0836 GMT Iraq’s economy has been hammered by low oil prices and the uprising of the so-called Islamic State terrorist group in the country, according to a statement from the International Monetary Fund. Low oil prices are affecting budget revenue, and the increase in activity from the Islamic State is putting an extra humanitarian pressure on the government, as well as added security spending. But the fund hailed the fiscal adjustments that the country has put in place to deal with these shocks. “The authorities are responding to these challenges with a mix of fiscal adjustment and financing,” it says. (miriam.malek[a]wsj.com)
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