IMF LOAN FOR IRAQ

IMF LOAN FOR IRAQ

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August 10, 2022

The International Monetary Fund approved a $3.64 billion loan for Iraq.
The loan would help plug financing needs of close to $5 billion until the end of 2011.  In addition to the IMF money, the gap would be filled by funding from the World Bank and other small donors, he said. The IMF said it would immediately disburse about $455 million of the loan to Iraq.  A sharp drop in global oil prices from their 2008 highs was especially hard on the government’s coffers. Iraq’s budget is based on an oil price of $62.50 a barrel. Should prices rise above that, pressures to finance the budget from external sources would ease. Prices have been volatile over the last two years and nobody knows where they are headed.