21:22 GMT05 July 2020
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    IMF said that it has reached a staff-level agreement on $5.4 billion assistance package to Iraq.

    WASHINGTON (Sputnik) — The International Monetary Fund (IMF) has reached a staff-level agreement on $5.4 billion assistance package to Iraq, the IMF said in a press release on Thursday after concluding its mission to the country.

    "Iraq could have access to IMF credit amounting to SDR 3.894 billion (about US$5.4 billion) subject to the finalization of the macroeconomic framework and financing assurances," the fund stated.

    IMF Mission Chief for Iraq Christian Josz said the country’s economy has been hit hard by the conflict with the Islamic State jihadist group, outlawed in the United States and Russia, as well as low oil process.

    Josz explained that the Iraqi authorities and the IMF have worked out a 36-month Stand-By Arrangement (SBA) of reforms to bring spending in line with the current oil prices and ensure sustainability of the country’s debt.

    "The IMF Board could consider the three-year SBA once agreed prior actions have been implemented, in June or July," he added.

    In July 2016, the IMF provided Iraq with $1.2 billion under the Rapid Financing Instrument program.


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