Iraq gets initial accord for $3 billion Islamic Development Bank loans
May 26, 2016 9:20 am
Iraq has received its initial accord for the $3 billion easy loans and grants agreement from the Islamic Development Bank. The fund will help the nation cope with a severe fall in oil revenue, a central bank spokesman said in an email.
Earlier this month, Iraq agreed a $5.4 billion standby loan with the IMF. Finance Minister Hoshyar Zebari said the IMF loans could unlock $15 billion more in international assistance over the next 3 years.
Since mid-2014, the country has been blown by low oil prices. Iraq is also expected to have a financing gap of $17 billion this year unless it can secure more funding, an IMF document revealed.
The material has been provided by InstaForex Company – www.instaforex.com
Iraq has received its initial accord for the $3 billion easy loans and grants agreement from the Islamic Development Bank. The fund will help the nation cope with a severe fall in oil revenue, a central bank spokesman said in an email.
Earlier this month, Iraq agreed a $5.4 billion standby loan with the IMF. Finance Minister Hoshyar Zebari said the IMF loans could unlock $15 billion more in international assistance over the next 3 years.
Since mid-2014, the country has been blown by low oil prices. Iraq is also expected to have a financing gap of $17 billion this year unless it can secure more funding, an IMF document revealed.
The material has been provided by InstaForex Company – www.instaforex.com
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