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FINANCIAL NEWS
IMF extends $741m loan to Iraq
05 Oct 2010
(MENAFN) The International Monetary Fund (IMF) said that it has agreed to provide Iraq with a $741 million loan, citing the country for its economic stability, part of a $3.7 billion loan that has been agreed to in principle, AP reported.
The IMF said in a statement that Iraq has continued to make good progress in rebuilding key economic institutions and maintaining macroeconomic stability, under very difficult circumstances.
About 90 percent of Iraq’s income comes from its oil industry. It is struggling to rebuild, however, after seven years of armed conflict.
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