Iraq, World Bank Still in Talks Over Budget Assistance

Iraq is still in talks with the World Bank regarding a loan that will help cover the deficit in the country’s budget, the country’s central bank governor said.

Sinan al-Shabibi explained that discussions between the two parties are ongoing, according to Business Week. 

“The government would like to depend on its resources and is waiting for developments in oil prices,” the banker added.

In February, the International Monetary Fund approved a USD3.5 billion loan to help cover Iraq’s budget deficit, which resulted from a drop in the country’s oil revenues.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.