IMF Staff Completes 2020 Article IV Mission with Iraq

SocalDinar · December 13, 2020

IMF Staff Completes 2020 Article IV Mission with Iraq

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

December 12, 2020

The COVID-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq’s economic vulnerabilities. Real GDP growth this year is expected to contract by 11 percent amid a sharp widening of fiscal and external imbalances.
A comprehensive package of near-term economic policies anchored in a credible fiscal strategy is needed to overcome the health crisis, ensure economic stability, and protect the vulnerable.
Achieving durable and inclusive growth amid formidable challenges will require wide-ranging structural reforms aimed at strengthening public finances, improving governance, reforming the electricity sector, promoting private sector development, and ensuring financial sector stability.

Washington, DC – December 12, 2020: An International Monetary Fund (IMF) team led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities from November 11 to December 10, to conduct discussions for the 2020 Article IV consultation with Iraq.

At the end of the virtual mission, Mr. Mirzoev issued the following statement:

“The fallout of the COVID-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq's economic vulnerabilities. Real GDP growth is expected at -11 percent in 2020, reflecting a contraction of oil output and an interruption of non-oil economic activity. The sharp decline in oil revenue is expected to widen the fiscal and external current account deficits to 20 and 16 percent of GDP respectively.

“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable. Overcoming the health crisis is the highest priority. The next phase of the pandemic will require additional fiscal resources, including to acquire and distribute widely a viable vaccine, supported by a strong governance framework. A comprehensive policy package to reduce fiscal and external imbalances will be critical to relieve financing constraints and ensure debt sustainability, while safeguarding international reserves. In this context, fiscal efforts in the 2021 budget should target key areas of fiscal vulnerability, notably reversing the unsustainable expansion of wage and pension bills, reducing inefficient energy subsidies, and raising non-oil revenues. Protecting the vulnerable will be of paramount importance and requires boosting significantly the targeted cash transfers and expanding their coverage, as well as improving targeting of other parts of the social safety net.

“Achieving durable and inclusive medium-term growth amid formidable challenges and vulnerabilities will require sustained implementation of wide-ranging structural reforms. These reforms should aim at strengthening public finances to enable critical health and social expenditure needs, reforming the electricity sector, fighting corruption, and expanding institutional capacity. Uncertain medium-term oil market prospects and strong population growth further raise the urgency of advancing the reform agenda.

“Continued strengthening of public finances over the medium term would create much-needed fiscal space for development and social protection. A comprehensive civil service reform would strengthen the effectiveness of the public sector while reducing fiscal costs. Recalibration of the pension system is needed to ensure its sustainability. Stemming the electricity sector’s mounting financial losses and reforming the sector will enhance service provision and ensure its financial viability. Overhauling the tax and customs policy and administration will help diversify fiscal revenues. These efforts should be combined with improvements in public financial management and reforms to minimize fiscal risks stemming from government guarantees and other contingent liabilities.

“Addressing governance weaknesses and reducing corruption will be vital for Iraq’s future economic development. Simplification, digitalization, and greater transparency of key public services and institutions would reduce corruption risks, especially in public procurement. Alongside, strengthening audits, improving legal and regulatory frameworks in line with international standards and conventions, expanding capacity for risk-based supervision and enforcing compliance with AML/CFT rules will help strengthen public trust and investor sentiment.

“A decisive strategy to reform the large state-owned banks and level the playing field in the financial sector will enable private sector development and secure financial stability. In addition to strengthening control over these banks’ governance and enhanced supervision, it will be important to perform an international audit of the large state-owned banks to inform options for their restructuring.

“The team exchanged views with senior officials of the Central Bank of Iraq (CBI) and the Ministry of Finance, members of the Parliamentary Finance Committee, as well other ministries, government agencies, and representatives from the civil society.

The IMF team would like to thank the authorities for candid and productive discussions during this mission.”

https://www.imf.org/en/News/Articles/2020/12/13/pr20372-imf-staff-completes-2020-article-iv-mission-with-iraq

horsesoldier · December 13, 2020

All the more reason to GIT R DONE !!!

Laid Back · December 13, 2020

“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable.“

I hope they are taking about recalibration of the dinar exchange rate.

