Front Matter Page
IMF Country Report No. 21/32
IRAQ
TECHNICAL ASSISTANCE REPORT—GUARANTEES AND EXTRA BUDGETARY FUNDS MANAGEMENT
February 2021
This Technical Assistance Report for Iraq on Guarantees and Extra Budgetary Funds Management was prepared by a staff team of the international monetary fund. It is based on the information available at the time it was completed in June 2019.
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Front Matter Page
TECHNICAL ASSISTANCE REPORT
IRAQ
GUARANTEES AND EXTRABUDGETARY FUNDS MANAGEMENT
SEPTEMBER 2020
PREPARED BY
Xavier Rame, Fritz Bachmair, and Tomas Magnusson
Afghanistan, Algeria, Djibouti, Egypt, Iraq, Jordan, Lebanon, Libya, Morocco, Sudan, Syria, Tunisia, West Bank and Gaza, Yemen
Germany, Netherlands, Switzerland, European Commission, France
DISCLAIMER
The contents of this report constitute technical advice provided by the staff of the International Monetary Fund (IMF) to the authorities of Iraq (the “TA recipient”) in response to their request for technical assistance. This report (in whole or in part) or summaries thereof may be disclosed by the IMF to IMF Executive Directors and members of their staff, as well as to other agencies or instrumentalities of the TA recipient, and upon their request, to World Bank staff, and other technical assistance providers and donors with legitimate interest, including members of the Steering Committee of METAC, unless the TA recipient specifically objects to such disclosure (see Operational Guidelines for the Dissemination of Technical Assistance Information). Publication or Disclosure of this report (in whole or in part) or summaries thereof to parties outside the IMF other than agencies or instrumentalities of the TA recipient, World Bank staff, other technical assistance providers and donors with legitimate interest, including members of the Steering Committee of METAC, shall require the explicit consent of the TA recipient and the IMF’s Fiscal Affairs Department.
MEMBERS
PARTNERS
Contents
Glossary
PREFACE
EXECUTIVE SUMMARY
GUARANTEES MANAGEMENT
A. Introduction
B. Ascertain the Magnitude of Iraq’s Exposure to Guarantees
C. Regulate the Issuance of New Guarantees Through a Policy Framework
D. Develop Capacity to Evaluate Guarantee Proposals and Assess Associated Risks
E. Develop Measures to Mitigate Risks
F. Ensure Adequate Budget Provisions to Meet Claims
G. Record, Monitor, and Disclose the Guarantees
EXTRA BUDGETARY FUNDS MANAGEMENT
PROPOSED ROAD MAP FOR GUARANTEES MANAGEMENT
BOX
1. Typology of Extrabudgetary Funds
FIGURES
1. Proposed Approach to Strengthen the Management of Guarantees
2. Budgetary vs. Extrabudgetary (GFSM 2014)
TABLES
1. Iraq: Level of Practices for Guarantees Disclosure in the Budget Documents
2. Iraq: Examples of Potential EBFs in Iraq
ANNEXES
I. Proposed Template of the Guarantees Registry
II. Information on Guarantees Provided by the Iraqi Delegation
Glossary
| EBF |
Extra-Budgetary Fund |
| FAD |
Fiscal Affairs Department |
| GDP |
Gross Domestic Product |
| GE |
General Electric |
| GFML |
General Financial Management Law |
| GFSM |
Government financial statistics manual |
| IMF |
International Monetary Fund |
| IPP |
Independent Power Producers |
| IPSAS |
International Public Sector Accounting Standards |
| ISIS |
Islamic State of Iraq and Syria, |
| METAC |
Middle East Regional Technical Assistance Center |
| MoF |
Ministry of Finance |
| PPA |
Power Purchase Agreement |
| PPP |
Public-Private Partnership |
| SOE |
State-Owned Enterprise |
| USD |
United States Dollar |
