Violence impedes Iraq progress, says IMF

    Iraq’s economic progress will hinge on the stability of the country’s security situation, according to the International Monetary Fund, which recently finished its fifth review of a $727 million standby loan arrangement for the war-torn nation. ?The expansion of oil production is lagging and inflation, while on a downward path, remains high reflecting in large part shortages associated with the security situation, notably of fuel products,? the IMF stated. “Unlocking Iraq?s oil wealth requires advancing the enactment of a new legislative framework for the hydrocarbon sector, in view of the large investments needed to increase oil production,” it added. But “a turnaround hinges critically on an improvement in the security situation.” (Source: Poor security dogging Iraq economy, finds IMF review/Reuters)

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