Front Matter Page
IMF Country Report No. 19/249
IRAQ
SELECTED ISSUES
July 2019
This Selected Issues 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 July 3, 2019.
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© 2019 International Monetary Fund
Front Matter Page
IRAQ
SELECTED ISSUES
July 3, 2019
Approved By
Middle East and Central Asia Department
Prepared by Gazi Shbaikat, Salim Dehmej, and Amgad Hegazy. Alexander de Keyserling, Jawed Sakhi, Cecilia Pineda, and Laila Azoor provided research and editorial support.
Contents
A RISK AND RULES-BASED APPROACH TO FISCAL POLICY
A. Context
B. Fiscal Policy in Iraq: What Is the Challenge?
C. A Proposed Fiscal Policy Framework to Address These Challenges
D. Fiscal Rules
E. Conclusions
References
BOXES
1. Which Fiscal Indicators to Target and Monitor
2. Fiscal Buffers
FIGURES
1. Vulnerability to Oil Prices, 1990–2022
2. Selected Resource-Rich Countries: Fiscal Rules, 2000–15
3. Convergence to the Buffer Target, 2019–29
ANNEX
I. Fiscal Rules in Selected Resource-Rich Countries
FINANCIAL DEVELOPMENT AND FINANCIAL INCLUSION
A. Context
B. Financial Development and Inclusion: Stylized Facts
C. Obstacles to Financial Development and Inclusion in Iraq
D. Benefits for Iraq of Financial Development and Inclusion
E. Policies to Strengthen Financial Development and Inclusion in Iraq
References
FIGURES
1. Banking Sector
2. Selected Banking Sector Indicators, 2006–18
3. Household Financial Inclusion Indicators
4. SME Density and Share of Private Employment
5. SME Financial Inclusion
6. Bank Performance in a Competitive Setting
7. Growth and Employment Benefits from SME Financial Inclusion