Positive signs of Ebadi's economic initiative

[billbill]

Diversification! Great sign of stability in the gov. 

[DinarThug]

CNN. Broadcasting An Update To The Previous Disappearance Of Dr Mohammed Saleh ! Please Ignore His Pictures On The Goat's Milk Cartons - He's Now Somehow Miraculously Reappeared !

 

 

Wish The Same Could Be Said About The Previous Value To The Dinar ...

 

 

 

Dr.. The appearance of Mohammed Saleh: * Financial strengthening of Iraq: A Vision for the years 2018- 2020

BY 

DR.. THE APPEARANCE OF MOHAMMED SALEH

- PUBLISHED IN 03/08/2017

Dr.. Appearance of Mohammed Saleh Qaiya 6 of 1 Money buildup
 
 
Dr.. The appearance of Mohammed Saleh: * Financial consolidation of Iraq: 2020-2018 vision for years
 
1. Introduction:
 
Crude oil imports dominate the order and movement of three major balances in the national economy: the current account of the balance of payments (the so-called balance of payments balance, which is% of total foreign exchange flows). As well as 98% of oil flows in which the proportion of the total 92 billion dollars of the federal budget, representing oil revenues at least a year of the budget. The latter is the contribution of the oil sector to GDP components of the composition of that output. While the number of imports is not higher than between 50 and 46 billion dinars (between 8 and 2017 dollars) in the general budget estimates of 5.7 billion dinars (4 trillion dinars), including the income from property and direct revenue (Trillion dinars is necessary). In addition, if we exclude the oil resource from 1 trillion dinars, the country will go to a tripartite deficit that is difficult to dismantle. The three scales mentioned above are short due to the lack of diversity in national income sources.
                                                  (Other than non-oil revenues not exceeding 1 state property, such as land and real estate) and transfer income (such as mobile phone license fees and price differences of 2% of GDP). In addition, the total tax revenues do not exceed and the income and property tax (direct taxes) is half the percentage. In total, total non-oil revenues in all cases did not exceed 1% of total actual budget revenues.

 
Based on the above, the modern public finance of the producer and exporter countries of raw materials has created a standard for measuring the actual deficit inherent in the financial structure of the highly leveraged economies - ie, the non-oil balance, which expresses the financial (negative) All public expenditure was subtracted from non-oil revenues (the expenditures incurred on the oil sector should be deducted from the total expenditure as well as debt services because they relate to the previous financial years). Thus, the non-oil principal balance in 2007 will be about JD (2017), which is an expression of the negative or negative signal. The deficit is one percent of the country's gross domestic product, while the non-oil 5 percent is only one percent of the GDP. This has led oil revenues between 5 - 46 oil between Mart on the non - oil revenues in the public budget, which means that the country adopted 10 - 9 increase in the amount of public expenditure on oil revenues. The lack of non-oil resources in the composition of the budget has become a serious financial threat because of the construction of the federal budget on the constants of spending is difficult to dismantle, especially salaries, wages and pensions and salaries of employees of state-owned enterprises (the unemployed). As accounting for% of the total expenditure cap 50 Allocations of salaries, wages and retirement all on the proportion of the general budget of the country, which is covered by oil revenues exclusively or through internal and external, especially during the years of the previous oil recession.
 
Only one option is financial consolidation in the two countries. Therefore, there is no choice for the short- and medium-term fiscal policy and diversification of the economy and the sources of national income through a long-term development program (2030) The need to maximize non-oil public budget resources requires education. Or the following economic factors:
 
First: The high percentage of government spending is 46% of GDP, which means reducing this ratio in favor of the market economy and the role of the private sector in economic activity and the formation of aggregate demand.
 
Second: The financial indicators of the country indicate the dependence of oil on oil spikes or expansion to cover public expenditures, which is not included, which requires a radical new financial reform in the installation of public radios.
 
