Towards establishing a viable macroeconomic and medium-term fiscal framework integrated approach for the Iraqi economy

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Abstract:

This article intends to shed light on the importance of a functional link between medium-term macroeconomic framework and fiscal framework, to steer the economy towards achieving its development objectives and priorities in a coordinated manner. A medium-term macroeconomic framework should, however, delineate and quantify the main development objectives reflecting, to greater extent, the actual needs of the society and the strategic goals of the economy, such as positive real GDP growth, economic diversification, low rate of unemployment, manageable inflation rate and sectorial development priorities and sectorial allocation of investment/contribution to growth and development, poverty reduction and uplifting society's well-being. These and other objectives are obviously subject to a number of financial, investment, technical and absorptive capacity constraints. Accordingly, it is imperative, nonetheless, to optimize the state of the macroeconomy given these constraints. Thus, this derived feasible macroeconomic setting should be used as the main developmental base to structure the country's medium-term fiscal and budgetary framework. By doing so, the national economy would achieve, the aimed at, macroeconomic stability - achieving real growth without bottlenecks - and longer-term fiscal sustainability.

Furthermore, the article would attempt to bring together all significant development pillars in an integrated framework to produce a more developmental oriented federal budget for the Iraqi economy. This would be approached analytically with relevant illustrations.

Keywords: Iraq; budget; fiscal sustainability; macroeconomic framework; medium-term fiscal framework (MTFF); oil revenue; public finance; revenues

Document Type: Research Article

DOI: http://dx.doi.org/10.1386/ijcis.6.2.195_1

Affiliations: Freelance Senior Economic Development Planning Advisor

Publication date: November 15, 2012

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  • The International Journal of Contemporary Iraqi Studies is a new peer-reviewed, tri- annual, academic publication devoted to the study of modern Iraq. In recognition of Iraq's increasingly important position on the world stage, the time is right for a new journal dedicated to scholarly engagement with the country.
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