Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Public Expenditure Review (PER) provides an integrated perspective on Iraq's need to provide better public service delivery, while maintaining macroeconomic stability and fiscal discipline. The achievement of these objectives unfolds within a challenging context of revenue volatility, the need to diversify the economy, weak accountability mechanisms, and residual conflict. Reflecting these challenges, key socio-economic developmental indicators are stalled or even declining despite rapid growth in public spending. Indeed, the review shows that growth in spending has not been matched by

Iraq -- Appropriations and expenditures. --- Public investments -- Iraq. --- Public investments. --- Public investments --- Political Science --- Law, Politics & Government --- Public Finance --- Iraq --- Appropriations and expenditures. --- Government investments --- Investments, Public --- Irak --- Rāfidayn, Bilād --- Bilād al-Rāfidayn --- Republic of Iraq --- Jumhuriyah al Iraqiyah --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Finance

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Selected Issues paper on Iraq discusses medium-term projections for oil production and exports. Constraints to oil export volumes arise from export bottlenecks and technical production issues. Production is held back by technical challenges such as the need for water injection in the southern oil fields and limited supply of electricity, of which the oil industry is one of the main consumers. Export infrastructure has suffered during many years of decay owing to sanctions and wars. The Iraqi crude is priced as an average of a benchmark oil price for 15 or 30 days from the bill of lading.

Iraq --- Irak --- Rāfidayn, Bilād --- Bilād al-Rāfidayn --- Republic of Iraq --- Jumhuriyah al Iraqiyah --- Economic policy. --- Economic conditions. --- Banks and Banking --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Industries: Energy --- Trade: General --- Energy: Demand and Supply --- Prices --- Energy: General --- Monetary Policy --- Macroeconomics: Production --- International economics --- Public finance & taxation --- Investment & securities --- Banking --- Oil prices --- Oil exports --- Oil --- Exports --- Oil production --- International trade --- Commodities --- Production --- Petroleum industry and trade --- Foreign exchange reserves --- Taxation

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This staff report on Iraq’s 2013 Article IV Consultation highlights economic policies and development. Risks to the macroeconomic outlook remain high. The risks can translate into lower oil revenues, deterioration in the fiscal position, pressures to use Central Bank of Iraq reserves for fiscal purposes leading to depreciation pressures, and higher inflation. Policies to mitigate their impact include strengthening fiscal institutions and oil revenue management, improving monetary policy transmission, and reducing the economy’s dependence on the oil sector. The authorities depend solely on fiscal policy to address these vulnerabilities, underscoring the need for the authorities to urgently build up sufficient fiscal buffers, since Iraq’s fiscal and external performance is very sensitive to fluctuations in oil prices.

Iraq --- Irak --- Rāfidayn, Bilād --- Bilād al-Rāfidayn --- Republic of Iraq --- Jumhuriyah al Iraqiyah --- Economic policy. --- Economic conditions. --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Statistics --- Taxation --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Energy: Demand and Supply --- Prices --- Trade: General --- Business Taxes and Subsidies --- Energy: General --- Econometrics & economic statistics --- Public finance & taxation --- International economics --- Investment & securities --- Oil prices --- Oil exports --- Oil, gas and mining taxes --- Oil --- Foreign exchange --- International trade --- Taxes --- Commodities --- External sector statistics --- Economic and financial statistics --- Petroleum industry and trade --- Exports --- Finance

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Selected Issues paper discusses the choice and design of rules for Iraq, guided by fiscal policy priorities and the country’s institutional capacity. A ceiling on current spending is proposed as a fiscal rule that would be simple and easy to monitor and support efforts to create space for scaling up capital expenditure, build fiscal buffers to reduce fiscal policy procyclicality, and help secure debt sustainability. A strong policy framework can help Iraq manage the challenges arising from its heavy dependence on volatile oil revenues. The procyclicality of fiscal policy has led to short-term economic volatility and hindered long term development. Important fiscal institutions such as fiscal rules, stabilization funds, and fiscal responsibility laws that exist in many resource-rich countries are lacking in Iraq. Moving to a risk- and rules-based approach can be part of the new policy framework and would be timely. The two main building blocks of this approach involve anchoring fiscal policy on maintaining adequate fiscal buffers, and introducing operational fiscal rules designed to achieve this target for buffers and protect capital expenditure.

Iraq --- Irak --- Rāfidayn, Bilād --- Bilād al-Rāfidayn --- Republic of Iraq --- Jumhuriyah al Iraqiyah --- Economic policy. --- Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Energy: Demand and Supply --- Prices --- Financial Markets and the Macroeconomy --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- Finance --- Banking --- Monetary economics --- Expenditure --- Oil prices --- Fiscal policy --- Capital spending --- Financial inclusion --- Financial markets --- Expenditures, Public --- Financial services industry --- Capital investments

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This 2009 Article IV Consultation highlights that Iraq’s longer-term economic outlook is strong as oil prices and production are projected to increase markedly in the coming years. However, based on conservative oil price assumptions, the external current account and the overall balance of payments are expected to remain in deficit in 2010 and 2011. Similarly, Iraq’s fiscal position is projected to record significant, albeit declining deficits in both years, before returning to a surplus position in 2012.

Debts, External --- Petroleum industry and trade --- Economic aspects --- International Monetary Fund --- Iraq --- Economic policy --- Economic conditions. --- Energy industries --- Oil industries --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Internationaal monetair fonds --- International monetary fund --- Irak --- Rāfidayn, Bilād --- Bilād al-Rāfidayn --- Republic of Iraq --- Jumhuriyah al Iraqiyah --- Budgeting --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Public Finance --- Energy: Demand and Supply --- Prices --- Trade: General --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Energy: General --- International economics --- Budgeting & financial management --- Public finance & taxation --- Investment & securities --- Oil prices --- Oil exports --- Budget planning and preparation --- Public financial management (PFM) --- Oil --- International trade --- Commodities --- Exports --- Budget --- Finance, Public