Third: - The opportunity to address unnecessary government expenses and expenses from support and extension to non-beneficiaries and ending with tax evasion vessels that enter incomes and wealth far from the scope of financial and social and economic goals.
 
Fourth: The burdens of the war on terrorism and the rehabilitation of the Da'ashi and reconstruction of all areas of the infidels require a financial program that is inevitably hardened to serve the direction of financial resources towards criticism and development and to address the manifestations of waste.
 
2. Iraq
 Fiscal 2018 -2020 Features of financial consolidation P consolidation
 
The financial policy of the current day is the search for the great opportunities for non-oil resources that make the objective of strengthening and financial adjustments required on the NOPD. The main non-oil balance measure is the level of controlling and controlling public expenditures and maximizing non-oil revenues.
 
  In order to maintain a non-oil main balance in the short term (at the level of one fiscal year) and then to take a medium-term decline, it is necessary to resort to the fiscal consolidation of the national level, The level of governorates and regions in order to seek to reduce the deficit supported the work to reduce the deficit or reduce the balance of other balance of public debt. In terms of financial and debt balance through restructuring expenses and reduce them as much as possible and maximize non-oil revenues. Is declining at a steady rate during the three years NOPD, which is to make the main non-oil balance 72-coming from its current status of (42 - to reach (2017) trillion dinars (trillion dinars in 107-100), satisfied that the ceiling of spending is about (2020) trillion dinars. And that the percentage change in the non-oil main balance towards the decline or reduction should be about%. Which means that non-oil imports will improve significantly, including taxes and fees. As a result, the direct and indirect imports and fees from the current percentage of non-oil output (ie, non-oil) must be increased to 2020%. The other factors Fixed) until the BLUE target As follows: 2018 There are practical steps to be adopted starting from the fiscal year
 
No: The establishment of an account in the name of the public debt compensation fund to deposit any increase resulting from the improvement or price of oil above the target rate in the federal budget is used to compensate for any internal or external debts planned during the fiscal year or extinguish previous debts as the case that the dollar is a barrel 44, 4 of 2017 commitment to the current prices estimated in the supplementary budget for the year 2020-2018 of oil exported during the period. The account of the public debt relief fund receives the capital proceeds from the sale of land, the state's assets and the proceeds from the financing of the Fund's account mentioned above.
 
 Second: The adoption and expansion of the system of outsourcing at the level of customs and international companies are careful to ensure the efficiency of inspection and collection and customs clearance, which maximizes the sovereign resources of the state. Lead to lower cost of imports and eliminate systemic and other corruption as well as maximizing public resources.
 
 Thirdly: Adopting the outsourcing system on the tax system of small units that are authorized to grant licenses to the civil companies to open tax collection outlets, and to adopt a system for small taxpayers to ensure collection and raise its efficiency and keep away from flat rate. Collection points. Such as wages, municipal fees and others
 
With the private sector in the distribution of electric power to be the following: Expansion of the system of evil 2018 years in the provisions of the Budget and Budget Law, Finance is the starting point to cover all areas of the country 2018.
 
Fifth: Legislation of the sales tax law by calculating the tax on the final value of the service, provided that the steps and the gradual financial regulations are taken in order to avoid complicating the tax system of sales tax, for example, exempting food, building materials and others in the first stage. Sixth: Improve the management of the collection of fees (non-sovereign) and wages approved in accordance with the article of the law to be established a clear and transparent accounting system shows the 2017 movements of the federal budget for the year and expenses and disbursements in all spending units and provide the balance of financial account movement and assets monthly. Seventh: To develop the fuel support system and limit it to poor consumption classes through social welfare programs. The state-owned and fuel-producing state companies should maintain a cost accounting system that explains the actual costs of production and avoids the manifestations of "free ride" in the collection of unrealistic profit. O unrealistic pricing of refined crude oil and marketed internally
 
 (*) Financial and Economic Adviser to the Prime Minister

 

http://iraqieconomists.net/ar/2017/08/03/link

 

