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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Republic of Iraq: Technical Assistance Report on Government Finance Statistics (December 5-19, 2021)
International Monetary Fund. Statistics Dept.
This paper presents the Republic of Iraq’s Technical Assistance report on Government Finance Statistics (GFS) mission. The Ministry of Finance (MOF) has started the implementation of the national budget reform project which is one of the several reform projects prepared in the context of the broader economic reform strategy “the white paper” launched in October 2020. The mission’s objectives were to specifically support the Budget, Public Accounting and Debt Departments in implementing the tasks related to the strategic target on enhancing budget preparation and reporting in line with the Government Finance Statistics Manual 2014 framework and its integration in the Integrated Financial Management Information System. As a critical step to improve the budget classification, the mission supported the MoF in developing a first comprehensive mapping of outlays to Classification of the Functions of Government. The MoF needs to establish an inter-departmental taskforce in charge of GFS compilation. Furthermore, the MoF should initiate a phased approach for expanding institutional coverage of GFS beyond Budgetary Central Government.
Keywords:
Government Finance Statistics Public sector debt statistics Expenditure Public Sector; government finance statistics yearbook; IMF's Statistics Department; Statistics Department of the IMF; staff team of the International Monetary Fund; debt department; Government finance statistics; Budget planning and preparation; Budget execution and treasury management; Chart of accounts; Middle East
Cover IMF Staff Country Reports
Iraq: Second Review Under the Stand-By Arrangement, Requests for Waiver of Applicability, Extension of the Arrangement, and Rephasing of Access—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq.
International Monetary Fund
A financial program that aims to ensure macroeconomic stability of Iraq was discussed. The Iraqi economy was severely affected in 2009 by the decline in oil prices. Macroeconomic stability was maintained in 2010, despite a highly uncertain domestic and external environment. Policy discussions were framed by Iraq’s medium-term prospects, especially with regard to the development of its vast hydrocarbon resources. Structural reforms under the program aim at improving public financial management.
Keywords:
ISCR; CR; Iraq; central government spending bill; government; private sector; SDR; investment spending; SBA to SDR; grants waiver; program safeguard; Oil; Budget planning and preparation; Oil exports; Oil prices; Global; Middle East
Cover IMF Staff Country Reports
Iraq: First Review Under the Stand-By Arrangement, Request for Waiver of Nonobservance of a Performance Criterion, Waiver of Applicability, and Rephasing of Access
International Monetary Fund
The authorities view the program as providing a valuable anchor for their macroeconomic policies during a period of high economic and political uncertainty, and providing access to budget financing. The discussions for this review were delayed owing to lengthening data lags resulting from the attacks on the Ministry of Finance and the Central Bank of Iraq (CBI). With the projected increase in oil production and exports in the coming years, Iraq will be able to strengthen its fiscal and external positions and speed up the rebuilding of its institutions and infrastructure.
Keywords:
ISCR; CR; end-June performance criterion; grants waiver; waiver; government; preparation process; supervisory role; executive board's discussion; Oil prices; Budget planning and preparation; Oil production; Global
Cover IMF Staff Country Reports
Iraq: Staff Report for the 2009 Article IV Consultation and Request for Stand-By Arrangement
International Monetary Fund
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.
Keywords:
ISCR; CR; request; government; investment execution; Stand-By Arrangement; request for stand-by arrangement; discussion of Iraq; CBI independence; balance of payments; Budget planning and preparation; Oil prices; Oil exports; Oil; Global
Cover IMF Staff Country Reports
Iraq: Second Review Under the Stand-By Arrangement and Financing Assurances Review-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq
International Monetary Fund
The second review under Stand-By Arrangement and the financing assurances review highlight Iraq’s economic activity and robust growth. The authorities continue to see the improvement in security conditions, and the related recovery of oil and non-oil activity, as a window of opportunity to move toward a path of high and sustainable growth, in the context of continued macroeconomic stability. The Central Bank of Iraq (CBI) is committed to maintaining its tight monetary stance, including through its exchange rate policy.
