Iraq - IMF praises Iraq regeneration

While the BBC try and downplay the good news.

"Iraq has taken much-needed steps to get its economy back in shape, but progress is still being critically hampered by continuing violence, a report has said."

That's how the BBC spins it but further down in the report you get the true picture.

Here's what the report actually says:

"The Iraqi authorities have taken important and decisive measures to bring their economic program back on track, although continued progress in the authorities' reform efforts will remain critically dependent on an improvement in the security situation.

"Continued progress" that is "Critically dependent" is not the same as progress being "critically hampered".

The BBC continues.

The study by the International Monetary Fund (IMF) said the insurgency and sectarian attacks were disrupting supplies of good and services.

This would continue to put pressure on prices, making inflation "a serious concern", the IMF report added.

Yes, but that's not all they said.

"Inflation remains, however, a serious source of concern. The ongoing violence and supply disruptions in the non-oil economy will undoubtedly continue to put pressure on prices. In this context, it is commendable that the Central Bank of Iraq stands ready to further tighten monetary and exchange rate policy to prevent high inflation from becoming entrenched. Fiscal policy should be supportive by keeping public sector wages and pensions in check.

This is a very short BBC report on the IMF report. The BBC do link to the IMF main page but not to the report directly. Compare this BBC report with the IMF report, which contains more good newes, and you'll see why the BBC didn't link directly to it.
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