[Boozer]

the way I see stability in the Iraq government    MALIKI     then this is me 

[yota691]

Iraq reduces dependence on oil revenues to 85%

Economy News Baghdad:  The Iraqi government reduced its dependence on oil revenues in the next federal budgets to 85% compared to about 95% in the previous budgets. "The financial crisis that the country is experiencing due to the collapse of oil prices in the world markets has led the government to reduce its reliance on oil revenues in the country's general budget and compensate the difference by activating other sources," government spokesman Saad al-Hadithi said in a press statement. He added that "the current government was forced upon the receipt of its responsibilities to follow the economic policies imposed by the financial crisis to meet the financial obligations of the government towards Iraqi forces and the requirements of the war on terrorism. "It is also about securing the salaries of the state employees, who number about seven million employees and government spending on the rest of the other sectors." Al-Hadithi pointed out that the government has followed austerity and rationalization of government expenditure and pressure of public expenditure of the country and succeeded in reducing the levels of public spending to between 50% and 60% than it was in the past. Iraq was planning to increase its production capacity of crude to 5 million barrels per day before the end of this year, the Iraqi economy depends mainly on the extraction and export of oil, and represents 95% of the total income of Iraq from hard currency.   Views 7   Date Added 08/07/2017

[DoD]

I know this will sound negative but I will say it anyway. Their reducing their 85% dependence on oil and now just living off of bonds and loans...lol 

[yota691]

Iraq reduces dependence on oil revenues to 85%

The government followed a policy of austerity and rationalization of government spending

 

 07 August 2017 12:46 PM

Direct:  The Iraqi government reduced its dependence on oil revenues in the next federal budgets to 85%, according to the International Islamic News Agency, compared to about 95% in the previous budgets.

The government spokesman said in a statement that the financial crisis experienced by the country because of the collapse of oil prices on world markets prompted the government to reduce its dependence on oil revenues in the general budget of the country and compensate the difference by activating other sources, "according to the agency.

"The current government was forced to adopt economic policies imposed by the financial crisis to meet the government's financial obligations towards the Iraqi forces and the requirements of the war on terror," he said.

Al-Hadithi continued, "and also towards securing the salaries of state employees, who number about seven million employees and government spending on the rest of the other sectors."

Al-Hadithi pointed out that the government has followed austerity and rationalization of government expenditure and pressure of public expenditure of the country and succeeded in reducing the levels of public spending to between 50% and 60% than it was in the past.

Iraq was planning to increase its production capacity of crude to 5 million barrels per day before the end of this year , the Iraqi economy depends mainly on the extraction and export of oil, and represents 95% of the total income of Iraq from hard currency.

[yota691]

Government Declares Depreciation on Oil Revenues to 85%

Readers

 

 

Government Declares Depreciation on Oil Revenues to 85%

 

06-08-2017 07:40 PM

 

The Euphrates -

 

The spokesman for the Information Office of Prime Minister Saad al-Hadithi on the government's success in reducing the country's dependence on oil revenues to 85 percent, after the proportion of 95 percent in the time of the previous government headed by Nuri al-Maliki. 

Al-Hadithi said in a televised statement that the government has succeeded in reducing dependence on oil imports and reducing its share in the general budget to about 85 percent in exchange for diversification of state resources and activating the role of many sectors in the budget of Iraq and work is under way to achieve further progress in this path. 

He stressed that the result of the financial crisis in Iraq is the cause of the collapse of oil prices in world markets and their decline to unprecedented levels.

