IMF okays $3.6b loan for Iraq

25 Feb 2010

(MENAFN) The International Monetary Fund (IMF) announced granting a $3.64 billion loan for Iraq in a bid to help revive the country’s shattered economy, Reuters reported.

The IMF Mission Chief to Iraq, Ron van Rooden, said that the loan would help plug financing needs of close to $5 billion until the end of 2011.

In addition to the IMF’s loan, the deficit would be filled by funding from the World Bank and other small donors, Rooden said, adding that the agency would immediately disburse around $455 million of the loan.

Iraq’s economy has been struggling with lower revenues from a steep decline in oil prices and uncertainty in the lead-up to March 7 parliamentary elections. The country has had two previous IMF arrangements of less than $1 billion each.

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