The economy is recovering well amid high oil prices, with real GDP projected to reach its pre-pandemic level this year. Cushioning the impact of surging food prices on the most vulnerable is the most urgent priority. Using the current favorable oil market conditions to accelerate structural reforms and advance socio-economic priorities will be key to […]
By John Lee. According to the recently-published World Economic Outlook from the International Monetary Fund (IMF), Iraq's economy is forecast to grow by 9.5 percent this year, giving it the fastest real GDP growth of all the Middle East and Central Asia countries. The 2023 expectation of 5.7 percent is just one percentage point behind […]
The economy is recovering from last year's sharp contraction, helped by higher oil prices and easing of the containment measures. Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly. Higher oil revenues present the opportunity to tackle Iraq's significant vulnerabilities, […]
By John Lee. Iraq has reportedly restarted talks with the International Monetary Fund (IMF) for a $4-billion loan to cover its budget deficit. More here. (Sources: Bloomberg, Arab News)
By John Lee. The International Monetary Fund (IMF) has published a new report into Iraq's customs and tariff arrangements. This report summarizes key findings and recommendations from a remote technical assistance (TA) assignment performed by a short-term expert (STX), Mr. Djamel Bouhabel, from January 17 to February 4, 2021, to the General Customs Authority of […]
By John Lee. Moody's Investors Service has affirmed the Iraqi Government's long-term issuer and foreign currency senior unsecured ratings at Caa1, and maintained the stable outlook. It notes Iraq's exceptionally high reliance on oil, and "very weak institutions and governance", while adding that ongoing discussions with the IMF indicate a possibility of a supported adjustment […]
By John Lee. Iraq is reportedly in discussions with the International Monetary Fund (IMF) to secure a $6 billion loan to help its finances. Finance Minister Ali Allawi (pictured) told Bloomberg that Iraq can apply for $2 billion in quick financing from a special mechanism to help Covid-battered economies, followed by an additional $4 million.. […]
By Dr Amer K. Hirmis, Capital Business Strategies Ltd. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi Dinar needs political support...to serve the economy! The Iraqi Dinar (IQD) was devalued by nearly 23 percent on Saturday, December 19, 2020, from its previous (official) […]
From the International Monetary Fund (IMF): IMF Staff Completes 2020 Article IV Mission with Iraq End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the […]
By Alice Bosley and Patricia Letayf, Co-Founders of Five One Labs. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Start-Ups will Overcome Coronavirus - And Be More Important Than Ever Over the past months, coronavirus has changed the world as we know it. […]
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq asks IMF for debt deferment due to coronavirus crisis The economic and finance adviser to Iraq's Prime Minister has revealed that talks are taking place […]
By John Lee. In its latest World Economic Outlook (WEO), the International Monetary Fund (IMF) has forecast a sharp slowdown in Iraq's economy this year, followed be a strong recovery in 2021. It says: "The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. […]
