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The Middle East and North Africa region is facing challenging times because of lower oil prices, the fallout from regional tensions and civil conflict, the International Monetary Fund said Tuesday.The IMF said in its World Economic Outlook report that a modest recovery in oil prices was likely to have little impact on growth in MENA oil-exporting countries.The IMF increased its 2016 growth forecasts for the Islamic republic to 4.5 percent, from 4.0 percent in April.In Iraq, the growth forecast for this year was lifted to a strong 10.3 percent due to higher than expected oil production, but growth projections in 2017 were severely lowered to just 0.5 percent because of security challenges and lower investments in the oil sector, the IMF said.
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