ECONOMY

IMF agrees on $833 million loan to Iraq

a worker walks through the nearly-complete waste water treatment site in Fallujah, Iraq. (File: AP)

The International Monetary Fund reached an agreement on Friday with Iraq for a $833 million loan program that should help the country with its finances and increase investor confidence.

The program, which must still be reviewed by the IMF's board next month, would help Iraq cope with the plunge in oil prices since last year, and the violence tied to the Islamic State insurgency, the IMF said.

The Iraqi government has projected a budget deficit of about $25 billion this year, in a budget of some $100 billion.

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Last Update: Saturday, 6 June 2015 KSA 08:57 - GMT 05:57
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IMF agrees on $833 million loan to Iraq
The program, which must still be reviewed by the IMF's board next month, would help Iraq cope with the plunge in oil prices
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