Iraq:2022 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Iraq: 2022 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2023 Issue 075

Publication date: February 2023

ISBN: 9798400229305

$20.00

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , balance of payments , CBI foreign exchange window , CBI governance , METAC mission , inflation risk , CBI auction , oil wealth , oil revenue , CBI website , accommodative policy , Oil prices , Oil , Fiscal stance , Global , Middle East and Central Asia

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Summary

Significant socio-economic fragilities continue to persist. The formation of a new government in October 2022 provides an opportunity to rekindle the reform momentum, which has been stalled for over a year amid political uncertainty. The economy has been gradually recovering, supported by strong oil revenues and accommodative policies. Inflation has been relatively contained as the pass-through from high global commodity prices has been muted by food and fuel subsidies. Despite fiscal and external current account surpluses, Iraq’s dependence on oil and vulnerability to future oil price volatility continued to increase.