Iraqi Dinar Discussion Board

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IMF expects significant growth of the Iraqi economy




Said Mohsin Khan, Director of the Middle East and Central Asia, the IMF is expected to grow GDP in Iraq rose by 7% in 2008, and continue growth rate of 7 or 8% in 2009.
However, Khan said in a press conference in Washington that "this is of course dependent on the expansion of oil production, and an improvement in the security situation."
Khan explained that he expects to increase oil production, which represents approximately 70% of the income of Iraq, with 20 thousand barrels a day at least through in 2008.
According to IMF estimates, the average production of oil from Iraq amounted to some two million barrels per day during the period from 2006 to 2007.
Khan pointed out that the improvement of the security situation in Iraq in the second half of 2007 led to a rise in economic activity. He also pointed to the increase in oil production during the last quarter of 2007, a trend expected to continue in 2008.

"Best picture"

On the other hand, said United Nations envoy to Iraq, Staffan de Mistura, that will a positive image of progress in Iraq in his report to the Security Council.

He added in an interview with Reuters news agency, "we at the beginning in 2007, concerned about the fact because of the weakness of progress on the national dialogue, but now the situation has changed fundamentally."

He constructed in his government's efforts in supporting the Iraqi political reconciliation.

According to BBC correspondent in Baghdad Johnny Diamond that the statements issued by officials of the United Nations and the IMF on Iraq reflects what is, compared to Iraq, improvement in the situation.
He adds BBC correspondent that the law allows for some former Baath Party officials to work in the army and government departments contributed to the optimism on the situation in Iraq.

Economic progress

The IMF agreed to extend credit facilities in Iraq by about 744 million dollars in December 19, 2007, after a week of the Iraq repay debts worth 471 million dollars before the date of maturity.

The improvement was due to the repayment ability of Iraq to increase oil prices to hit Iraq's oil revenues in 2007 about 27 billion dollars compared to 20 billion dollars in 2006.

Khan praised the economic progress achieved by Iraq in the last period, which included strengthening the role of the Central Bank, and the restructuring of State-owned banks, reducing inflation, which reached 65% in 2006.
Khan explained that the price index in Iraq showed increased by about 4% only during the period from January to November 2006.


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However, Khan stressed the need for international support for Iraq, particularly in the area of security.

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