Iraq Should Take Major Steps to Manage Economic Crisis: IMF

The Iraqi economy is mainly dependent on the growth of Iraqi oil production. The growth rate of Iraqi oil exports has been increased and it is showing an image of the available opportunities towards the development of Iraqi economy. Iraqi economy is improving significantly and most of the economic experts predicted that Iraqi economy would get a place in the list of global economies very soon. The Head of IMF mission Mr. Sider Alevic said in an interview pointing out the expected danger by increasing the oil exports and we are monitoring the production growth of oil using our mechanisms. He further said that exports have been increase at 11 percent which needs perfect management to maintain the level.

The Iraqi economy needs clear directions and Iraqi government should take some important measures in order to reduce the budget deficits and inflation rate in the country and they should consider the conditions of the International Monetary Fund. Iraq is one of the countries that faced severe economic issues and its political conditions made it more complex with adding administrative corruption which greatly affected its economic and financial institutions. The Iraqi government has adopted a number of methods to eliminate these problems. The government should provide an ease to its banking sector and decrease unemployment rate in order to stabilize the economy.

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