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IMF approves $3.6 billion loan for Iraq
February 25, 2010
The International Monetary Fund on Wednesday approved a $3.6 billion loan program for Iraq to cover balance of payments needs.
The IMF said it would immediately disburse about $455 million of the loan to the Iraqi authorities and comes as Iraq faces a crucial parliamentary elections on March 7.
The country has had two previous IMF arrangements of less than $1 billion each.
Iraqi officials said last year the government was seeking a $5.5. billion loan program from the Fund, when oil prices were lower.
The country relies on oil export for more than 95 percent of state revenues and desperately needs funds to rebuild after years of conflict and an insurgency triggered by a 2003 U.S. invasion.
Source: Reuters
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