Front Matter

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

Iraq: Selected Issues
Author: International Monetary Fund. Middle East and Central Asia Dept.