Iraq

Forty years of upheaval has eroded physical and human capital and weakened public institutions. Social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services and a lack of job opportunities. The recent rebound in oil prices helped deliver a large budget surplus and healthy build-up in reserves in 2018, but post-war recovery has been sluggish. The SDR 3.8 billion ($5.3 billion) Stand-by Arrangement approved in 2016 expires in July.