| 2008: IMF agreed to lend Iraq more than 746 million dollars |
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September 25, 2008 The International Monetary Fund agreed to lend Iraq an amount of 746 million and 300 thousand dollars. The IMF said in a statement: "The economic prospects for Iraq are improving," adding that "the improved security conditions contribute to increase oil production and exports while diminishing the inflation rates." The Fund agreed on "a first review of the Fund's program performance to lend Iraq an amount over $ 746 million and 300 thousand dollars, by the commitment of the Iraqi authorities to economic targets in spite of its failure to achieve targets related to salaries and pensions law." The statement added that further economic progress depends on further improvement of security conditions in Iraq and the safe management of oil revenues and taking the reform measures. Takatoshi Kato, the Deputy Managing Director of the International Monetary Fund said in the statement: that after several difficult years, the economic prospects of Iraq began to improve, as authorities continue to implement its economic program in 2008. He added that the increase of salaries for civil employees will be implemented gradually over 2008 and 2009 to avoid causing a very rapid growth of the economy. Source: Iraq Directory |