Iraqi Fin Min: IMF Granted $5 Billion To Iraq For Budget

Iraqi Fin Min: IMF Granted $5 Billion To Iraq For Budget
October 6, 2009

ISTANBUL (Zawya Dow Jones)--Iraq has been granted $5 billion by the International Monetary Fund to support the government's budget, Iraqi Finance Minister Baker al-Zubaidy said Tuesday.

"We reached an agreement on an IMF loan for about $5 billion," he told reporters in Istanbul, speaking on the sidelines of the IMF's annual meeting. The funds will be disbursed between 2010 and 2011, he said. "We will not spend on the oil or electricity sector [any more]," he said, adding that such projects will be financed through the private sector.

Al-Zubaidy also said he has been meeting with French Finance Minister Christine Lagarde to discuss the country's investments in Iraq's oil sector.

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200910060603dowjonesdjonline000170&title=iraqi-fin-min-imf-granted-5-billion-to-iraq-for-budget

so they finally did sign the loan

Okay folks, here is another one that states just the opposite. Who do we believe, lol.


UPDATE 1-IMF, Iraq aim for loan deal in 'coming weeks’—IMF
Tue Oct 6, 2009 8:40pm IST


ISTANBUL, Oct 6 (Reuters) - Talks between the International Monetary Fund and Iraq on an IMF-funded loan programme were making progress and the sides are aiming to reach an agreement "in coming weeks," an IMF spokeswoman said on Tuesday.

IMF and Iraqi officials met on the sidelines of IMF and World Bank meetings in Istanbul and have planned further discussions, the spokeswoman said. Iraq has said it is seeking a $5.5 billion IMF programme.

"We made good progress in Istanbul," the spokeswoman said. "Discussions will now continue, with the aim of reaching a staff-level agreement in the coming weeks."

Mudher Salih Kassim, senior advisor to the Iraqi central bank, last week expressed concern that Iraq will not be able to meet IMF conditions for the loan.

The country relies on oil exports for most of its state revenues and desperately needs funding to rebuild its economy after years of sectarian conflict and insurgency triggered by the 2003 U.S. invasion.

An IMF program would signal confidence in the government's economic plans as the country also courts foreign investors.