Middle East Economic Survey


No 34



IMF Urges Iraq To Phase Out Petroleum Products Subsidies

The IMF has urged Iraq to phase out subsidies on petroleum products as quickly as feasible to free up budget resources for priority sectors such as health and education. Following the first Article IV consultations since 1980, the IMF said that Iraqs economy rebounded in 2004 following the US-led invasion of 2003, recording real GDP growth of 46.5%. But it stressed the critical...