Go 2021

Go RV

Go $1:1

3n1 · December 13, 2020

34 minutes ago, Laid Back said:

“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable.“

I hope they are taking about recalibration of the dinar exchange rate.

Go 2021

Go RV

Go $1:1

Hope springs eternal....... Alexander Pope 1733

cheers LB

jeepguy · December 13, 2020

IMF board head ...hopefully is faster at making changes than Iraqi heads

NEPatriotsFan1 · December 13, 2020

1 hour ago, 3n1 said:

Hope springs eternal....... Alexander Pope 1733

cheers LB

Banging our heads against the wall, but here’s to hoping!

Longtimelurker · December 13, 2020

🙏🙏🙏

I just can't think of a better way to help their economy other than increasing their purchasing power and restoring faith in their currency.. I really cant.. I'm not an economist though

ChuckFinley · December 13, 2020

7 hours ago, Laid Back said:

“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable.“

I hope they are taking about recalibration of the dinar exchange rate.

Go 2021

Go RV

Go $1:1

Man right there with you. Everyone reading that is thinking the same way.

screwball · December 14, 2020

18 hours ago, Laid Back said:

“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable.“

I hope they are taking about recalibration of the dinar exchange rate.

Go 2021

Go RV

Go $1:1

Yep I believe so!

horsesoldier · December 14, 2020

Nor an economist either but I did stay at a Holiday Inn Express.... therefore, I wholeheartedly agree. :bagofmoney:

SocalDinar · December 14, 2020

IMF calls for structural reforms in Iraq as economy set to contract

Covid-19 and a sharp drop in oil prices worsen the country's problems

/image/policy:1.1127636:1607940601/IRAQ-DAILY-LIFE.jpg?f=16x9&w=1200&$p$f$w=519a1f3 An Iraqi man feeds seagulls on a bridge across the Tigris River in central Baghdad. The pandemic and sharp decline in oil prices and output have aggravated Iraq’s economic vulnerabilities. AFP.

Iraq's government must carry out structural reforms to foster inclusive growth and emerge stronger from the pandemic, the International Monetary Fund said.

The country's economy is forecast to shrink by 11 per cent this year, the worst contraction in 17 years, due to lower oil output and the pandemic.

The sharp decline in oil revenue is expected to widen the fiscal and external account deficits to 20 per cent and 16 per cent of gross domestic product, respectively, the fund said on Sunday after a month-long series of talks with Iraqi authorities.

It called for measures to bolster public finances to meet critical health and social expenditure needs, reform the electricity sector, fight corruption and expand institutional capacity.

“The fallout of the Covid-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq’s economic vulnerabilities,” said Tokhir Mirzoev, the IMF official who led the mission.

“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable.”

In a report seen by Shafaq News Agency, the fund said, "The COVID-19 pandemic and the sharp decline in oil prices and production have exacerbated the economic weaknesses in Iraq," indicating that "real GDP growth is expected to contract this year by 11 percent. Amidst a sharp widening of financial and external imbalances, which reflects the contraction of oil production and the interruption of non-oil economic activity.

He added that "the sharp decline in oil revenues is expected to expand the fiscal deficit and the external current account to 20 and 16 percent of GDP, respectively."

He pointed out that "there is a need for a comprehensive package of short-term economic policies based on a reliable financial strategy to overcome the health crisis, ensure economic stability, and protect the vulnerable groups."

He pointed out that "achieving lasting and comprehensive growth amid huge challenges will require wide-ranging structural reforms aimed at strengthening public finances, improving governance, reforming the electricity sector, promoting private sector development, and ensuring the stability of the financial sector.

He stressed that "the financial efforts in the 2021 budget should target the main areas of financial weakness, especially reversing the unsustainable expansion of wage and pension bills, reducing ineffective energy subsidies, and increasing non-oil revenues, stressing that protecting vulnerable groups will be of utmost importance and require strengthening Significantly targeted cash transfers and expansion of their coverage, as well as better targeting of other parts of the social safety net.

Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), relies heavily on oil revenues to cover 90 percent of government spending, including $ 5 billion spent on monthly salaries for public employees. This leaves the government in the face of difficult decisions that affect the social situation in the country.

