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    The seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015

    IMF Approves Disbursement of $825Mln to Iraq

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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.

    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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