Iraq’s economy shrinks by 0.5% thanks to ISIS, says International Monetary Fund

(IraqiNews.com) The International Monetary Fund revealed that Iraq’s economy, which depends mainly on oil production, is to shrink by 0.5% due to military operations against the so-called Islamic State in Iraq and Syria (ISIS)

The Daily Telegraph said, “Officials at the International Monetary Fund met with senior Iraqi officials in the Jordanian capital Amman, including the Minister of Finance and the Governor of the Central Bank to discuss economic development in Iraq under the insurgency of the ISIS organization and the decline of oil prices.”

The newspaper added, “The head of International Monetary Fund Carlo Sdrallweg, who met with Iraqi officials, confirmed that the Iraqi economy will shrink by 0.5 percent this year because of the insurgency’s economic effect.”