Iraq

This paper discusses Iraq’s request for Stand-By Arrangement for 15 months from December 2005 through March 2007, which they intend to treat as precautionary. The authorities’ policies have succeeded in promoting overall macroeconomic stability despite the extremely difficult security environment. Economic growth in 2005 is estimated at 2.6 percent, following the rebound of almost 50 percent recorded in 2004. Inflation pressures have moderated in 2005, though prices remain volatile. The medium-term outlook for Iraq is favorable, but subject to many risks.Announcements;Economic indicators;Financial stability;Oil sector;Staff appraisals;Staff Reports;Stand-by arrangement requests;debt, external debt, debt reduction, payments, creditors, interest, central bank, balance of payments, expenditures, treasury bills, debt service, liabilities, private creditors, restructuring, public debt, loans, current account, debt management, debt forgiveness, debt relief, credit tranche, letters of credit, official creditors, obligations, reserve assets, public finance, external financing, debt rescheduling, bilateral debt, debt sustainability, foreign debt, debt restructuring, repayment, debt stock, bilateral agreements, tax revenues, fiscal policy, domestic financing, domestic currency, public expenditure, debt exchange, commercial creditors, debt reductions, taxes, external public debt, stock of debt, current account deficit, repayments, debts, total external debt, government securities, creditor, debt ? ? reduction, external loans, external ? ? ? ? ? ? ? ? ? debt, debt ratio, credit policies, multilateral creditors, upper credit tranche arrangements, debt agreements, collections, debt outstanding, public debt management, private debt, external debt service, domestic debt, substantial debt, budget expenditures, debt management unit, multilateral debt, overdrafts, external shocks, government deficit, debt instruments, commercial loans, external debt sustainability, loan disbursements, current liability, budget law, credit analysis, privately placed, short-term debt, reserve bank, principal amount, suppliers ? credits, long-term external debt, general resources account, public sector management, bilateral donor, debt amortization, external debt stock, budgetary resources, budget balance, amount of debt, long-term debt, payments systems, deficits, current account balance, private banks, bond, balance of payment, debt unit, loan disbursement, debt dynamics, external debts, debt situation, external debt situation