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IMF says it is making headway in the talks of the Iraq Program
A spokeswoman for the International Monetary Fund said on Friday that there was broad agreement between the Fund and Iraq on some areas of the new program of the Fund including the management of public finances and the banking sector.
The spokeswoman told Reuters that the mission of the Fund would continue talks with the Iraqi authorities may at the end of September or early October. The talks will focus on the draft budget for 2010 and the reforms planned for the next two years.
The spokeswoman said "good progress during the mission in late July (July), where there was broad agreement on the main criteria for macroeconomic and structural reforms, particularly in the ... public financial management and banking sector."
Iraq has said it is seeking to program loans worth $ 5.5 billion with the IMF over the past 18 months will be the largest financing agreement entered into by the Fund with the new Iraqi government. Reached by Iraq to the agreements with the IMF loans, each worth less than a billion dollars.
The spokeswoman said the Fund "will be very important in order to ensure the preparation of the program co-financing from other donors."
Iraq relies on oil exports to earn more than 95 percent of state revenue and in desperate need of funding to rebuild the country after years of sectarian violence and insurgent attacks since the U.S. invasion in 2003.
The talks come on the program with the IMF at a time when Iraq is seeking to attract foreign investment and such a program would give some credibility to the economic policies of the government.
IMF says it is making headway in the talks of the Iraq Program
A spokeswoman for the International Monetary Fund said on Friday that there was broad agreement between the Fund and Iraq on some areas of the new program of the Fund including the management of public finances and the banking sector.
The spokeswoman told Reuters that the mission of the Fund would continue talks with the Iraqi authorities may at the end of September or early October. The talks will focus on the draft budget for 2010 and the reforms planned for the next two years.
The spokeswoman said "good progress during the mission in late July (July), where there was broad agreement on the main criteria for macroeconomic and structural reforms, particularly in the ... public financial management and banking sector."
Iraq has said it is seeking to program loans worth $ 5.5 billion with the IMF over the past 18 months will be the largest financing agreement entered into by the Fund with the new Iraqi government. Reached by Iraq to the agreements with the IMF loans, each worth less than a billion dollars.
The spokeswoman said the Fund "will be very important in order to ensure the preparation of the program co-financing from other donors."
Iraq relies on oil exports to earn more than 95 percent of state revenue and in desperate need of funding to rebuild the country after years of sectarian violence and insurgent attacks since the U.S. invasion in 2003.
The talks come on the program with the IMF at a time when Iraq is seeking to attract foreign investment and such a program would give some credibility to the economic policies of the government.