[jeepguy]

25 minutes ago, DoD said:

I know this will sound negative but I will say it anyway. Their reducing their 85% dependence on oil and now just living off of bonds and loans...lol 

don`t forget the taxes !  import  tax , banking fees , 

[yota691]

 

Secretary General of the Council of Ministers confirms the presence of a large role for the private sector in the next phase one hour ago Last updated The time now is 02:07 PM 279 Watch         BAGHDAD /  The Secretary-General of the Council of Ministers Mahdi Al-Alak, on Monday, the existence of government plans to give a large role and promising to the private sector in Iraq by activating the investment side in the next phase within the sectors of economy and reconstruction.   Al-Aalak said in a statement received during his meeting with the Ambassador of the Kingdom of the Netherlands in Iraq, Mr. Matthias Walters in his official office today, that "Iraq is working intensively to increase the pace of re-stabilization and reconstruction in liberated cities through the preparation of the international conference to be held in Kuwait Early next year. "  "Iraq needs the support of all brotherly and friendly countries to make the conference a success," he said.  He invited Dutch companies specializing in investment, agriculture and industry to benefit from their expertise in Iraq.

[yota691]

Secretary General of the Council of Ministers confirms the presence of a large role for the private sector in the next phase

Economy News _ Baghdad Secretary-General of the Council of Ministers Mahdi Al-Alak, on Monday, the existence of government plans to give a significant role and promising to the private sector in Iraq by activating the investment side in the next phase within the sectors of economy and reconstruction.  Al-Aalak said during a meeting with the Ambassador of the Kingdom of the Netherlands in Iraq, Mr. Matthias Walters, in his official office today, that "Iraq is working intensively to increase the pace of re-stabilization and reconstruction in the liberated cities through the preparation of the international conference to be held in Kuwait Early next year. "  "Iraq needs the support of all brotherly and friendly countries to make the conference a success," he said.  He invited Dutch companies specializing in investment, agriculture and industry to benefit from their expertise in Iraq.     Views 49   Date Added 07/08/2017

[bostonangler]

Iraqi News

Iraq says reliance on oil revenues down to 85%

The Iraqi government said Sunday it had succeeded to reduce to 85% the country’s reliance on petroleum revenues which are the biggest portion of revenues calculated in the state budget.

That is a drop from an estimated 95% of the general budget under former prime minister and incumbent Vice President Nuri al-Maliki, said Cabinet spokesperson Saad al-Hadithi.

According to the statement, the government has managed to reduce reliance on oil revenues and diminish their percentage in the general budget to 85% in return for the diversification of state resources and the activation of other economic sectors.

“Due to Iraq’s financial crisis, which is the result of unprecedentedly falling world oil prices, the government had  to follow economic policies dictated by the crisis in order to meet its financial obligations to Iraqi forces, war on terror and seven million citizens receiving IQD4 trillion monthly in salaries from the state……as well as other important sectors such as education, health, electricity, basic services and response to refugee issues,” Hadithi stated.

“The government has resorted to austerity, rationing government and public expenditure to between 50-60%,” he added.

Iraq’s war against Islamic State militants since 2014 and falling world prices have added to the pains of the economy of OPEC’s second largest producer.

Iraq’s oil marketing company said early July that the country exported 592.378 million barrels of petroleum during the first half of 2017.

In a statement, SOMO said that represented a monthly exportation rate of 98.729 million barrels, and a daily rate of 3.290 million barrels.

The exports yielded revenues worth USD26.771 million during that period, recording a monthly return of USD4.592 million a month., said the company.

Source

 

 

 

B/A

[BigJake]

It is going in the right direction

[mr.unlikely]

It all goes towards boosting the sovereign credit rating. It shows that other sectors are being revived and contributing to GDP

[Officiallytook]

85% looking like .85 to me

[yota691]

