barrel compared to the average petroleum spot price (average of Brent, West Texas and Dubai oil prices) in 2018-23.
2/ Adjusted to exclude (i) full year estimates of federal government transfers to the Kurdistan Regional Government, and (ii) non-oil tax revenues from the KRG to the federal government. In 2014 and 2015, actual transfers were made for only 2 and 5 months, respectively.
3/ Adjusted to exclude full year estimate of federal government transfers to the Kurdistan Regional Government. In 2014 and 2015, actual transfers were made for only 2 and 5 months, respectively.
4/ Includes arrears. The debt stock includes legacy arrears to non-Paris Club creditors on which the authorities have requested (but not yet obtained) Paris-Club comparable relief. Implementing comparable terms will substantially reduce debt (e.g. by 15 percent of GDP in 2017).
5/ Positive means appreciation.



[size=16]
[size=16]
[size=16]

- Iraq - IMF Executive Board Concludes 2019 Article IV Consultation with Iraq.

Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

- Iraq - IMF
Executive Board Concludes 2019 Article IV Consultation with Iraq.

At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here:

http://www.imf.org/external/np/sec/misc/qualifiers.htm .

IMF Communications Department

[size=11]MEDIA RELATIONS

PRESS OFFICER:  WAFA AMR 
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
@IMFSpokesperson



=https://www.imf.org/en/News/Articles/2019/07/26/pr19301-iraq-imf-executive-board-concludes-2019-article-iv-consultation-with-iraq]HTTPS://WWW.IMF.ORG/EN/NEWS/ARTICLES/2019/07/26/PR19301-IRAQ-IMF-EXECUTIVE-BOARD-CONCLUDES-2019-ARTICLE-IV-CONSULTATION-WITH-IRAQ




https://www.imf.org/en/News/Articles/2019/07/26/pr19301-iraq-imf-executive-board-concludes-2019-article-iv-consultation-with-iraq
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IMF Executive Board Calendar Empty Fiscal reforms essential to rebuild Iraq and improve economic growth, IMF says

Post by claud39 on Mon Jul 29, 2019 9:05 am

[size=64]Fiscal reforms essential to rebuild Iraq and improve economic growth, IMF says[/size]


The country must implement policy and structural changes to ensure macroeconomic stability and promote sustainable growth

July 27, 2019

IMF Executive Board Calendar Wo05-APR-Iraq-Christians
Destroyed parts of the old city of Mosul. Iraq needs to spend heavily on reconstruction of areas devastated by war. AFP

Recovering oil prices and improved security have helped Iraq strengthen its economy but it needs to implement reforms aimed at ensuring macroeconomic stability and mitigating risks from oil price volatility, according to the International Monetary Fund.
The near-term vulnerabilities in Iraq have eased with a large fiscal surplus in 2018 but post-war reconstruction and economic recovery has been slow while a fall in oil prices would pose a major risk to the outlook, the IMF said in a report on Friday.
Iraqi authorities should "seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems and promoting sustainable and inclusive growth," the IMF executive board concluded after a consultation with the Iraqi government.
Iraq faces "daunting" challenges after its war with ISIS: social conditions remain harsh following the conflict, with slow progress on rebuilding, weak public services and a lack of job opportunities, the IMF said. Given highly volatile oil prices, Iraq faces risk from a drop in crude prices, which would lower exports and revenues, leading to sharper declines in central bank reserves or higher public debt. In addition, geopolitical tensions and lack of progress in curbing corruption could pose further risk.
The Washington-based lender urged Iraqi authorities to adopt a fiscal policy that scales up public investment while gradually building buffers, as part of wider reforms to better manage oil revenues and protect from oil price shocks. To do this, the IMF recommended phased measures to lower current spending and boost non-oil revenue.
Tighter spending would mean containing public-sector wages and lowering subsidies to the electricity sector. A review of social spending must ensure that the country's poorest are protected during these reforms, the fund said.
Iraqi President Barham Salih in February ratified the country’s $111.8 billion (Dh410.64bn) budget for 2019, its largest-ever with a 27 per cent increase over 2018. The bill calls for a rise in spending of $24bn and a deficit of $22.6bn during the year.

The IMF emphasised the need to strengthen public financial management to ensure government spending is monitored and to reduce vulnerabilities to corruption.
An overhaul of the banking sector is also needed to maintain financial stability, the IMF said. This can be done by restructuring state-owned banks and improving their supervision. Increasing access to funds, particularly for small-and-medium enterprises, can also help improve employment.
Building public institutions and enhancing governance is "key" for success, the fund added.
"Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use," according to the report.
To combat corruption, a "multi-pronged strategy" is required for strengthening the legal framework, developing national anti-corruption policies and fostering closer co-ordination between the involved agencies, the lender said.
"In the absence of policy changes, a widening budget deficit will divert resources away from essential investment to rebuild the country and improve public services, while eroding reserves and posing risks to medium-term sustainability," the IMF said.


https://www.thenational.ae/business/economy/fiscal-reforms-essential-to-rebuild-iraq-and-improve-economic-growth-imf-says-1.891433
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IMF Executive Board Calendar Empty IMF Concludes Consultation with Iraq

Post by claud39 on Mon Jul 29, 2019 9:52 am

IMF Concludes Consultation with Iraq

29th July 2019


IMF Executive Board Calendar IMF-Executive-Board-July-2019-623x346



29th July 2019 in Iraq Banking & Finance News

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF)concluded the Article IV consultation [url=file:///C:/Users/MCuscanaBernales/OTmp/PR19301 - Iraq - IMF Executive Board Concludes 2019 Article IV Consultation with Iraq.docx][1] [/url]with Iraq.

