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FINANCIAL NEWS
IMF confirms USD5.3bn arrangement for Iraq
10 Jul 2016
(MENAFN) The Intl’ Monetary Fund approved a three-year, USD5.34bn standby arrangement for Iraq in order to support Baghdad to deal with lower oil prices.
Accordingly, the approval will permit for the immediate payment of almost USD634mn under the program, while the country received USD1.24bn.
However, the Iraqi economy was affected by the double shock arising from the ISIS attacks and the drop in global oil prices.
Moreover, the program also requires Iraq to have notable steps to enhance anti-corruption laws and to prevent money laundering and face the financing of terrorism.
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