View Full Version : IMF to provide 3.6-billion-dollar loan to Iraq

02-24-2010, 04:20 PM
24/02/2010 21:42 WASHINGTON, Feb 24 (AFP)

The International Monetary Fund on Wednesday approved a 3.6-billion-dollar loan to Iraq to help the war-torn country meet pressing finance needs.

The IMF executive board approved a two-year so-called Stand-By Arrangement for Iraq for about 3.6 billion dollars "to cover the country's balance of payments needs," the Washington-based institution said in a statement.

The action makes about 455 million dollars "immediately" available to the Iraqi authorities, it said.

The new loan follows a 15-month program supported by a Stand-By Arrangement initially approved on December 20, 2007 and which expired on March 18, 2009.

"The successor arrangement is designed to support Iraq's economic program over the next 24 months through February 23, 2012," the IMF said.