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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Iraq’s Economic Activity Reduced in 2017 Due to Decline in Oil Production

The IMF noted that the medium-term growth prospects for Iraq are positive.

The economic activity of Iraq is expected to be low this year due to a contraction in oil production driven by the Organization of the Petroleum Exporting Countries (OPEC) cuts agreement, the International Monetary Fund (IMF) said in a press release.

The IMF noted that the medium-term growth prospects for Iraq are positive.

"This year, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production owing to the OPEC + agreement to reduce oil production and only a modest recovery of the non-oil sector," the release stated Wednesday.

"Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform," the release said.

On August 1, the executive board of the IMF approved the disbursement of $824.8 million to Iraq upon completing the second review of the country’s stand-by arrangement.

In July 2016, the IMF approved $5.34 billion arrangement for Iraq, which aims to assist Iraq with economic reforms and restore fiscal balance.

 

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Parvin Faghfouri Azar
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Iraq’s Economic Activity Reduced in 2017 Due to Decline in Oil Production

The IMF noted that the medium-term growth prospects for Iraq are positive.
Parvin Faghfouri Azar
The economic activity of Iraq is expected to be low this year due to a contraction in oil production driven by the Organization of the Petroleum Exporting Countries (OPEC) cuts agreement, the International Monetary Fund (IMF) said in a press release.The IMF noted that the medium-term growth prospects for Iraq are positive."This year, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production owing to the OPEC + agreement to reduce oil production and only a modest recovery of the non-oil sector," the release stated Wednesday."Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform," the release said.On August 1, the executive board of the IMF approved the disbursement of $824.8 million to Iraq upon completing the second review of the country’s stand-by arrangement.In July 2016, the IMF approved $5.34 billion arrangement for Iraq, which aims to assist Iraq with economic reforms and restore fiscal balance. 
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