SocalDinar · December 16, 2020

And another Thanks Yota

IMF: Iraq's GDP to shrink by 11%

Economy IMF

2020-12-15 23:59

A- A A+

Shafaq News / The International Monetary Fund (IMF) predicted a decline of 11% in the gross domestic product (GDP) in Iraq, indicating that achieving permanent and comprehensive growth amid huge challenges will require large-scale structural reforms.

In a report seen by Shafaq News Agency, IMF said, "COVID-19 pandemic and the sharp drop in oil prices and production have exacerbated the economic vulnerabilities in Iraq," indicating, "true GDP growth is expected to contract this year by 11% amidst a sharp widening of financial and external imbalances, which reflects the contraction of oil production and the interruption of non-oil economic activity."

IMF report noted, "the sharp decline in oil revenues is expected to expand the fiscal deficit and the external current account to 20 and 16% of GDP, respectively."

"There is a need for a comprehensive package of short-term economic policies based on a reliable financial strategy to overcome the health crisis, ensure economic stability, and protect the vulnerable groups," it continued.

"Achieving lasting and comprehensive growth amid huge challenges will require wide-ranging structural reforms aimed at strengthening public finances, improving governance, reforming the electricity sector, promoting private sector development, and ensuring the stability of the financial sector", the report added.

"The financial efforts in the 2021 budget should target the main areas of financial weakness, especially reversing the unsustainable expansion of wage and pension bills, reducing ineffective energy subsidies, and increasing non-oil revenues," stressing, "protecting vulnerable groups will be of utmost importance and require strengthening Significantly targeted cash transfers and expansion of their coverage, as well as better targeting of other parts of the social safety net."

Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), relies heavily on oil revenues to cover 90% of government expenditure, including $5 billion spent on monthly salaries for public sector employees.

https://shafaq.com/en/Economy/IMF-Iraq-s-GDP-to-shrink-by-11

barryevans · December 16, 2020

Adaam, I have noticed the IMF will be introducing a new rate for Iraq! Is this true and if so can you send a link to me from unbiased, 3rd party news item verifying this.

Thanks barry

please email me the thread. I cant find it

barryevans · December 16, 2020

I noticed this in dinar guru, but they do not provide any links to verify what they are saying.

SocalDinar · December 16, 2020

5 hours ago, barryevans said:

Adaam, I have noticed the IMF will be introducing a new rate for Iraq! Is this true and if so can you send a link to me from unbiased, 3rd party news item verifying this.

Thanks barry

please email me the thread. I cant find it

Im no Guru but I pretty sure the CBI sets the rate for the dinar.

horsesoldier · December 17, 2020

1 hour ago, SocalDinar said:

Im no Guru but I pretty sure the CBI sets the rate for the dinar.

Having stayed at many Holiday Inn Expresses over the years, I feel qualified to concur with your statement :tiphat:

3n1 · December 17, 2020

7 hours ago, barryevans said:

I noticed this in dinar guru, but they do not provide any links to verify what they are saying.

Barry there are no links to provide not sure what ur reading or where but u can rest at ease the imf or cbi or any legit 3 letter org. will never foretell a currency change before it happens .. just hope the rate change is tonite lol

SocalDinar · December 17, 2020

The parliament denies Iraqi negotiations with the IMF to reduce the value of Dinar

The parliament denies Iraqi negotiations with the IMF to reduce the value of Dinar

2020-12-16 03:53

Shafaq News / The Deputy Speaker of the Iraqi Parliament, Bashir Al-Haddad, denied on Wednesday Iraqi negotiations with the International Monetary Fund to reduce the Iraqi Dinar's exchange rate against the US dollar.

Al-Haddad criticized, in a statement received by Shafaq News agency, "the irresponsible statements of some parties who claimed that the government has entered into negotiations with the International Monetary Fund seeking to lower the exchange rate of the Iraqi dinar against the US dollar," noting, "it led to a decline in its value in the past few days."

Al-Haddad asserted, "the only party authorized for such statements is the Central Bank of Iraq, calling on the media to be careful and accurate in making statements."

