IMF: Iraq faces economic problems
By: wab1
Date: Tuesday, 25-08-15 12:48 am


Baghdad: Baghdad news
Annual report of the International Monetary Fund recently, case

Economic development in Iraq. Indicating its Executive Committee to the information contained in the following consultation with working owners in the country. "
The report said that Iraq faces economic problems because of gangs, terrorist and decline in daash oil prices globally as declining gross domestic public in 2014 by reached 2.1 percent as a result of the armed conflict waged by the Government against terrorism, while oil production and exports rose in comparison with production and export in the year 2013.
And expect to see a macroeconomic recovery movement, indicating that this recovery will be 0.5 percent, thanks to the expansion in the oil sector. "
He noted that oil prices have caused the decline in Iraqi cash reserves globally, including those that reside in the Development Fund for Iraq, which fell from 84 billion dollars at the end of 2013 to 67 billion dollars at the end of 2014, saying the escalating financial pressure on the country with an expected deficit of 5.3 percent last year to 18.4 percent of local output in 2015 as a result of weak oil prices and high expenditures on humanitarian and security side. "
He commended the report on exchange rate policy, saying they kept well on stability, praising the steps to edit the exchange rate by the Central Bank, which led to the expansion of the parallel market slipped down to 2 percent by the end of 2014. And has resulted in new restrictions on Exchange operations to fear is important in the market which led to the expansion of the parallel market in the first months of this year, but remove those restrictions recently helped the expansion contraction of up to 4 percent in the last month.
The report concluded that the growth prospects in Iraq remain positive, although it will not be the level of growth before the current crisis. This growth will be driven by the planned increase in production of oil and non-oil growth supported by the expected improvement of the security situation and the application of structural reforms ".

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