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The International Monetary announces support for the Iraqi government’s measures for “economic reform”

Today, Friday, the International Monetary Fund welcomed the efforts of the Iraqi authorities to undertake fiscal and monetary policy reforms .

In a statement, the Fund stressed that these “reforms are of great importance in ensuring the stability of the Iraqi economy.”

“The repercussions of the Covid-19 pandemic and the sharp decline in oil revenues create grave risks that threaten the economic stability of Iraq, ” Toker Mirzoyev, head of the fund’s mission on Iraq, said.

He added, “The continuation of reforms in the next stage, including in structural areas, will have a great impact on strengthening gains in the short term.”

He stressed, “The International Monetary Fund is ready to support the reform efforts being made by the Iraqi authorities at this challenging juncture.”

The statement of the International Monetary Fund’s mission in Iraq also welcomed the approval of the Council of Ministers on the draft general budget law for the fiscal year 2021, indicating the need for “a decisive re-calibration of economic policies in order to maintain the stability of the economy.”

The statement pointed out that “implementing important financial reforms and reducing the currency exchange rate are very important steps.” Source