Iraq Approved IMF Measures to Unlock Loans

Iraq Approved IMF Measures to Unlock Loans

Iraq has approved measures requested by the International Monetary Fund to unlock loans that should help the country overcome a cash crunch caused by declining oil revenue, Reuters reported.

As the OPEC nation sought budget support from the international community after a collapse in oil prices, the IMF in May agreed to provide $5.4b over three years. However, the funds are conditional on Iraq’s implementing measures to cut spending, increasing non-oil revenue, and settling several billion dollars in arrears to oil companies, according to The Daily Star.

Baghdad expects the IMF board to approve the disbursement of a first tranche of about $600m by the end of June or early July. The agreement with the IMF should unlock a total of $18b in international assistance over three years, Finance Minister, Hoshiyar Zebari, said.


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