Saleh reveals the mechanism for obtaining loans from the International Monetary Fund



Baghdad / Al-Mawred News

The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, revealed today, Wednesday, the mechanism for obtaining loans from the International Monetary Fund.

Saleh said in a press statement, that “part of the loan that Iraq gets from the International Monetary Fund is called the accelerated financing method, pointing out that” when the fund sees any country that has a large deficit in the current account in the balance of payments, it provides a soft loan. ”

He added that “the loans that he will receive were two billion dollars, and there are four billion more, stressing that these loans come to reform the Iraqi economy.”

And that “the white paper is consistent with any reform program, this depends on the  money that comes from the IMF, pointing out that the funds are called precautionary, that is, when Iraq needs to withdraw from it according to its need.”

He pointed out that “Iraq has conducted about five agreements with the International Monetary Fund after 2003, three of which are credit readiness, one after conflicts and another called the Staff Monitor, stressing that they were successful agreements.”

He continued, “There is continuous cooperation between Iraq and the International Monetary Fund, as Iraq is a founding country of the Fund since 1945 and it is an active and important member in the Middle East region.”

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