Iraq: 2013 Article IV Consultation

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2013 Issue 217

Publication date: July 2013

ISBN: 9781475538908

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Economics- Macroeconomics , Business and Economics - Statistics , Taxation - General , ISCR , CR , Iraq , auction regulation , central bank of Iraq , regulation , GDP , country authorities , CBI reserve , growth prospect , exchange rate , private sector , oil revenue transparency , Oil prices , Oil exports , Oil , gas and mining taxes , External sector statistics , Global , Middle East , North Africa , East Africa

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Summary

This staff report on Iraq’s 2013 Article IV Consultation highlights economic policies and development. Risks to the macroeconomic outlook remain high. The risks can translate into lower oil revenues, deterioration in the fiscal position, pressures to use Central Bank of Iraq reserves for fiscal purposes leading to depreciation pressures, and higher inflation. Policies to mitigate their impact include strengthening fiscal institutions and oil revenue management, improving monetary policy transmission, and reducing the economy’s dependence on the oil sector. The authorities depend solely on fiscal policy to address these vulnerabilities, underscoring the need for the authorities to urgently build up sufficient fiscal buffers, since Iraq’s fiscal and external performance is very sensitive to fluctuations in oil prices.