The First Batch of Loan From IMF Received by Iraq on Tuesday

The First Batch of Loan From IMF Received by Iraq on TuesdayThe Economic & Financial advisor to the Iraqi Prime Minister, Muhammad Saleh has announced that Iraq has received the first financial aid of the IMF loan and its value is amounted at 600 million U.S dollars. He pointed out that this money will be used to overcome the Iraqi budget deficit problem. He further added in a press interview that the IMF has delivered the first batch of loan on Tuesday. This first batch of loan has received by Iraq from the International Monetary Fund and it is estimated at 634 million U.S dollars. He pointed out that this first batch is a part of the original approved loan of 5.3 billion U.S dollars.

Muhammad Saleh further added that this received money will open many doors including the issue of Iraqi federal budget deficit, to help displaced people and to provide support for Education & Health sector. The Iraqi Finance Minister Hoshyar Zebari had announced on 19th May 2016 that an agreement has been signed between Iraqi government and the World Bank in order to get a loan of more than 5.3 billion U.S dollars. He also pointed out that this loan would allow securing some additional financial assistance and it would reach at least 15 billion U.S dollars for the next three year. The Governor of Iraqi Central Bank had confirmed that the interest rate on this loan will be 1.5 percent per year.

Share This Post

Related Articles

· Designed by RF