Iraq 

METAC’s resources are available to (i) identify and design measures to strengthen specific aspects of economic and financial management; (ii) prepare detailed implementation plans based on the diagnostic work conducted by IMF-Headquarters; (iii) provide policy and technical advice either by the Center’s resident advisers or by experts from the IMF roster; (iv) organize hands-on training, seminars, workshops to allow for peer-to-peer learning and disseminate good practices; (v) review proposals by governments for consistency with internationally agreed standards, and (vi) coordinate activities with other technical assistance providers.

Since 2014, Iraq has been hit by the conflict with the Islamic State in Iraq and Syria and a slump in oil prices. The oil price decline has resulted in a massive reduction in fiscal and export revenue, pushing the fiscal and balance of payments deficits to unsustainable levels. A Stand-By Arrangement was approved by the IMF Executive Board in July 2016 with access to SDR 3.8 billion to assist the Iraqi authorities in the current crisis. The program aims to address the urgent balance of payments need, bring spending in line with lower global oil prices, and ensure debt sustainability. It also includes measures to strengthen public financial management, enhance financial sector stability, protect the poor, and curb corruption. In this context, METAC helps the authorities strengthen bank regulations, public financial management, and data, including to meet their commitments under the Stand-By Arrangement.