Tag Archives | International Monetary Fund (IMF)

IMF could Secure 3-yr Standby Deal for Iraq

By John Lee. Reuters reports that the International Monetary Fund could approve a standby arrangement (SBA) with Iraq as early as June, unlocking $15 billion in international assistance over the next three years. The head of the IMF’s mission in Iraq, Christian Josz, said on Tuesday that the package of assistance, nearly one third of it […]

Fitch revises Iraq's Outlook to Negative

Fitch Ratings has revised its outlook on Iraq's Long-term foreign currency Issuer Default Rating (IDR) to Negative from Stable 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: […]

Public Debt to Jump to 66% of GDP

By John Lee. According to a report from the International Monetary Fund (IMF), the fall in oil prices is causing a sharp deterioration of Iraq's fiscal position. The analysis finds that the budget deficit increased from 6 percent of GDP in 2014 to 15 percent of GDP in 2015 and a projected 10 percent of […]

Foreign Reserves to Fall to $43bn

By John Lee. According to a report from the International Monetary Fund (IMF), the fall in oil prices since mid-2014 is expected to shift the current account balance from a surplus of 1 percent of GDP in 2014 to a deficit of 7 percent of GDP in 2015 and 6 percent of GDP in 2016. […]

IMF Approves a Staff-Monitored Program for Iraq

The Managing Director of the International Monetary Fund (IMF) approved a Staff-Monitored Program (SMP) for Iraq covering the period of November 2015-December, 2016, on which the authorities and staff had reached ad-referendum agreement in November 2015 (see Press Release No. 15/509). Iraq is facing a double shock arising from ISIS attacks and the sharp drop […]

IMF Expects 10.6% Growth in 2016

By John Lee. According to a report from the International Monetary Fund (IMF), the external outlook for Iraq has worsened since the latest Article IV consultation assessment (May-June), mainly owing to a further weakening of global oil prices. The analysis finds: "Lower capital spending on the back of falling oil revenue is expected to contract […]

IMF "to Agree Iraq Monitoring Program"

By John Lee. The International Monetary Fund (IMF) is expected to finalize an agreement with Iraq in the coming days for a program to monitor its economy. The fund's Middle East director, Masood Ahmed, told Reuters the program would establish a track record of effective performance from the Iraqi authorities which could lead to a […]

Year-End Foreign Reserves Estimated at $60bn

By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Ismail (pictured), has said that he expects Iraq’s foreign currency reserves to total about $60 billion by the end of the year. According to the report from Bloomberg, that is higher than the International Monetary Fund (IMF) predicts, and sufficient to […]

Iraq Agrees Monitoring Program for IMF Loan

An International Monetary Fund (IMF) mission led by Christian Josz visited Amman from November 1–10, 2015 to discuss a Staff-Monitored Program (SMP) with the Iraqi authorities. At the end of the visit, Mr. Josz issued the following statement: “Iraq continues to face a number of challenges. Key among those is the ongoing armed conflict with […]

IMF may offer Major Loan to Iraq

By John Lee. The International Monetary Fund (IMF) may provide a large loan to Iraq to help stabilize the country's finances, a senior IMF official has told Reuters. Masood Ahmed (pictured), Director of the IMF's Middle East and Central Asia Department, said an IMF team will discuss with Iraqi officials early next month how to […]

IMF Approves $1.24bn Financial Support for Iraq

On July 29, 2015, the Executive Board of the International Monetary Fund (IMF) approved SDR 891.3 million (about US$1.24 billion or 75 percent of quota) for Iraq under the Rapid Financing Instrument (RFI). The purpose of this financial assistance is to help Iraq address present and urgent balance of payment and budget needs in 2015 […]