IMF: Iraq’s reserves of hard currency dropped to $ 54 billion

IMF: Iraq’s reserves of hard currency dropped to $ 54 billion

03/30/2016 10:14 | Number of Views: 5048

IMF - Iraqs reserves of hard currency dropped to 54 billionAssured the International Monetary Fund, on Wednesday, that Iraq ‘s reserves of hard currency dropped to $ 54 billion at the end of 2015, indicating that Iraq is continuing to make progress under the program , which is monitored by experts of the Fund. The¬†IMF said in a statement that real GDP shrank by – 2.1% in 2015 due to the ongoing armed conflict with al Daash and who continues strained the resources of Iraq, in addition to the sharp drop in oil prices which caused the occurrence of large external shock in the balance of payments and revenues of the budget, leading to disruption of the movement of trade and declining investor confidence level. ”

The fund added that, ” as a result it has widened the deficit gap in the current account in the balance of payments of up to 5.1% , which led to a decline in the Iraqi foreign exchange reserves by the end of 2015 , amounting to $ 13 billion to $ 54 billion.” The

Fund pointed out that “Iraq continues achieve progress under the program , which is monitored by IMF staff , “noting that” Iraq is making three of the five indicative targets to be achieved by the end of last year, including reducing the level of implementation of spending on wages and pensions, goods and services and transfers. ”

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