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International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper focuses on the Iraqi oil sector and analyzes the developments and prospects after the twin shock. The Iraqi economy was affected by the two major challenges during 2014—ISIS insurgency and the fall in global oil prices. Iraq’s oil sector has performed well despite the security challenges that emerged after the onset of the ISIS insurgency in June 2014. On average, Iraq earned $97 per barrel on oil exported in 2014. Asia remained the leading destination of the Iraqi oil exports during 2013–14, and its share increased from 50 percent in 2012 to 65 percent in 2014.
International Monetary Fund. External Relations Dept.
The IMF announced October 10 that its Executive Board had agreed on measures to enhance further the transparency of the institution, in particular by promoting the publication of more country documents. The agreement will be implemented following the Board’s adoption, in the coming weeks, of specific amendments to its previous decision on transparency.
International Monetary Fund
This paper reviews economic developments in Turkmenistan during 1994–97. To address the growing economic difficulties, the government announced an economic reform package for 1996, which aimed at achieving a recovery in output, sharply lowering inflation, maintaining a strong reserve position, and promoting private sector development. The reform package had mixed success. Monetary and credit policy was generally restrained until late 1996, contributing to a moderation in inflation. However, economy-wide public sector wages were doubled in October, against a background of continued payment difficulties in the gas sector and a decline in GDP.
International Monetary Fund. External Relations Dept.
This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.