Updated : 10:28 AM, 02/25/2010
IMF approves US$3.6 billion loan for Iraq
The International Monetary Fund on February 24 approved a US$3.64 billion loan for Iraq as the economy struggles with lower revenues from a sharp drop in oil prices and uncertainty in the lead-up to March 7 parliamentary elections.
The IMF mission chief to Iraq, Ron van Rooden, said the loan would help plug financing needs of close to US$5 billion until the end of 2011.
In addition to the IMF money, the gap would be filled by funding from the World Bank and other small donors, he said. The World Bank is set to meet on February 25 to discuss its strategy for Iraq.
The IMF said it would immediately disburse about US$455 million of the loan to Iraq. Iraq has had two previous IMF arrangements of less than US$1 billion each.
IMF approves US$3.6 billion loan for Iraq
The International Monetary Fund on February 24 approved a US$3.64 billion loan for Iraq as the economy struggles with lower revenues from a sharp drop in oil prices and uncertainty in the lead-up to March 7 parliamentary elections.
The IMF mission chief to Iraq, Ron van Rooden, said the loan would help plug financing needs of close to US$5 billion until the end of 2011.
In addition to the IMF money, the gap would be filled by funding from the World Bank and other small donors, he said. The World Bank is set to meet on February 25 to discuss its strategy for Iraq.
The IMF said it would immediately disburse about US$455 million of the loan to Iraq. Iraq has had two previous IMF arrangements of less than US$1 billion each.