IMF Staff Concludes Virtual Visit to Iraq

[SocalDinar]

IMF Staff Concludes Virtual Visit to Iraq

December 3, 2021

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.

• The economy is recovering from last year’s sharp contraction, helped by higher oil prices and easing of the containment measures.
• Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly.
• Higher oil revenues present the opportunity to tackle Iraq’s significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends.

Washington, DC: A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead.

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

“The Iraqi economy is recovering from last year’s sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements. Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic.

“Higher oil revenues present an important opportunity to tackle Iraq’s significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development. To this end, key priorities include a civil service reform aimed at increasing public sector’s efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector’s access to finance. The IMF stands ready to support Iraq in these endeavors.

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

 

https://www.imf.org/en/News/Articles/2021/12/03/pr21357-iraq-imf-staff-concludes-virtual-staff-visit

[Laid Back]

I see Progress.!

 

Go Iraq 🇮🇶 

Go development 

Go growth 

[yota691]

International Monetary: The Iraqi economy is recovering from a sharp downturn

Monday 06 December 2021 388

 

 Washington: Morning

 

A team of International Monetary Fund experts, led by Tokher Mirzoev, held a virtual mission with the Iraqi authorities from November 28 to December 2 to discuss the latest economic developments and prospects, as well as policy priorities for the period

 And Mirzoev said: {The Iraqi economy is recovering from the sharp contraction it witnessed last year, supported by the rise in oil revenues and the easing of measures to contain the Covid-19 virus. Vaccination rate. It is expected that the real non-oil GDP will grow by 12% in 2021, and that oil production will gradually rise in line with the agreements

 OPEC+}.

 

oil prices

The inflation rate had reached 7.2 percent in September, with expectations of a decline in the coming months, and it is expected that the public finance and current account balances will witness a significant improvement in 2021, from a double-digit deficit in 2020, mainly as a result of the rise in oil prices. The recovery is expected to continue in the medium term but is subject to exposure to significant downside risks, particularly related to the volatility of the oil markets and the repercussions of the COVID-19 pandemic.

- 19».

 

Climate Challenges

He added, “The rise in oil revenues represents an important opportunity to address the major weaknesses in the Iraqi economy, enhance resilience to face climate challenges and other challenges in the future, and move forward with implementing the most important social and economic priorities. Achieving these goals requires strengthening public funds while creating fiscal space {the spending area from public finance}, for the much-needed investment and social safety nets, as well as working to promote the development of the private sector. Rationalizing energy, diversifying fiscal revenues, stopping losses in the electricity sector, and strengthening governance 

the rational.” 

 

the financial sector

He pointed out that “improving the coverage and targeting of social assistance provides better protection for the most vulnerable groups, and in addition, the restructuring of large state-owned banks and improving their governance will be of paramount importance in revitalizing the financial sector and ensuring private sector access to financing. The Fund confirms its readiness to support Iraq.” In this 

Efforts".

The IMF team of experts would like to thank the Iraqi authorities for the frank and fruitful discussions they held with it over a period of time mission.

[SocalDinar]

IMF: Iraq's Non-Oil Real GDP expected to Rebound

7th December 2021 in Iraq Industry & Trade News, Politics

• The economy is recovering from last year's sharp contraction, helped by higher oil prices and easing of the containment measures.
• Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly.
• Higher oil revenues present the opportunity to tackle Iraq's significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends.

A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead.

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

"The Iraqi economy is recovering from last year's sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements.

"Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic.

"Higher oil revenues present an important opportunity to tackle Iraq's significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development.

"To this end, key priorities include a civil service reform aimed at increasing public sector's efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector's access to finance. The IMF stands ready to support Iraq in these endeavors.

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

 

https://www.iraq-businessnews.com/2021/12/07/imf-iraqs-non-oil-real-gdp-expected-to-rebound/