New starting point

08/8/2017 12:00 am    Dr.. In the name of Brahimi The uncertainty surrounding the concept of economic growth remains to this day despite his presentation. The debate is still about the extent to which he is able to express the development of the economy, especially as it is based on measuring the change in the GDP component, which in turn has many problems related to its components and the lack of Surrounding other components is still outside the calculations of this output. One of the disadvantages of gross domestic product (which measures the monetary value of final goods and services produced and consumed over a given period of time) is that it can not express economic well-being because it does not take into account external influences such as environmental effects, Assets such as resource depletion, but it is still the closest indicator of   luxury.  In this context, it should be noted that the economists and statistics at the World Bank are currently working on the development of estimates of natural capital and the rate of loss, and when they do so it will be clear that sustainable economic growth rates are less than calculated over the past years for most countries and this gap will be clearer in  Certainly the rentier countries  .  This problem is manifested very clearly in the Iraqi economy, especially that the reality of the political approach in the country seems to be based on the famous saying of economist Keynes (we are all dead in the long term) even if they did not hear them, and it became the subject of perceptions of non-oil economy in Iraq to get to Sustainable growth rates are   essential.  Here I call for a pause for economic openness or self-disclosure through the adoption of indicators of the non-oil economy (albeit in parallel with the indicators currently adopted) to be guided in the development of a road map for the future taking into account the achievement of the goal of sustainability in economic growth and public finance, A point of embarking on a new phase that coincides with the stage of military victory.

[yota691]

International Monetary Fund: Iraq's medium-term growth prospects are positive

International Monetary Fund

 

 09 August 2017 11:59 PM

BAGHDAD - The International Monetary Fund (IMF) expects Iraq's economic activity to remain silent this year as oil production shrank by 1.5 percent due to OPEC's agreement to cut oil production and a modest recovery for the 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 drop in oil prices has led to a decline in Iraq's international reserves from $ 54 billion at the end of 2015 to $ 45 billion at 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.

[nannab]

Now if they catch and add the dollars/dinar from the stolen oil Iraq would be golden. My little opinion. 

Morning Yota, DV  

[yota691]

International Monetary Fund: Iraq faces double economic crisis and risks remain high

economy

 Since 2017-08-10 at 12:51 (Baghdad time)

 

Baghdad Mawazine News

The International Monetary Fund (IMF) predicted that Iraq's economic activity this year will remain silent as oil production shrank by 1.5 percent due to OPEC's agreement to cut oil production and a modest recovery of the non-oil sector.

"The prospects for medium-term growth 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 report.

"The risks are still very high, but they are mainly due to volatility of security, political tensions and weak implementation of policies. Iraq faces a double shock resulting from the conflict with a push and drop in oil prices."

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 and continue financial pressure, as the government deficit increased from 12% of GDP in 2015 to 14 In 2016 despite the continued adjustment of public finances, due to weak oil prices and high humanitarian and security spending. "

The IMF pointed out that "the authorities have maintained the appropriate exchange rate, and simplified documentation requirements implemented by the Central Bank of Iraq to decrease the spread of the parallel market to 6% in June 2017.

"Supporting Iraq through a three-year reserve arrangement of 3.831 million SDRs ($ 5.380 billion), equivalent to 230 percent of the quota," he said.

[Butifldrm]

IMF Executive Board Concludes 2017 Article IV Consultation with Iraq

August 9, 2017

On August 1, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV consultation with Iraq.¹

Iraq is facing a double shock arising from the conflict with ISIS and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was little affected by the conflict with ISIS. This year, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production owing to the OPEC + agreement to reduce oil production and only a modest recovery of the non-oil sector.

The decline in oil prices has driven the decline of Iraq’s international reserves from $54 billion at end-2015 to $45 billion at end-2016. Fiscal pressures are ongoing, with the government deficit increasing from 12 percent of GDP in 2015 to 14 percent in 2016 despite the ongoing fiscal consolidation, due to weaker oil prices and rising humanitarian and security spending.

The authorities have appropriately maintained the exchange rate peg. The simplification of documentation requirements implemented by the Central Bank of Iraq led to a decline in the parallel market spread to 6 percent in June 2017.