The exchange rates of the dollar against the Iraqi Dinar rose again in Baghdad and Kurdistan's markets today, Wednesday, after few days of fluctuations.

https://shafaq.com/en/Economy/The-parliament-denies-Iraqi-negotiations-with-the-IMF-to-reduce-the-value-of-Dinar

Longtimelurker · December 17, 2020

....Mass confusion

6ly410 · December 22, 2020

Economy - Economic Articles 17 hours ago

The International Monetary Fund and Iraq

Fund experts complete the 2020 Article IV consultations with Iraq for immediate issuance

https://annabaa.org/arabic/economicarticles/25568

International Monetary Fund

Economy The Iraqi economy International Monetary Fund The financial crisis Governance

The Coronavirus Disease (Covid-19) pandemic, the sharp decline in oil prices, and the volume of oil production have exacerbated the vulnerabilities in the Iraqi economy. Real GDP for this year is expected to contract by 11 percent amidst the sharp widening of fiscal and external imbalances.

There is a need to install a comprehensive package of near-term economic policies within a trustworthy financial strategy to overcome the health crisis, ensure economic stability, and protect the most vulnerable groups.

Achieving sustainable and inclusive growth in the midst of enormous challenges will require large-scale structural reforms aimed at strengthening public finances, improving good governance, reforming the electricity sector, promoting private sector development, and ensuring financial sector stability.

A team of International Monetary Fund experts, led by Tukhir Mirzoev, completed the 2020 Article IV consultation mission with the Iraqi authorities, which lasted from November 11 to December 10, and sessions were held via electronic platforms.

At the end of the mission, Mr. Mirzoev made the following statement:

"The consequences of the Covid-19 pandemic, and the sharp decline in oil prices and in the volume of oil production, have exacerbated the weaknesses in the Iraqi economy. Real GDP growth is expected to decline to -11 percent in 2020, which reflects the contraction in the volume of oil production," The disruption of non-oil economic activity, and the sharp decline in oil revenues is expected to lead to an increase in the public finance and foreign current account deficits to 20 and 16 percent of GDP, respectively.

“A critical recalibration of near-term economic policies will be crucial to ensuring macroeconomic stability and protecting the most vulnerable. Overcoming the health crisis is the top priority. The next phase of the pandemic will require additional financial resources - including access to an effective vaccine. It will be widely distributed, backed by a strong governance framework, and a comprehensive policy package aimed at reducing financial and external imbalances will be crucial to easing financial restrictions and ensuring the sustainability of the debt, while preserving international reserves.

In this context, the financial efforts in the 2021 budget should target the main areas of weaknesses in public finances, in particular stopping the unsustainable expansion of the salary and wages bill and the retirement bill, reducing subsidies that do not lead to energy rationing, and increasing non-oil revenues. The protection of the most vulnerable will be of the utmost importance, and this protection requires significant strengthening of cash transfers to them, expanding coverage thereof, as well as improving targeting of other parts of the social safety net.

“Achieving sustainable and inclusive growth in the medium term, amidst enormous challenges and vulnerabilities, will require continued implementation of broad-based structural reforms. These reforms should aim at strengthening public funds to enable critical health and social spending needs to be met, and to reform the electricity sector, Fighting corruption, expanding institutional capacities, and the uncertainty of the oil market prospects in the medium term and strong population growth increases the urgent need to advance the reform program.

“Continuous strengthening of public finances, in the medium term, will create fiscal space (the spending space of public finances) that is much needed for development and social protection purposes. A comprehensive reform of the civil service system will enhance the efficiency of the public sector, while reducing fiscal costs. .

There is a need to recalibrate the pension system to ensure its sustainability. Stopping the continuing escalating financial losses in the electricity sector, and reforming this sector will enhance the provision of services and ensure the continuity and soundness of the sector's financial position. Also, a comprehensive reform of tax and customs policies and administration will help diversify fiscal revenues. These efforts must be accompanied by improvements in public financial management to reduce financial risks arising from government guarantees and other contingent liabilities.

“Addressing weaknesses in the governance system and reducing corruption will be vital factors for the future economic development of Iraq. Simplification, use of digital technology, and a greater level of transparency in basic public services and institutions will reduce corruption risks, especially in the public procurement system.

