Iraq’s Economic Activity Reduced in 2017 Due to Decline in Oil Production

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The economic activity of Iraq is expected to be low this year due to a contraction in oil production driven by the Organization of the Petroleum Exporting Countries (OPEC) cuts agreement. the International Monetary Fund (IMF) said in a press release.
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.