Medium-term growth prospects are positive. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform. Risks remain very high, however, arising primarily from volatile security, political tensions, and poor policy implementation.
The Fund is supporting Iraq through a three-year Stand-By Arrangement in the amount of     SDR 3.831 million ($5.380 billion), equivalent to 230 percent of quota.²

Executive Board Assessment ³

Executive Directors agreed with the thrust of the staff appraisal. They welcomed the policies put in place by the authorities to deal with the shocks of the armed conflict with ISIS and the ensuing humanitarian crisis and the plunge in oil prices. While mediummdash;term growth prospects are positive, the mediummdash;term outlook remains exposed to significant risks, arising primarily from oil price volatility, unstable security, political tensions, and weak administrative capacity. Although performance under the Standmdash;By Arrangement has been weak in some key areas, understandings on sufficient corrective actions have been reached to keep the program on track. Against this background, Directors encouraged resolute implementation of the authorities’ program including continued efforts toward fiscal consolidation, strengthening the financial sector, and implementing structural reforms to promote private sector activity and improve the business environment.

Directors noted the fiscal adjustment achieved in 2016, albeit at a slower pace than programmed because of weak control of investment expenditure and spending pressures stemming from the military campaign against ISIS and assistance to internally displaced people and refugees. They welcomed that this adjustment was achieved mostly through retrenchment of inefficient capital expenditure while protecting social spending. Directors welcomed passage of a 2017 supplementary budget and the authorities’ commitment to implement further consolidation measures in 2017mdash;18 to keep the program on track and ensure external and debt sustainability. They stressed that fiscal space needs to be found to enhance human capital and rebuild the physical capital of the country. Tackling the low level of non—oil tax revenue and very high level of public consumption would help create the fiscal room to finance growthmdash;enhancing investment.

To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. They also encouraged strengthening the legal framework of the Central Bank, eliminating a remaining exchange restriction and a multiple currency practice, and accelerating implementation of AML/CFT and antimdash;corruption measures. Directors considered that the peg to the U.S. dollar, which provides a key anchor to the economy, remains appropriate.

Directors stressed the importance of implementing structural reforms to improve the investment climate, diversify the economy, and achieve sustainable growth. They urged the authorities to overhaul public financial management, including by completing a regular inventory and paying down any arrears, and strengthening expenditure commitment and cash management to prevent the accumulation of new arrears. Directors also emphasized the importance of addressing weaknesses in administrative capacity and data provision. In addition, the implementation of the budgetmdash;sharing agreement between the Federal and Kurdistan Regional governments would put both governments in a better position to address shocks.

It is expected that the next Article IV Consultation with Iraq will be held in accordance with the Executive Board decision on consultation cycle for members with Fund arrangements.