In addition, strengthening audits and reviews, improving legal and regulatory frameworks in line with international standards and agreements, expanding capacities for risk-based oversight, and enforcing compliance requirements with AML / CFT rules will all help enhance public and investor confidence.

“Establishing a decisive strategy for reforming the large state-owned banks and achieving equal opportunities in the financial sector will enable the development of the private sector and secure financial stability. In addition, strengthening oversight over the governance of these banks, and exercising enhanced oversight over them, will require an audit. International banks for large state-owned banks, to enrich options for restructuring.

“The fund’s team of experts exchanged views with senior officials in the Central Bank of Iraq, the Ministry of Finance, members of the Parliamentary Finance Committee, as well as with other ministries and government agencies, and representatives of civil society.

The IMF team of experts would like to thank the Iraqi authorities for their frank and fruitful discussions with them throughout the mission.

Fund oversight

One of the fund’s primary responsibilities is to supervise the international monetary system and follow up on economic and financial policies in its 190 member countries, an activity known as "oversight". In the context of this process, which takes place at the global and regional levels, as well as at the level of individual countries, the Fund monitors potential risks that may threaten stability, and recommends the necessary appropriate policy adjustments to maintain economic growth and enhance financial and economic stability.

Why is the follow-up by the fund so important?

Close monitoring of the fund is essential to identify risks to stability and growth that may require remedial adjustments in policies. In addition, international cooperation in these efforts is a necessary requirement in a global economy that has become interconnected, as the problems or policies of one country can affect many other countries. This cooperation can be facilitated through the membership of the Fund, which includes all countries of the world, but a few. The follow-up by the IMF includes bilateral oversight that focuses on individual member countries and multilateral surveillance or oversight of the global economy.

Consultation with member countries

Fund follow-up usually involves annual visits to member countries in which its experts hold discussions with officials in government and central banks about economic prospects and macroeconomic policies. These discussions focus on the exchange rate, monetary, fiscal, and macro-fiscal policies, in addition to critical macroeconomic structural reforms. Fund experts seek to meet with other stakeholders, including members of legislative bodies and representatives of the financial and business sector, labor unions and civil society. These discussions with a wide cross-section of the stakeholder group lead to better assessments of the economic policies and prospects for the economy in the member country.

When staff members complete the evaluation process, they submit a report to the Executive Board for discussion. The Council's views on the report are then transferred to the authorities of the member country, concluding a process known as Article IV consultations. For most countries, a press release summarizing the IMF's report along with the views of the Executive Board, and the experts' report are published.

Global supervision

The Fund also monitors and analyzes the prevailing economic trends, regionally and globally, and issues periodic reports on these prevailing trends. The World Economic Outlook includes a presentation of the Fund's economists ’analyzes on global economic developments in the short and medium terms, addresses issues of urgent policy concern and discusses the global implications that could arise from the macroeconomic policies of the major economies that occupy a pivotal position in the world. In the Global Financial Stability Report, global capital markets and financial imbalances and vulnerabilities are assessed that pose potential risks to financial stability. The Financial Monitor Report provides an update of the fiscal forecasts in the medium term and an assessment of developments in public resources. The fund also publishes regional economic outlook reports that provide detailed analysis of key world regions.

The Fund is keen to cooperate closely with other groups, including the Group of Twenty Industrial and Emerging Market Economies, which has been working since 2009 to support its efforts to maintain international economic cooperation through a process of mutual evaluation among its members. In this context, the IMF analyzes the policies followed in member countries to determine their consistency with the goal of achieving sustainable and balanced global growth. In external sector reports, the offshore positions of the twenty-nine major economies of the world, in addition to the euro area, are analyzed and evaluated. The analysis includes a regular assessment of current accounts, exchange rates, the external positions of balance sheets, capital flows, and international reserves. The IMF also prepares twice a year a global policy agenda that brings together key findings and policy advice from multilateral reports and proposes to the Fund and its member countries a future policy agenda.

