Iraq is an oil-dependent and state-dominated fragile economy that has been
hit hard by the conflict with ISIS and the fall in oil prices. The conflict has hurt the
economy through displacement and impoverishment of millions of people, and
destruction of infrastructure and assets. The oil price decline has resulted in a massive
reduction in budget revenue, pushing the fiscal deficit to an unsustainable level. The
authorities are responding to the crisis with ambitious but necessary fiscal adjustment
while maintaining their commitment to the exchange rate peg, which provides a key
nominal anchor in a highly uncertain environment.
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