Iraq: Selected Economic and Financial Indicators, 2013–22
(Quota: SDR 1,663.8 million)
(Population: 37.5 million, 2016 est.)
(Poverty rate: 23 percent, 2014)
(Main export: Crude oil)
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
				Est.	Prog.	Prog.	Proj.	Proj.	Proj.	Proj.
Economic growth and prices
Real GDP (percentage change)	7.6	0.7	4.8	11.0	-0.4	2.9	1.7	2.0	2.1	2.1
Non-oil real GDP (percentage change)	12.4	-3.9	-9.6	-8.1	1.5	2.0	3.0	3.9	4.0	4.1
GDP deflator (percentage change)	0.0	-0.7	-26.9	-12.9	12.9	2.3	2.9	3.8	4.4	4.7
GDP per capita (US$)	7,021	6,517	4,869	4,533	4,958	5,091	5,194	5,362	5,569	5,806
GDP (in US$ billion)	234.6	234.7	179.8	171.7	192.7	202.9	212.3	224.8	239.5	256.2
Oil production (mbpd)	3.0	3.1	3.7	4.6	4.6	4.7	4.8	4.8	4.9	4.9
Oil exports (mbpd)	2.4	2.6	3.4	3.8	3.8	3.9	3.9	4.0	4.0	4.1
Iraq oil export prices (US$ pb)	102.9	96.5	45.9	35.6	45.3	45.4	44.9	45.2	45.9	47.1
Consumer price inflation (percentage change; average)	1.9	2.2	1.4	0.4	2.0	2.0	2.0	2.0	2.0	2.0
	(In percent of GDP)
National Accounts
Gross domestic investment	26.9	25.7	24.4	20.6	19.1	18.8	18.3	17.9	17.9	17.8
Of which: public	17.4	18.0	15.1	11.4	10.5	10.1	9.5	8.9	8.8	8.6
Gross domestic consumption	69.5	69.9	81.6	87.8	87.0	85.4	85.6	84.6	83.6	82.4
Of which: public	21.0	18.3	22.3	22.9	23.7	22.2	21.1	19.7	18.3	16.9
Gross national savings	28.1	28.3	18.0	11.9	12.8	12.1	14.2	14.7	15.8	17.2
Of which: public	11.6	13.0	3.0	-2.3	6.0	5.9	8.5	8.7	9.7	10.9
Saving - Investment balance	1.1	2.6	-6.5	-8.7	-6.4	-6.7	-4.1	-3.2	-2.1	-0.6
	(In percent of GDP, unless otherwise indicated)
Public Finance
Government revenue and grants	42.2	38.2	30.3	27.4	36.0	36.5	35.6	34.6	33.8	33.1
Government oil revenue	38.6	36.0	27.5	23.2	31.8	31.7	30.6	29.4	28.3	27.5
Government non-oil revenue	3.5	2.1	2.8	4.1	3.9	4.6	4.8	5.0	5.2	5.5
Grants	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Expenditure, of which:	48.0	43.5	42.6	41.5	41.0	41.2	37.3	35.0	33.1	31.1
Current expenditure	30.6	25.5	27.5	30.1	30.5	31.1	27.8	26.1	24.3	22.6
Capital expenditure	17.4	18.0	15.1	11.4	10.5	10.1	9.5	8.9	8.8	8.6
Primary fiscal balance	-5.4	-5.1	-11.7	-13.4	-3.8	-3.6	-0.4	0.8	1.8	3.1
Overall fiscal balance (including grants)	-5.8	-5.4	-12.3	-14.1	-5.0	-4.7	-1.6	-0.5	0.7	2.0
Non-oil primary fiscal balance (percent of non-oil GDP)	-67.6	-56.1	-45.1	-44.6	-47.8	-43.4	-39.6	-35.4	-32.0	-28.9

 

Iraq: Selected Economic and Financial Indicators, 2013–22 (concluded)
(Quota: SDR 1,663.8 million)
(Population: 37.5 million, 2016 est.)
(Poverty rate: 23 percent, 2014)
(Main export: Crude oil)
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
				Est.	Prog.	Prog.	Proj.	Proj.	Proj.	Proj.
Memorandum items:
Tax revenue/non-oil GDP  (in percent)	1.9	1.7	1.0	3.9	4.6	5.5	5.6	5.6	5.7	5.8
Total government debt (in percent of GDP)	31.2	32.0	55.1	66.9	63.8	65.3	64.2	61.4	57.3	51.9
Total government debt  (in US$ billion)	73.1	75.2	98.0	114.6	122.9	132.4	136.2	138.0	137.1	132.9
External government debt (in percent of GDP)	25.3	24.8	36.8	39.3	38.1	40.7	40.2	36.7	32.6	27.7
External government debt (in US$ billion)	59.3	58.1	66.1	67.5	73.4	82.6	85.3	82.5	78.1	71.0
	(In percent, unless otherwise indicated)
Monetary indicators
Growth in reserve money	12.6	-9.6	-12.6	7.1	2.1	3.5	4.9	5.6	5.6	5.8
Growth in broad money	15.9	3.6	-9.0	7.2	4.9	4.9	4.9	6.3	7.0	8.2
Policy interest rate (end of period)	6.0	6.0	6.0	4.0	…	…	…	…	…	…
	(In percent of GDP, unless otherwise indicated)
External sector
Current account	1.1	2.6	-6.5	-8.7	-6.4	-6.7	-4.1	-3.2	-2.1	-0.6
Trade balance	9.9	10.9	-0.1	-1.8	0.7	1.8	1.7	2.1	2.6	3.3
Exports of goods	38.3	39.6	31.4	29.1	32.4	32.0	30.7	29.6	28.5	27.8
Imports of goods	-28.4	-28.7	-31.5	-30.9	-31.7	-30.2	-29.0	-27.4	-26.0	-24.5
Overall external balance	-1.3	-10.0	-7.1	-3.6	-0.9	-2.7	-1.1	-0.6	0.2	0.8
Gross reserves (in US$ billion)	77.8	66.7	53.7	45.2	41.4	40.8	39.7	37.1	36.0	36.5
In months of imports of goods and services	10.8	10.9	9.2	6.7	6.2	6.0	5.9	5.4	5.2	5.3
Exchange rate (dinar per US$; period average)	1,166	1,166	1,167	1,180	…	…	…	…	…	…
Real effective exchange rate (percent change, end of period) 1/	6.6	4.7	6.8	5.9	…	…	…	…	…	…
Sources: Iraqi authorities, and IMF staff estimates and projections.
1/ Positive means appreciation.

