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...

A moderate economic recovery is underway, driven by higher gold production, remittances, and growth in key trading partners. The recent tightening of controls on the border with Kazakhstan will have some limited impact on the economy this year but could weaken trade and growth substantially if...

This 2018 Article IV Consultation highlights the important challenges Algeria continues to face as a result of the fall in oil prices four years ago. Despite sizable fiscal consolidation in 2017, the fiscal and current account deficits remain large. Real GDP growth slowed sharply, driven mainly...

As in other regions in the world, countries in MENAP and CCA regions are exposed to tightening in global financing conditions and ongoing global trade tensions. The former has already begun to impact several emerging market economies in MENAP and could have more severe implications should...

Reform momentum remains strong under Vision 2030. New reform initiatives are being rolled-out under the Vision Realization Programs (VRPs). Oil prices have risen over the past year and are positively affecting fiscal and external balances. Higher oil prices provide both an opportunity and a risk...

Recovery is gaining strength, while inflation has been declining and the tenge has continued to float. Export growth-driven by oil, metals, and mining-has reduced the current account deficit. State support to banks led to a higher fiscal deficit in 2017, although there was underlying adjustment....

Countries of the Middle East and Central Asia region have been hit by two large and reinforcing shocks, resulting in significantly weaker growth projections in 2020. In addition to the devastating toll on human health, the COVID-19 pandemic and the plunge in oil prices are causing economic...

This paper discusses Kyrgyz Republic's Request for Purchase Under the Rapid Financing Instrument and Disbursement Under the Rapid Credit Facility. The COVID-19 pandemic has been hitting the Kyrgyz economy very hard and created an urgent balance of payments need. All sectors are being impacted...