Front Matter Page
© 2013 International Monetary Fund
July 2013
IMF Country Report No. 13/218
Iraq: Selected Issues
This paper on Iraq was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on April 26, 2013. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Iraq the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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Front Matter Page
IRAQ
SELECTED ISSUES
April 26, 2013
Approved By
Middle East and Central Asia Department
Prepared By K. Kirabaeva, F. Parodi, and Y. Said
Contents
OIL SECTOR DEVELOPMENTS
A. Introduction
B. Oil Production
C. Oil Exports
D. Supply to Domestic Refineries and Fuel Products
E. Medium-Term Projections for Oil Production and Exports
F. Role of Iraq in Global Oil Markets
References
FISCAL POLICY TOOLS FOR IRAQ
A. Introduction
B. Characteristics of a Fiscal Framework
C. Application of Permanent Income Hypothesis (PIH) and Modified Permanent Income Hypothesis (MPIH) Models to Assess Long-Term Fiscal Sustainability
D. Fiscal Rules
E. Building Fiscal Institutions
References
SOVEREIGN WEALTH FUND OPTIONS
A. Introduction
B. The Current Set-Up for the Management of Iraq’s International Reserves
C. Adequacy of Reserves
D. Investing Excess Reserves Through Sovereign Wealth Funds
E. Conclusions and Implications for Iraq
References