PDA

View Full Version : IMF: Favorable Medium-Term Outlook For Iraqi Economy



pepper
03-01-2010, 09:56 PM
IMF: Favorable Medium-Term Outlook For Iraqi Economy



WASHINGTON -(Dow Jones)- The International Monetary Fund announced Monday that it has concluded its annual review of Iraq's economy, finding it has a favorable outlook in the medium term but faces major challenges over the longer haul.

Lower oil prices are weighing on Iraq, and are estimated to have slowed growth to 4% in 2009, down from about 9.5% in 2008, according to an IMF staff assessment provided to the IMF board of directors last week and issued Monday.

"Iraq's longer-term economic outlook is strong as oil prices and production are projected to increase markedly in the coming years," the IMF said. However, based on conservative assumptions regarding oil prices, it projects Iraq will continue to run deficits this year and next before returning to a budget surplus in 2012.

Iraqi authorities have received about $3.6 billion from the IMF along with additional funding from the World Bank and other donors to cover the near-term funding gap. Going forward, IMF directors highlighted the need for Iraq to contain government spending on wages, allowing it to bolster spending in other areas, including improving the oil-sector infrastructure. They also encouraged Iraq to broaden its tax base by introducing a general sales tax.

On monetary policy, the IMF supported Iraq's central bank for seeking to keep core inflation at single-digit rates and called on authorities to remove remaining exchange-rate restrictions.IMF officials praised Iraq for making substantial progress in reducing inflation, eliminating direct government subsidies for fuel consumption and putting its pension system on a more sustainable footing. It also applauded Iraq for making important advances in addressing its long-term debt load, while noting the process of bilateral debt negotiations hasn't been completed as yet.
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201003011719dowjonesdjonline000 651&title=imf-favorable-medium-term-outlook-for-iraqi-economy

KO15
03-01-2010, 10:28 PM
Excellent find, pepper! This same article can also be found at:
http://www.advfn.com/news_IMF-Favorable-Medium-Term-Outlook-For-Iraqi-Economy_41777513.html

guardian
04-23-2010, 11:54 AM
Is this telling, or what? :D


On monetary policy, the IMF supported Iraq's central bank for seeking to keep core inflation at single-digit rates and called on authorities to remove remaining exchange-rate restrictions.

irishbrian
04-23-2010, 06:58 PM
Thank you Guardian and all those who work so hard to find and post information for us all your efforts are truly appreciated!!

IB

vendome
04-23-2010, 07:52 PM
Thank you very much

keepitsimple
04-23-2010, 09:39 PM
Great find Pepper. Thank you. Its sounding closer and closer and closer! Come on RV . . .

bright
04-23-2010, 10:04 PM
thanks pepper for your hard work!!!!!!

W8n2cashin
04-23-2010, 10:09 PM
Nice find pepper, good work.

God'sgurl1
04-23-2010, 11:55 PM
Thank you pepper for all your hard work! Great find!

cebp
04-24-2010, 12:03 AM
thank you pepper, good find, has med said watch the IMF

russell
04-24-2010, 12:05 AM
thanks pepper good find

theloot
04-24-2010, 01:20 AM
Wow, that's a juicy little news report! Thank You for spending your valuable time to help us all. I appreciate it.