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Iraq : First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq
Summary:Context: Iraq is facing a double shock arising from the ISIS attacks and the sharp drop in global oil prices. The conflict is hurting the non-oil 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 conflict with ISIS. Staff-Monitored Program: To help address this double shock, the authorities started a Staff-Monitored Program (SMP) in November 2015 to establish a track record of policy credibility and pave the way to a possible Fund financing arrangement. Their performance under the SMP has been broadly satisfactory.
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