Adaptation of the fund’s oversight to evolving global challenges

The Fund conducts periodic reviews of its monitoring and follow-up activities to help it adapt to changes in the global economy. In the triennial oversight review conducted in 2014, progress in supervisory work was strengthened after the global financial crisis. The 2011 review focused on multilateral oversight, as an expression of increased awareness of the implications of financial interdependence across countries, which laid the foundation for the resolution on unified oversight of 2012, which focused on internal stability and balance of payments stability in member countries, as well as systemic stability. In September 2012, the Executive Board approved the Financial Control Strategy that proposes concrete steps to strengthen the Fund's follow-up activities. Collectively, these reforms resulted in a comprehensive reform of monitoring tools and a modernization of the legal framework.The review of oversight scheduled for every three years in 2014 came to support these reforms, recognizing that oversight should remain adaptable to developments, and affirming the principle of selectivity in the advice that can be provided.

Recommendations issued following the 2014 review focused on helping countries overcome the challenges that followed the global financial crisis. One of the most important priorities in this regard was to revise oversight by adapting advice better according to a mix of financial, monetary, external and structural policies, based on the experiences of different countries and with the support of a more client-focused approach. Five operational priorities for the period 2014-2019 have been identified, namely risks and challenges; Macroeconomic / financial oversight; Advice on structural policies; Coherent and expert policy advice; A client-focused curriculum.

In her plan of action to strengthen oversight, the Fund’s Director General outlines the practical measures necessary to move forward in all these priority areas. Through the upcoming 2018 interim review of the audit work, the current situation in relation to the audit agenda will be monitored, to determine the progress of the Fund in its implementation and the next steps to implement the existing priorities. A comprehensive neck review is scheduled for 2019.

https://www.imf.org

yota691 · December 23, 2020

Will the International Monetary Fund succeed in Iraq?

Logo of the International Monetary Fund

Reports

Economy News - Baghdad

The Iraqi government, headed by Mustafa Al-Kazemi, began to implement the International Monetary Fund's prescription to address the financial crisis in the country, in which the government was unable to pay employees' salaries except after borrowing from the central bank and government banks, and weakening the value of the dinar against the dollar.

The government failed to stop corruption in the border crossings and to control unofficial outlets in the Kurdistan region and southern Iraq, as well as to subject the regional government to Baghdad’s economic control, by controlling oil and non-oil revenues. A thousand people.

The Iraqi economy has witnessed a recession since the beginning of the Corona virus until now, as a result of low oil prices, and the government recently reduced the value of the dinar and cut the salaries of employees and retirees by rates ranging from 3% to 40%, with the aim of reducing expenditures, and obligating the economy to loans of more than 27 trillion dinars.

The Iraqi market witnessed great confusion, after the decision to reduce the value of the dinar by the government, and prices rose by more than 30% in addition to the absence of government control.

The head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, told Al-Iqtisad News that the decision to reduce the value of the dinar is wrong from the government, and will lead to serious damage to the economy, indicating that Iraqi merchants organized an open sit-in demanding the government to retract its decision.

He stressed that these ill-considered decisions by the government will lead to high rates of unemployment and poverty, in addition to a decline in the purchasing power of citizens.

Al-Kazemi's government considers that it is the reform government that has begun to put its approach into the 2021 budget, as Finance Minister Ali Allawi aims to reduce the salaries of employees, because they receive 120% of the fiscal budget revenues.

The head of the border crossings, Omar Al-Waeli, acknowledged the existence of corruption in the border crossings, and confirmed that the automation procedures are now working in all of the border crossings.

Al-Waeli said, Humans are still working at the border crossings. I am not certain that corruption has ended, pointing out that corruption is rooted in the border crossings before 2003 and until now, but there is a will to eradicate it.

He noted that anti-corruption measures are represented in changing personnel at border crossings, applying technology, and activating the intelligence effort, noting that some armed groups storm the border crossings, to take out cars.

Meanwhile, a member of the Finance Committee, Jamal Cougar, told "Al-Iqtisad News" that the Iraqi government discussed with the International Monetary Fund and the World Bank to address the financial crisis, indicating that the International Monetary Fund and the World Bank put forward a vision to change the dollar exchange rate.

Number of observations 355 Date of addendum 12/23/2020

CRYPTO REWARDS!

IMF Staff Completes 2020 Article IV Mission with Iraq

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