São Paulo – Iraq will implement measures to grow and will have the support of technicians from the International Monetary Fund (IMF) during the process, according to information released this Tuesday (10th) by the Fund. The “Staff-Monitored Program” (SMP) calls for the Arab country to implement measures to promote fiscal consolidation and stability for the financial sector and to fight money laundering and terrorism financing.
In its statement, the Fund mentioned that Iraq’s Gross Domestic Product (GDP) should grow 1.5% this year due to the increase of oil production. However, the statement points out that the economy is being affected this year by both the decline in oil prices, which is the country’s main source of revenues, and the conflicts against the Islamic State in Iraqi territory. According to the IMF, one of the goals of the SMP is to reduce the deficit of the non-oil sector of the country in the next few years.
*Translated by Sérgio Kakitani
