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BatmaninIraq
07-10-2016, 10:46 AM
IMF calls on the Government of Abadi to achieve reforms in exchange for loans

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July 9, 2016
BAGHDAD / News Network Iraq and the IMF agreed on Saturday to give Iraq a line of credit worth $ 5.34 billion to help it overcome the financial crisis faced after the deterioration of oil prices and the war against Alarhab.ooodh Fund said in a statement, that the Iraqi government will take place in case a loan an initial value of $ 634 million, while it must implement a series of economic reforms to get the rest of the installments of this assistance plan for three years.

The statement quoted Zhou Min, one of the assistant directors of the Fund, as saying: "Iraq 's economy has suffered severely from the double trauma of the organization of the Islamic state and severe attacks decline in oil prices." Fund expressed in his statement expressed concern about the arrears ,especially the "big" accumulated on Baghdad , which is struggling to meet its financial obligations.The fund was granted in Baghdad in July 2015 a loan of $ 1.24 billion to help the advancement of the public own finances. Under the previous rapid financing tool program. Iraq is going through afinancial crisis due to falling oil prices , which constitutes 90% of the public budget is paid to borrow from the International Monetary Fund and the World Bank and earned them about $ 15 billion received by over three years.