Keywords:
ISCR; CR; price; authority; world oil price; Fund.; branch account; reform effort; envisaged bank restructuring project; Rasheed bank; export price; Oil prices; Oil exports; Fuel prices; Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Iraq: First Review Under the Stand-By Arrangement and Financing Assurances Review Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq
International Monetary Fund
The First Review under the Stand-By Arrangement (SBA) discusses policies focused on measures to accelerate the reconstruction of the Iraqi economy while maintaining macroeconomic stability. Inflation has slowed down, and monetary and exchange rate policies have been adjusted. The Central Bank of Iraq (CBI) will increase the pace of appreciation of the dinar and keep the policy interest rate positive in real terms to keep inflation under control. Restructuring plans for the two largest state-owned banks will be developed on the basis of their finalized financial and operational audits.
Keywords:
ISCR; CR; authority; government; Iraq's Stand-By Arrangement; budget; financial management system; central bank of Iraq; audits of the Central Bank of Iraq; State oil; branch account; Budget planning and preparation; Oil exports; Imports; Middle East; North Africa; East Africa; Africa
Cover IMF Staff Country Reports
Iraq: Third and Fourth Reviews Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement and for Waiver of Nonobservance of a Performance Criterion
International Monetary Fund
This paper discusses key findings of the Third and Fourth Reviews Under the Stand-By Arrangement (SBA) for Iraq. Economic growth in 2006 was below target because oil production did not increase as projected. This reflected lower-than-planned investment and the lack of security. Inflation increased to 65 percent in 2006 to December 2006. This was mainly owing to shortages of key commodities, caused in part by the ongoing insurgency. The underlying rate of inflation has also remained high.
Keywords:
ISCR; CR; government; IMF arrangement; fuel product; government import; Iraq; revolving government credit; authorities request; oil wealth; Oil; Budget planning and preparation; Imports; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
United States: 2006 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The U.S. economy continued to grow strongly over the year even in the face of a withdrawal of monetary stimulus and high oil prices. Executive Directors commended the Federal Reserve for its monetary tightening. They recognized that the financial sector has proven innovative and resilient. They cautioned that demographic and other pressures will continue to threaten long-term fiscal sustainability and economic prospects. They agreed that the country has a key role in catalyzing vigorous implementation of the cooperative strategy laid out by the International Monetary and Financial Committee.
Keywords:
ISCR; CR; Core CPI inflation; inflation expectation; price; core inflation; headline PPI inflation; market expectation; producer price inflation; Inflation; Housing prices; Budget planning and preparation; Securities; Global
Cover IMF Staff Country Reports
United States: 2005 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The 2005 Article IV Consultation for the United States reports that robust productivity growth and high corporate profits have contributed to a strong rebound in business investment and some acceleration in employment. The financial sector appears well positioned to provide continued support to the recovery. Equity prices have risen, long-term interest rates remain low, banks are well capitalized and highly profitable, and indicators of credit quality remain strong. The robust housing market has caused financial regulators to tighten oversight of home equity and other residential loans.
Keywords:
ISCR; CR; price; deficit; market expectation; market; core producer price inflation; inflation pressure; financial market development; inflation expectation; Inflation; Administration in revenue administration; Health care; Securities; Current account deficits; Global; Central America
Cover IMF Working Papers
Iraq: Considerations on Intergovernmental Fiscal Relations for the Constituent Assembly
International Monetary Fund
In preparing for the discussions of the Iraqi Constituent Assembly, IMF and World Bank staff and consultant experts presented to senior officials from the central and local governments in Iraq, including from Kurdistan, key options that might be relevant for the discussions. This paper reflects the thrust of the discussions, including the views on the options prepared by the Iraqi officials, and develops a short-term work plan for the benefit of the assembly.
Keywords:
WP; government; administration; tax collection authorities; ministry; governorate