Iraq Gets USD3.6B IMF Loan

The International Monetary Fund is lending USD3.6 billion to Iraq to offset gaps in the country’s balance of payments as its economy reeled from the effects of conflict amid a U.S-led anti-terror campaign, Reuters reports.

Of the amount, some USD455 million in loans would be readily disbursed to buoy the economy as the country approached parliamentary elections in March. The new loan follows two IMF agreements for Iraq that amount less than USD1 billion each.

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    Tarra Quismundo

    Tarra Quismundo joined Devex Manila as a staff writer in October 2009 after more than six years of working as a reporter for the Philippine Daily Inquirer, a nationwide daily, for which she covered major breaking news in politics, military, police and international affairs. Tarra's Devex News coverage focuses on key Asian donors and top aid officials around the globe.