IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq

IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq
Press Release No. 12/286
August 3, 2012

The Executive Board of the International Monetary Fund (IMF) approved on July 20, 2012—on a lapse-of-time basis1—a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013.

The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the policy measures needed to complete the combined third and fourth reviews under the SBA. The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the exchange regime.

The two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.58 billion), was approved by the IMF's Executive Board on February 24, 2010 (see press release 10/60). The IMF's Executive Board completed the first program review on October 1, 2010 (see press release 10/373), and the second review on March 18, 2011 (see press release 11/90). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs. Total resources currently available to Iraq under the arrangement amount to the equivalent of SDR 1307.24 million (about $1.96 billion).

1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.


http://www.imf.org/external/np/sec/pr/2012/pr12286.htm

IMF extends loan Iraq until 2013

| On 2012-08-04 | by David Muhannad Log In | 3 |
صندوق النقد يمدد قرض العراق حتى 2013

Integrity electronic / Baghdad

Extended by the International Monetary Fund said on Friday a loan agreement for Iraq seven months to February 23, 2013 to give the government time to implement measures to improve the functioning of the exchange rate regime in the country.

The IMF said in a statement that changes to the agreement, which expired on July 23 last was at the request of the Iraqi government. The fund added that the total available funding for Iraq amounts to about $ 1.96 billion.


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