CLARE: The International Monetary Fund warns Iraq of its economy being exposed to oil price shocks, 4 MARCH

 The International Monetary Fund warns Iraq of its economy being exposed to oil price shocks

3/3/2024

On Sunday, the International Monetary Fund warned Iraq that its oil revenues would be affected by any decline in crude prices.

The IMF said that greater declines in oil prices or an extension of OPEC+ cuts could affect Iraq's financial and external accounts.
              
He added, "Iraq needs to increase non-oil exports and government revenues, and reduce the economy's exposure to oil price shocks."

The IMF said that Iraq needs higher and more sustainable growth in the non-oil sector to accommodate the rapidly growing workforce, and that estimates indicate that Iraq’s real non-oil GDP will grow by 6% in 2023 after growth stopped in 2022.

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