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Tags: ML | Iraq | Economy

IMF Announces $5.4B Loan over 3 Years to Iraq

Thursday, 19 May 2016 09:10 AM EDT

AMMAN, Jordan (AP) — The International Monetary Fund says it is lending $5.4 billion over three years to Iraq, which has been hit hard by a sharp drop in oil prices.

IMF official Christian Josz made the announcement at a news conference Thursday in Jordan.

Iraq's oil-reliant economy has been knocked hard by plummeting oil prices in international markets. The drop has wreaked havoc on the country's national budget, financed almost entirely by oil revenues.

Large-scale land grabs by the extremist Islamic State group since 2014 exacerbated economic decline, forcing the Iraqi government to divert large sums to fighting the militants.

In 2016, Iraq has a budget of close to $90 billion, with a deficit of about $20.5 billion. The government hopes to narrow the spending gap with loans from local and international lenders.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
The International Monetary Fund says it is lending $5.4 billion over three years to Iraq, which has been hit hard by a sharp drop in oil prices.IMF official Christian Josz made the announcement at a news conference Thursday in Jordan.Iraq's oil-reliant economy has been...
ML,Iraq,Economy
133
2016-10-19
Thursday, 19 May 2016 09:10 AM
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