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Iraq making progress.

United Press International (UPI) reports that the International Monetary Fund (IMF) has expressed optimism about the future of Iraq's economy. This according to an August 17, 2005 wire dispatch reporting on the an IMF review of the country's economy, the first in over 25 years.

The dispatch quoted an IMF official who said that he was "quite optimistic" about the medium term. At the same time, the official cautioned that much would depend on the future course of oil prices. Under normal circumstances, Iraq is a major exporter of oil and higher world oil prices would benefit the country's growth.

Security concerns combined with political uncertainty about the role of oil revenues in the country's general economy combine to underscore the lack of confidence implied in the IMF official's comments.

The official did say that Iraq deserves credit for being able to maintain even a semblance of macroeconomic stability under present circumstances.
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Title Annotation:future of Iraq's economy
Publication:Market Africa Mid-East
Article Type:Brief Article
Geographic Code:7IRAQ
Date:Sep 1, 2005
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