WASHINGTON (Sputnik) — The IMF noted that the medium-term growth prospects for Iraq are positive.
"This year, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production owing to the OPEC + agreement to reduce oil production and only a modest recovery of the non-oil sector," the release stated Wednesday.
"Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform," the release said.
On August 1, the executive board of the IMF approved the disbursement of $824.8 million to Iraq upon completing the second review of the country’s stand-by arrangement.
In July 2016, the IMF approved $5.34 billion arrangement for Iraq, which aims to assist Iraq with economic reforms and restore fiscal balance.
