Tag Archives | International Monetary Fund (IMF)

IMF: “Iraq is Facing a Double Shock”

On August 1, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV consultation with Iraq. Iraq is facing a double shock arising from the conflict with ISIS and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was […]

IBBC holds Successful Inaugural Dubai Networking Event

The Iraq Britain Business Council (IBBC) has held its first major networking event in Dubai, to accommodate the demand from its members, who operate from Dubai as a regional business hub. Vikas Handa, the IBBC UAE Representative said over the last few years UAE has emerged as the hub for companies doing business in Iraq, […]

Sharp Recovery in Non-Oil GDP Predicted

By John Lee. The International Monetary Fund (IMF) has predicted average growth of 3.1 percent annually in Iraq’s non-oil real GDP until the end of 2022. This compares to an average fall of 7.2 percent per annum from 2014 to 2016, following the insurgency by the Islamic State group (IS, ISIS, ISIL, Daesh). It also […]

IMF Approves Payment of $825m to Iraq

The Executive Board of the International Monetary Fund (IMF) has completed the second review of Iraq’s three-year Stand-By Arrangement (SBA), which is designed to support Iraq’s economic reform program and restore fiscal balance over the medium term. The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about […]

Experts discuss Future of Iraq’s Economy at IBBC Retreat

The Iraq Britain Business Council (IBBC) held its annual weekend retreat on 7-9 July at Cumberland Lodge, Windsor Park, a venue dedicated to the advancement of international societal issues through constructive dialogue. Around 60 IBBC Members and guest speakers attended this unique event to discuss pressing issues on the future of Iraq’s economy, prospects and […]

IMF reaches Agreement on Stand-By Arrangement with Iraq

IMF Team Reaches Staff-Level Agreement on Second Review of Stand-By Arrangement with Iraq The Iraqi authorities and an International Monetary Fund (IMF) team reached a staff-level agreement on the second review of the Stand-By Arrangement (SBA) that was approved by the IMF Executive Board on July 7, 2016 (See Press Release No. 16/321). The SBA […]

Iraq to Loosen Purse Strings?

By John Lee. A new report from the International Monetary Fund (IMF) predicts more government spending in the current year. In its Regional Economic Outlook for the Middle East, the IMF says: “In Iraq, the fiscal stance is expected to loosen somewhat as the receipt of previously delayed donor financing relaxes the cash constraint faced […]

IMF Revises Down GDP Forecast

By John Lee. The International Monetary Fund (IMF) has revised down its forecast GDP growth for Iraq from 0.5 per cent to a contraction of 3.1 per cent this year, due to the oil production cuts agreed within OPEC. Forecasts for 2018 and 2019 are 2.6 percent and 1.6 percent growth respectively. Consumer price inflation […]

IMF Reviews Progress in Iraq

The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Baku, Azerbaijan from January 15–19, 2017 ahead of the second review of Iraq’s 36-month Stand-By Arrangement (SBA) that the IMF Executive Board approved on July 7, 2016 ( See Press Release No. 16/321). The first review under the SBA was […]

Baroness Nicholson – Opening Speech at IBBC Conference

Baroness Nicholson – Opening Speech for the Iraq Britain Business Council (IBBC) Conference on December 18th in Dubai: Welcome to Dubai. IBBC has been aware for many years of the important role that the UAE plays as a regional hub for business and trade through the MENA region and in particular as a regional base […]