IMF agrees to Iraq on the order worth $ 5.34 billion

July 8, 2016



The IMF said that its Executive Board approved a new arrangement under demand

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Friday, July 8, 2016 11:11
IMF: immediate exchange about $ 634 million for Iraq

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IMF: immediate exchange about $ 634 million for Iraq

Baghdad / follow Baghdadi News / .. The IMF said that its Executive Board approved a new arrangement under the request of Iraq for three years, worth $ 5.34 billion to support Baghdad's efforts in the face of low oil prices and to ensure the ability to service debt.

The IMF said in a statement that "The approval will enable an immediate disbursement of about $ 634 million under the program."

It is said that the International Monetary Fund and the World Bank agreed to grant loans to race according to several conditions.

Iraq was awarded in July 2015, about $ 1.24 billion under the rapid financing instrument program Alsabak.anthy 21 / m

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International Monetary give Iraq credit line worth $ 5.34 billion

History of edits:: 2016/7/8 12:51

[Where - Baghdad]

The IMF approved, to grant Iraq credit line worth $ 5.34 billion to help it overcome the financial crisis faced after the deterioration of oil prices and the war against terrorism.

The fund said in a statement, his Thursday July 7, that the Iraqi government will get the case on an initial loan of $ 634 million, while it must implement a series of economic reforms to get the rest of the installments of this assistance plan for three years.

The statement quoted Zhou Min, one of the assistant directors of the Fund, as saying: "Iraq's economy has suffered severely from the double trauma of the organization of the Islamic state and severe attacks decline in oil prices."

Fund expressed in his statement expressed concern about the arrears, especially the "big" accumulated on Baghdad, which is struggling to meet its financial obligations.

The fund was granted in Baghdad in July 2015 a loan of $ 1.24 billion to help the advancement of the public own finances. Under the previous rapid financing tool program.

Iraq is going through a financial crisis due to falling oil prices, which constitutes 90% of the public budget is paid to borrow from the International Monetary Fund and the World Bank and earned them about $ 15 billion received by over three years.

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