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IMF: despite low oil prices and the budget deficit .. the Iraqi economy stable


yota691
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March 27, 2014 10:57   Last Updated: March 27, 2014 10:57

 

 
 
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IMF announced, on Wednesday that Iraq has maintained its economic stability despite the drop in oil prices during the year 2013, and pointed out that the inflation rate dropped to 3.1%, and as he emphasized that the security situation has caused a deficit in the budget by about 6%, expected increase in economic activity during the year Current. The head of the IMF mission in Iraq Carlo Sdralevij in a statement seen by (range Press), said that "Iraq maintained its economic stability in 2013 despite low rates of oil production from the targets set," noting that "the ratio of the rate of economic growth remained solid at 4.2% thanks to the activity non-oil sector, which contributed at a rate of 7%. "according to the newspaper term added Sdralafj "The inflation rate in Iraq fell slightly to 3.1% after it was 3.6% during the year 2012 and this reflects the stability happening in world prices for food and fuel, "noting that" the exchange rate has remained stable with a high international reserves increased by seven billion dollars to 78 billion dollars at the end of 2013. " He's head of delegation of the International Fund in Iraq that "economic activity decree him to grow strongly during the the year 2014 with an increase rate of GDP growth GDP of more than 6%, thanks to increased oil production, which amounted to 3.2 million barrels per day in conjunction with the rise in oil exports to 2.6 million barrels per day, although affected by the non-oil activities to the security situation. "and stressed that the "The cause of the lack of oil revenue for last year was due to the security situation and led to a budget deficit reached 6% of the rate of economic growth, GDP, and this in turn led to a decline in the budget of the Development Fund in the country during the year, dropping from 18 billion dollars to 6.5 billion dollars." Sdralafj explained that "the new draft budget for the current year, including agreements in the areas of huge security sector and social assistance and pensions and financial transfers to the provinces? 

 

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I believe he's talking about 2013 when oil prices dipped into the 80's.  This year they are back up which will help their budget deficit.  He indicated the security situation impacted oil revenue last year.  Sounds like they are working on improvements in security.

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