Iraq : first review of the three-year stand-by arrangement and financing assurances review, requests for waivers of nonobservance and applicability of performance criteria, modification of performance criteria, and rephasing of the arrangement; press release; staff report; and statement by the Executive Director for Iraq.

Iraq : first review of the three-year stand-by arrangement and financing assurances review, requests for waivers of nonobservance and applicability of performance criteria, modification of performance criteria, and rephasing of the arrangement; press release; staff report; and statement by the Executive Director for Iraq.

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Bibliographic Details
Imprint:	Washington, D.C. : International Monetary Fund, [2016] ©2016
Description:	1 online resource ( pages) : color illustrations.
Language:	English
Series:	IMF country report ; no. 16/379 IMF country report ; no. 16/379.
Subject:	International Monetary Fund -- Iraq. International Monetary Fund. Economic development -- Iraq. Fiscal policy -- Iraq. Petroleum products -- Prices -- Iraq. Financial risk management -- Iraq. Economic development. Economic policy. Financial risk management. Fiscal policy. Petroleum products -- Prices. Iraq -- Economic policy. Iraq.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/13512014

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. publisher.
ISBN:	9781475559972 1475559976
Notes:	"December 2016." Includes bibliographical references. Description based on online resource; title from pdf title page (IMF website, viewed February 10, 2017).
Summary:	Iraq is adjusting to a double shock arising from the ISIS attacks and the sharp drop in global oil prices. The conflict has hurt the economy through displacement and impoverishment of millions of people, and destruction of infrastructure and assets. The oil price decline has resulted in a massive reduction in budget revenue, pushing the fiscal deficit to an unsustainable level. The authorities are responding to the crisis with a mix of necessary fiscal adjustment and financing, maintaining their commitment to the exchange rate peg. The peg provides a key nominal anchor in a highly uncertain environment with policy capacity weakened by the war against ISIS.

Description
Summary:	This paper discusses Iraq's First Review of the Three-Year Stand-by Arrangement (SBA) and Financing Assurances Review, and Requests for Waivers of Nonobservance and Applicability of Performance Criteria (PCs). Two PCs at end September appear to have been met on the basis of preliminary unaudited data. One PC at end-June 2016 was missed. One continuous PC was missed. Completion of some structural benchmarks was delayed, but progress is being made for each. Hence, program performance has been mixed, but understandings on sufficient corrective actions have been reached to put the program back on track. The IMF staff recommends completion of the first review under the SBA and the financing assurances review and modification of the PCs and related rephrasing.
Item Description:	"December 2016."
Physical Description:	1 online resource ( pages) : color illustrations.
Bibliography:	Includes bibliographical references.
ISBN:	9781475559972 1475559976