An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to retire domestic debt and accumulate fiscal buffers. Gross international reserves reached $65 billion by end-2018.

However, post-war reconstruction and economic recovery have been slow. Non-oil GDP rose by only 0.8 percent year-on-year in 2018 in a context of weak execution of reconstruction and other public investment. Overall GDP contracted by around 0.6 percent as oil production was cut to comply with the OPEC+ agreement.

The 2019 budget implies a sizable fiscal loosening that will reverse the recent reduction in vulnerabilities. Current spending is expected to increase by 27 percent year-on-year, in part due to a higher public sector wage bill, while revenues will be dampened by the abolition of non-oil taxes. As a result, the budget is projected to shift to a deficit of 4 percent of GDP in 2019, and reserves are projected to decline.

The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. Although the level of public debt will remain sustainable, gross fiscal financing needs will increase. Non-oil GDP growth is projected to reach 5½ in 2019 but subside over the medium term.

In a context of highly volatile oil prices, the major risk to the outlook is a fall in oil prices which would lower exports and budgetary revenues, leading to an even sharper decline in reserves or higher public debt. Geopolitical tensions, the potential for social unrest in a context of weak public services and lack of progress in combatting corruption pose further risks.

Executive Board Assessment [url=file:///C:/Users/MCuscanaBernales/OTmp/PR19301 - Iraq - IMF Executive Board Concludes 2019 Article IV Consultation with Iraq.docx][2][/url]

Executive Directors agreed with the thrust of the staff appraisal. They were encouraged by the recent strengthening of Iraq’s economy but recognized that the country continues to face daunting challenges. Social conditions remain harsh, post-war reconstruction progress is slow, development needs are large, and institutional weaknesses are significant. Volatile oil prices and a difficult regional and geopolitical environment pose additional difficulties.

Directors encouraged the authorities to seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems, and promoting sustainable and inclusive growth.

Directors emphasized that building a robust fiscal framework is essential to maintain fiscal and macroeconomic stability and strengthen buffers. They encouraged the authorities to adopt a risk‑ and rules-based approach to fiscal policy as part of broader reforms to manage oil revenue more effectively, reduce tendencies for procyclicality, and shift to a more growth-friendly composition of expenditure. Directors supported scaling up reconstruction and development expenditure gradually in line with improving absorptive capacity.

They underscored the need to strengthen public financial management to ensure public spending is appropriately monitored and to reduce vulnerabilities to corruption. In this context, Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation.

Directors emphasized that gradual fiscal adjustment, including containing current primary spending and boosting non-oil revenues is essential for maintaining fiscal and debt sustainability. They recommended that spending measures should give priority to containing the growth in wage bill and lowering subsidies to the electricity sector. Directors emphasized that the poorest and the most vulnerable must be protected from the adjustment process.

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation. Directors highlighted the benefits of increasing financial inclusion, especially for the SME sector, which has a large potential to absorb entrants to the labor market.

Directors agreed that building public institutions and enhancing governance is key for success, and highlighted the scope for Fund capacity development to support these efforts. They welcomed progress in developing an anti-corruption framework and called for further modifications to the legal regime for combatting corruption coupled with stronger coordination between the relevant government agencies, while continuing to strengthen the framework for Anti-money laundering and combatting the financing of terrorism (AML/CFT).

 Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

Directors looked forward to continued close engagement between the authorities and the Fund in the context of post program monitoring.

SUIT...  http://www.iraq-businessnews.com/2019/07/29/imf-concludes-consultation-with-iraq/
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IMF Executive Board Calendar Empty The International Monetary Fund warns Iraq of the current waste

Post by claud39 on Mon Jul 29, 2019 1:22 pm

[size=41]The International Monetary Fund warns Iraq of the current waste[/size]






IMF Executive Board Calendar Iraq-news-768x432










Baghdad

 The International Monetary Fund (IMF) on Monday warned Iraqi authorities against continuing what it described as "extravagance".

The fund said , according to the reported economic network "Pablk Vaaiens International," and I followed (and the Iraqi News Agency) that "Iraq is the current budget for 2019, if it continues the current spending as it is, it will kill any progress achieved by Iraq economically during the past years."

"Expectations indicate an increase in Iraqi spending by 25% annually, unless the authorities amend their financial laws and balance sheet items."

The IMF described Iraq's economic situation as "facing serious challenges. Social conditions are low and still severe, post-war reconstruction is slow, growth requirements are very high, institutional weaknesses are very clear, volatile oil prices and geopolitical relations have a big role to play. Conditions of the Iraqi economy. "


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IMF Executive Board Calendar Empty Iraq : 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq

Post by claud39 on Mon Jul 29, 2019 1:47 pm

Iraq : 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq






[url=https://www.imf.org/en/Publications/Publications-By-Author?author=International+Monetary+Fund.+Middle+East+and+Central+Asia+Dept.&name=International Monetary Fund. Middle East and Central Asia Dept.]International Monetary Fund. Middle East and Central Asia Dept.[/url]



July 26, 2019



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Forty years of upheaval has eroded physical and human capital and weakened public institutions. Social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services and a lack of job opportunities. The recent rebound in oil prices helped deliver a large budget surplus and healthy build-up in reserves in 2018, but post-war recovery has been sluggish. The SDR 3.8 billion ($5.3 billion) Stand-by Arrangement approved in 2016 expires in July.



Country Report No. 19/248



https://www.imf.org/en/Publications/CR/Issues/2019/07/25/Iraq-2019-Article-IV-Consultation-and-Proposal-for-Post-Program-Monitoring-Press-Release-48527
claud39
claud39
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