Shafaq News / The International Monetary Fund, a “remarkable decline” in inflation rates, which is reflected in the decline in food and energy prices in addition to the stability of the foreign exchange market in Iraq, according to the Ministry of Finance.
The ministry said in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of the International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development structure, financial sustainability and maximization of non-oil revenues were reviewed.
The statement quoted the delegation as confirming that the Fund promised to support development programs to promote public financial management, digital transformation, banking, retirement and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure and reconstruction, indicating its intention to continue discussions and consultations during the Fund’s periodic annual meetings.
The statement added that the IMF mission praised “the return of growth in the non-oil sector strongly during 2023 with a noticeable decline in inflation rates, and this reflected on the decline in food and energy prices.”
According to the statement, the mission “noted the positive developments of the return of trade finance operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorism financing controls on cross-border payments.”
It is noteworthy that the IMF Article IV consultations are bilateral meetings held annually between the IMF and member states, after which a team of IMF experts meets the member country and holds formal consultations with its officials.
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