IMF Approves Disbursement of $825Mln to Iraq

© AFP 2022 / MANDEL NGANThe seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015
The seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015 - Sputnik International
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The IMF said that its executive board has approved the disbursement of $824.8 million to Iraq upon completing the second review of the country’s stand-by arrangement.

The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016 - Sputnik International
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WASHINGTON (Sputnik) — The executive board of the International Monetary Fund (IMF) has approved the disbursement of $824.8 million to Iraq upon completing the second review of the country’s stand-by arrangement, the IMF said in a release on Tuesday.

"The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million," the release stated.

The Fund highlighted the need for Iraq to implement measures to counter money-laundering, terrorism financing, and enhance anti-corruption laws.

In July 2016, the IMF approved $5.34 billion arrangement for Iraq, which aims to assist Iraq with economic reforms and restore fiscal balance.

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