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IMF Executive Board July 2019

IMF Concludes Consultation with Iraq

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Iraq. An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to […]

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Ahmed Tabaqchali, AMT IRIS 2 resized

“Forget the Donations, Stupid”: New Dynamics in Funding Reconstruction

By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund. This article was originally published in the Marsh to Mountain blog. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. “Forget the Donations, Stupid”: New dynamics in funding the reconstruction of Iraq Key […]

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Ahmed Tabaqchali 2 (resized), Asia Frontier Capital (AFC) Iraq Fund

"It’s Not the Donations, Stupid": Key Points from Kuwait Conference

By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. ‘It’s Not the Donations, Stupid’: Key Points from the Kuwait Conference With a few exceptions, the coverage of the “Kuwait International Conference for the […]

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fitch-ratings

Fitch Revises Outlook on Iraq to Stable; Affirms at 'B-'

Fitch Ratings has revised the Outlook on Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'B-'. The Country Ceiling has been affirmed at 'B-' and the Short-Term Foreign-Currency IDR at 'B'. KEY RATING DRIVERS The revision of the Outlook reflects the following key rating drivers: Iraq's fiscal […]

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bond market - shutterstock_250598479

Fitch Rates Iraqi Debt as 'Junk'

Fitch Ratings issued its first rating on Iraqi sovereign debt, giving it the fifth-worst junk grade, due in part to the cost of the civil conflict and the global slump in oil prices. The rating comes as the country is planning a $5-billion bond issue towards the end of this year. The international ratings agency […]

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Iraq to Pay 1980s Wheat Debt over 17 Years

Payment for wheat exports to Iraq in the late 1980s will finally be distributed to growers in Australia, according to a report from Weekly Times Now. Grain growers will share in about $48m in repayment of debt owed by Iraq relating to three wheat pools run by the former Australian Wheat Board, and affecting 52,000 […]

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Iraq Seeks Arab Debt Forgiveness

Iraq has asked its Arab neighbours to forgive its pre-invasion debts, urging them to follow the United Arab Emirates and Algeria which have already written off what they were owed, according to Reuters. "We've asked Saudi Arabia, Kuwait, Qatar, Libya, Jordan, Sudan, Egypt and Morocco to help Iraq in closing up its debt situation," Iraqi […]

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Investors Consider Iraqi Debt

According to a report in the Financial Times, investors are turning their attention to Iraq’s debt. In 2004, after the US invasion of Iraq, the 'Paris Club' of 19 western creditors agreed to forgive roughly 80% of the $37.2bn owed to them. This deal was used as a template for resolutions with other creditors and […]

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IMF Approves $471 Million Payment to Iraq

The Executive Board of the International Monetary Fund (IMF) completed the second review of Iraq’s economic performance under a program supported by a Stand-By Arrangement (SBA) on Friday. Completion of the second review makes an additional SDR 297.1 million (about US$471.1 million) available for disbursement, bringing the total resources currently purchased by Iraq under the […]

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