01871cas a2200241 a 4500 AALejournalIMF016948 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498357654 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Middle East and Central Asia Dept. Iraq : First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (100 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses Iraq's First and Second Reviews of the Staff-Monitored Program (SMP) and Request for a Three-Year Stand-By Arrangement. The oil price decline has resulted in a massive reduction in Iraq's budget revenue, pushing the fiscal deficit to an unsustainable level. The authorities are responding to the crisis with a mix of necessary fiscal adjustment and financing, maintaining their commitment to the exchange rate peg. The authorities started an SMP in November 2015 to establish a track record of policy credibility and pave the way to a possible IMF financing arrangement. Their performance under the SMP has been broadly satisfactory. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2016/225 Full text available on IMF http://elibrary.imf.org/view/journals/002/2016/225/002.2016.issue-225-en.xml IMF e-Library