The International Monetary Fund (IMF) could approve a standby arrangement (SBA) with Iraq as early as June, unlocking $15b in international assistance over the next three years, the head of the IMF’s Iraq mission told Reuters.
The structure of the deal is already in place, according to IMF’s representative, Christian Josz. He said that the package of assistance, nearly one third of it from the IMF and the rest from international groups and donor countries, would be in line for approval by the board if talks with Iraq go well.
“If we conclude the discussions in April in Washington I think we could present an agreement of the standby arrangement for the approval of the board of the IMF in June,” Josz added.
Iraq Oil Report reported that ahead of the agreement, Iraqi Finance Minister Hoshiyar Zebari said that the Iraqi government is expected to push faster with fiscal reforms to overcome a financial crisis prompted by the fall in oil prices, the mainstay of the country’s income.