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Middle East and Central Asia > Iraq

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Cover Policy Papers
Changes to the Fund’s Financing Assurances Policy in the Context Of Fund Upper Credit Tranche (UCT) Financing Under Exceptionally High Uncertainty
International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Legal Dept., and International Monetary Fund. Finance Dept.
The Executive Board of the International Monetary Fund (IMF) approved changes to the Fund’s financing assurances policy. The changes apply in situations of exceptionally high uncertainty, involving exogenous shocks that are beyond the control of country authorities and the reach of their economic policies, and which generate larger than usual tail risks. The changes adopted could enable the design of a Fund Upper Credit Tranche (UCT) program in situations of exceptionally high uncertainty, in particular by modifying the Fund’s financing assurances policies in two ways. The first change allows official bilateral creditors to provide an upfront credible assurance about delivering debt relief and/or financing with the delivery of a contingent second-stage element of debt relief and/or financing once the exceptionally high uncertainty has been resolved. This would help establish that medium-term viability is being restored. The second change extends the use of a capacity-to-repay assurances from official bilateral creditors/donors from emergency financing to a UCT arrangement context. This would help establish adequate safeguards. These changes and their application to any specific country case in a situation of exceptionally high uncertainty would require the Fund to weigh whether it is prepared to accept the enterprise risks that such arrangement would entail.
Keywords:
Fund supported program; Exceptionally high uncertainty; financing assurances; debt relief; UCT program involvement; fund Upper Credit Tranche; UCT arrangement; UCT context; Fund arrangement; Debt sustainability; Emergency assistance; Global
Cover IMF Staff Country Reports
Republic of Iraq: Technical Assistance Report on Government Finance Statistics (December 5-19, 2021)
International Monetary Fund. Statistics Dept.
This technical assistance (TA) mission on Government Finance Statistics (GFS) was conducted during December 5-19, 2021. The main purpose of the mission was to support the Budget, Public Accounting and Debt Departments in enhancing budget preparation and reporting in line with the Government Finance Statistics Manual 2014 (GFSM 2014) framework and its integration in the Integrated Financial Management Information System (IFMIS).
Keywords:
Government Finance Statistics Public sector debt statistics Expenditure Public Sector; government finance statistics yearbook; IMF's Statistics Department; Statistics Department of the IMF; staff team of the International Monetary Fund; debt department; Government finance statistics; Budget planning and preparation; Budget execution and treasury management; Chart of accounts; Middle East
Cover IMF Staff Country Reports
Iraq: 2022 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Significant socio-economic fragilities continue to persist. The formation of a new government in October 2022 provides an opportunity to rekindle the reform momentum, which has been stalled for over a year amid political uncertainty. The economy has been gradually recovering, supported by strong oil revenues and accommodative policies. Inflation has been relatively contained as the pass-through from high global commodity prices has been muted by food and fuel subsidies. Despite fiscal and external current account surpluses, Iraq’s dependence on oil and vulnerability to future oil price volatility continued to increase.
Keywords:
balance of payments; CBI foreign exchange window; CBI governance; METAC mission; inflation risk; CBI auction; oil wealth; oil revenue; CBI website; accommodative policy; Oil prices; Oil; Fiscal stance; Global; Middle East and Central Asia