¹ 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.

² The Executive Board approved the Stand-By Arrangement for Iraq on July 7, 2016 (see Press Release No. 16/321) and completed its first review on December 5, 2016 (see Press Release No. 16/540).

³ 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 summing up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm.

[Floridian]

They need to get to 2%.   

 

Unfortunately, 6% won't cut it.

Edited August 10, 2017 by Floridian

[10 YEARS LATER]

I can see this dragging on for a while .

[yota691]

Iraq faces the challenge of reducing its foreign currency reserves and declining oil production

Readers

 

 

Iraq faces the challenge of reducing its foreign currency reserves and declining oil production

 

10-08-2017 07:44 PM

 

The Euphrates -

 

The International Monetary Fund (IMF) said that Iraq faces a double economic challenge of compensating for the material losses caused by the war against Daqash, as well as the decline in oil production and prices. 

"In 2016, Iraq's real gross domestic product (GDP) rose by 11 percent as a result of a 25 percent rise in oil production, which was not significantly affected by the conflict at that time," the IMF said in a report. 

"This year's economic activity is expected to see no rise due to a 1.5 percent drop in oil production because of Iraq's commitment to the agreement of OPEC oil exporters and beyond to reduce production levels and also because of the very modest recovery of non-oil sectors," the report said. 

He pointed out that 'the decline in oil prices led to the decline of Iraq's foreign exchange reserves from $ 54 billion at the end of 2015 to 45 billion at the end of 2016, saying that' financial pressure continues as the government deficit increased to 14 percent of GDP in 2016 after It was 12 percent in 2015. ' 

However, the outlook for medium-term growth appears to be positive due to the expected improvement in the security situation and readiness to implement several infrastructure projects, although the risks remain high due to ongoing security and political tensions, the IMF said. 

Kuwait has been in contact for a long time with the countries of the world, the World Bank and Iraq itself to prepare for hosting a donors conference for the reconstruction of Iraq's liberated areas of 'Daqash' which may be held in the first quarter of next year.

[WheresmyRV?]

2 hours ago, 10 YEARS LATER said:

I can see this dragging on for a while .

Yep me too

[newbieDA]

It's a process. IQD needs to be international before anything.

 

3 hours ago, 10 YEARS LATER said:

I can see this dragging on for a while .

 

8 minutes ago, WheresmyRV? said:

Yep me too

 

[Freedomwish]

On 8/7/2017 at 3:58 PM, Officiallytook said:

85% looking like .85 to me

 

I'd drink to that