Tag Archives | IMF

Donors Pledge $2.1 bn, More Expected

By Simon Kent. Supranational organizations and countries at the US State Department organized Washington donor conference have made pledges of hundreds of millions of dollars for Iraq. This will take some financial strain off the Iraqi government as it struggles to assist over 3 million displaced people, amid slumped oil revenue and ongoing war expenditure. […]

Zebari Confirms $5.4bn IMF Standby Loan

By Simon Kent. Iraq’s Finance Minister Hoshyar Zebari (pictured) and the IMF’s Christian Josz (head of the IMF Iraq mission) have announced a standby loan for Iraq, following weeks of negotiations in Jordan. The loan is conditional on Iraq taking certain measures, for example, complying with an IMF monitoring scheme to reduce public sector expenditure and make […]

Iraq Plans New Bond Issuance

By Simon Kent. Iraqi Central Bank Governor Ali Al-Alak has said that Iraq is issuing bonds to the value of around $2 billion in the next few months, following last year’s aborted issuance after investors demanded too high a yield. At the time, investors demanded an 11% yield on the bonds, and the issuance was handled […]

Banks Signal Drop in Iraqi GDP

By Mark A DeWeaver. As of November 6, 18 of the 21 ISX listed banks have reported third quarter earnings. The numbers aren’t pretty. Rabee Securities’ latest corporate profits report shows bank-sector aggregate profits for the first nine months down 17% year-on-year. Taking out BUND, an obvious outlier with earnings growth of 115%, the decline […]

Iraqi Economy to Shrink in 2014

By John Lee. A new report from the International Monetary Fund says that Iraq’s economy is expected to shrink by 2.7 percent this year as a result of the security crisis in the country. This follows a 4.2 percent growth in GDP in 2013 and 10.3 percent the previous year, and would be the first […]

GDP to Shrink this year, then Recover

By John Lee. A new report from the International Monetary Fund (IMF) has forecast that the Iraqi economy will contract this year due to continuing war against the Islamic State. In its October World Economic Outlook, it says that Iraq’s gross domestic product (GDP) is expected to shrink by 2.66 percent this year, down from […]

Iraq Boosts Gold Reserves

By John Lee. Iraq made its first major move in years to boost its gold reserves, joining central banks from emerging market economies such as Brazil and Russia in diversifying its foreign reserves. According to a report from the Lebanese Daily Star, central bank purchases have been one of the biggest drivers of gold’s rally […]

IMF Approves 7-Mth Extension of Stand-By Arrangement

By John Lee. The Executive Board of the International Monetary Fund (IMF) has approved a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013. The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the […]

Statement by IMF Managing Director Christine Lagarde on Iraq

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with H.E. Nouri Al-Maliki, Prime Minister of Iraq in Washington on Tuesday: It was a pleasure to meet Prime Minister Al-Maliki today. Over the past several years, Iraq and the International Monetary Fund have engaged in a […]