The International Monetary agrees on $833 million loan to Iraq
Representational file photo.
(IraqiNews.com) Baghdad – The International Monetary Fund has reached an agreement on Friday with Iraq for a $833 million loan program that should help the country with its finances and increase investor confidence.
Head of the negotiating mission in the International Monetary Fund Carlo Sdralvic said, “The International Monetary Fund is ready to help Iraq in its efforts to address the economic effects of the current military operations against ISIS and address the effects of the fall in world oil prices.”
The International Monetary Fund stated, “The armed struggle against ISIS still represents pressure on Iraq’s resources”, indicating that, “this has created a humanitarian tragedy with the displacement of nearly 3 million people.”
The International Monetary Fund added, “The violence caused catastrophic damage to infrastructure.”
The government expects a deficit of about $ 25 billion in the current year budget of about $ 100 billion.