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2017-08-03 12:25:00

IMF BUYS IRAQ

IMF BUYS IRAQ

IMF -  The Executive Board of the International Monetary Fund (IMF) today completed the second review of Iraq's three-year Stand-By Arrangement (SBA), which is designed to support Iraq's economic reform program and restore fiscal balance over the medium term. The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million. The SDR 3.831 billion arrangement (about US$5.34 billion at the time of approval of the arrangement) was approved in July, 2016  and the first review was completed on December 5, 2016.

As part of the completion of the second review, the Board also approved Iraq's request for waivers of non-observance and applicability of performance criteria, and modification of performance criteria. Further fiscal consolidation was achieved in 2016, but at a slower pace than programmed because of weak control of investment expenditure and humanitarian needs. To move the program forward, the authorities are implementing strong corrective measures as prior actions and are committed to further fiscal measures in 2018 to ensure external and debt sustainability.

The Executive Board today also concluded the 2017 Article IV Consultation with Iraq. A respective press release will be issued separately.

Following the Executive Board's decision, Mr David Lipton, First Deputy Managing Director, issued the following statement:

The economic policies implemented by the Iraqi authorities to deal with the shocks facing Iraq—the armed conflict with ISIS and the ensuing humanitarian crisis and the collapse in oil prices—are appropriate. In the fiscal area, the authorities are implementing a sizable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending. The authorities are appropriately maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy. Performance under the Stand-By Arrangement has been weak in some key areas, but understandings have been reached on sufficient corrective actions to keep the program on track. Resolute implementation of the authorities' program, together with strong international financial support, will be key.

Further fiscal consolidation measures are needed in 2017-18 to keep the program on track. The composition of the fiscal adjustment should be improved over time by increasing non-oil revenue and reducing current expenditure. In addition, reforming the electricity sector and state-owned enterprises will make room for larger and more effective investment expenditure that supports growth and job creation.

Significantly improving public financial management will be important. Arrears need to be assessed and paid following verification, and expenditure commitment and cash management should be strengthened to prevent the accumulation of new arrears.

Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating an exchange restriction and a multi-currency practice. Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemented.

Implementation of the budget-sharing agreement with the Kurdistan Regional Government would put both the federal government and the Kurdistan Regional Government in a better position to address the shocks to the Iraqi economy.

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Earlier: 

IMF WANT EUROPE 

IMF WANT EUROPE IMF WANT EUROPE The European Union could do more to convince countries to put EU reform recommendations into practice. For example, targeted support from the EU budget could be provided to incentivize reforms. The EU should also conti ...

2017-07-26 Read more »
 
IMF NEED RUSSIA IMF NEED RUSSIA Directors underscored that accelerated structural reforms and broader trade relations can help promote a diversified export mix. They also urged the authorities to strengthen property rights, advance privatization, imp ...
2017-07-17 Read more »
  
UAE IS BETTER FOR IMF UAE IS BETTER FOR IMF The economy is weathering the post-2014 oil shock well. The key policy goal is to foster economic adjustment to the new oil market realities. To foster the adjustment, especially given downside risks, the m ...
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IMF WANT BRAZIL IMF WANT BRAZIL Directors observed that the financial sector has remained sound despite the severe stresses. To make the system more robust, they encouraged actions to further strengthen financial safety nets through enhanced monitori ...
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IMF HAS EGYPT IMF HAS EGYPT The approval by the IMF Executive Board of the First Review of the program shows the IMF’s strong support for Egypt in these efforts. The approval by the IMF Executive Board of the First Review of the program shows the IMF ...
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IMF NEEDS SAFEGUARD IMF NEEDS SAFEGUARD “The current period of growth should be used as an opportunity: to further safeguard the financial sector--by building up capital buffers and strengthening corporate and bank balance sheets; to address the issu ...
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IMF: U.S. ISNT WORKING WELL IMF: U.S. ISNT WORKING WELL All in all, in our judgement, the U.S. economic model is not working as well as it could in generating broadly shared income growth. All in all, in our judgement, the U.S. economic model is not ...
2017-06-28

 

 

 

 

Tags: IMF, IRAQ

Chronicle:

IMF BUYS IRAQ
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

IMF BUYS IRAQ
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

IMF BUYS IRAQ
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

IMF BUYS IRAQ
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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