The International Monetary Fund indicates a decline in inflation rates and the stability of the foreign exchange market in Iraq
The International Monetary Fund indicates a decline in inflation rates and the stability of the foreign exchange market in Iraq
2024-02-29 04:37
Shafaq News/ The International Monetary Fund indicated a “significant decline” in inflation rates, which was reflected in the decline in food and energy prices, in addition to the stability of the foreign exchange market in Iraq, as announced by the Ministry of Finance.
The ministry stated in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of 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 infrastructure, financial sustainability, and maximizing… Non-oil revenues.
The statement quoted the delegation as confirming that the Fund promised to support development programs to advance 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 Fund’s mission praised “the strong return of growth in the non-oil sector during 2023, with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.”
According to the statement, the mission “noted the positive developments in the return of trade financing operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorist financing controls on cross-border payments.”
It is noteworthy that the International Monetary Fund’s Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets with the member country and conducts formal consultations with its officials.
shafaq.com
