So Far, Proper Budget-Building Escapes Iraq
The tragedy of modern Iraq is often studied with a humanitarian, moral, religious, polit
Category: Iraq
U.S. Government Presses Iraq to Maintain Reform Efforts
U.S. Vice President Joe Biden visited Iraq this week to support ongoing reforms of the central government, according to the Associated Press. Biden praised Iraq’s progress in forming a cohesive government, but the Shia-dominated political system has faced criticism for corruption and persecution of the Sunni population. Iraq’s economy is under siege in the wake of ISIS incursions and lower oil prices.
Iraq May Receive Financial Aid Package in 2016 and Beyond
The Iraqi government could receive $6.4 billion from organizations and donors in 2016, according to Reuters. Iraq has commenced negotiations with the International Monetary Fund (IMF), and authorities could receive $15 billion in assistance over the next three years. Iraq’s economy is nearly in tatters, which is primarily due to warfare and lower oil prices. Negotiations for the $15 billion aid package could end in June.
IMF to Monitor Iraq as Precondition for Loan
Tuesday, Iraqi officials agreed to allow the International Monetary Fund (IMF) to monitor its economic policies in order to pave the way for possible funding in 2016. The IMF’s Mission Chief, Christian Josz, said the program would require staff-monitoring and would be targeted at reigning in spending in order to reduce Iraq’s overall budget deficit.
Iraqi Economy Suffering amid War and Low Oil Prices
Iraq’s war with Islamic militant group ISIS has taken a toll on the economy, with the Shiite government losing land to the terrorist organization. Further, the low-priced oil market hampers the government’s national budget. Almost 95 percent of the national budget derives from oil income.
Kurdistan and Iraq Reach an Oil Deal
Kurdistan agreed to export 97 percent of its oil to Baghdad. In return, the central government will allow northern Iraq to have more access to the monthly budget.
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Iraqi Economy to Shrink for the First Time since the War
Recent evidence suggests that Iraq’s economy will see some shrinkage this year, to the tune of 2.7%. This is the first contraction that the country will have experienced since the invasion led by the United States in 2003. The impending economic downturn for the country has emerged after a gross domestic product growth rate of approximately 4.2% in 2013, the weakest rate in six years.
Kurdistan’s Oil Potential: Why Investors Are Positive Despite High Political Risks
Kurdistan is one of the hottest emerging oil prospects today despite continued threats from the central government in Baghdad to clamp down on Kurdish aspirations for oil and gas independence. According to former BP chief and current CEO of Genel Energy, Tony Hayward, exploring for oil and gas in such new frontiers has always been about striking the right balance between geological potential and political risk.
Kurdish Crude Exports Via Turkey To Rise By 50 Percent Next Month: Report
Iraqi Kurdistan, officially a federal entity of Iraq, will independently export nearly 60,000 barrels per day (bpd) of crude oil through Turkey by the end of June, reported Reuters on Wednesday, raising the possibility of further tension with Baghdad, who have deemed all non-centrally approved oil sales as illegal.
US Spent Too Much and Achieved Too Little in Iraq: Report
The United States’ rebuilding effort has achieved little despite $60 billion spent in a vast reconstruction effort in Iraq since the 2003 invasion, said an auditor’s report published on Wednesday.
The ambitious plan to transform the country after the fall of Saddam Hussein has been marked by half-finished projects and crushed expectations, according to the final report of the Special Inspector General for Iraq Reconstruction, Stuart Bowen.
