International Monetary reveals a province of Iraq on the stability of its economy

International Monetary reveals a province of Iraq on the stability of its economy, despite the decline in oil prices and the budget deficit

27.03.2014 (0:01 pm)

US dollar Baghdad / term-Presse

IMF announced, on Wednesday that Iraq has maintained its economic stability despite the drop in oil prices during the year 2013, and pointed out that the inflation rate dropped to 3.1%, and as he emphasized that the security situation has caused a deficit in the budget by about 6%, expected increase in economic activity during the year Current.
said head of the IMF mission in Iraq Carlo Sdralevij in a statement seen by (range Press), said that “Iraq maintained its economic stability in 2013 despite low rates of oil production from the targets set,” noting that “the ratio of the rate of economic growth remained established at 4.2% thanks to the activity non-oil sector, which contributed at a rate of 7%. ”
added Sdralafj “The inflation rate in Iraq fell slightly to 3.1% after it was 3.6% during the year 2012 and this reflects the stability happening in the global prices of materials food and fuel, “noting that” the exchange rate has remained stable with a high international reserves increased by seven billion dollars to 78 billion dollars at the end of 2013. ”
noted Chief of Mission of the International Fund in Iraq that “economic activity decree him to grow strongly during the year 2014 with an increase rate of GDP growth GDP of more than 6%, thanks to increased oil production, which amounted to 3.2 million barrels per day in conjunction with the rise in oil exports to 2.6 million barrels per day, although affected by the non-oil activities to the security situation. ”
and stressed that ” the reason for the lack of oil revenue for last year was due to the security situation and led to a budget deficit reached 6 percent of the economic growth rate GDP and this in turn led to a decline in the budget of the Development Fund in the country during the year, dropping from 18 billion dollars to 6.5 billion dollars. ”
explained Sdralafj to “draft the new budget for the current year, including agreements huge in the areas of security sector and social assistance and pensions and financial transfers to the provinces,” pointing to “the need to reduce expenses set this to maintain the stability of the economic situation and to support economic projects big in the country, which will maintain its role on the availability of expenses Social necessary. ”