IMF deal to lower Iraq’s fiscal, balance of payment challenges: Moody‘s

International Monetary Fund Managing Director Christine Lagarde speaks in a news conference after the International Monetary and Financial Committee conference at the World Bank in Washington. (File Photo: AP)

A $5.34 billion standby agreement from the International Monetary Fund will lower Iraq’s fiscal and balance of payment challenges, Moody’s said on Thursday.

“The agreement is credit positive for Iraq because it will improve liquidity at a time of heightened fiscal and balance-of-payments risks,” the rating agency said in a statement.

The deal, which the IMF’s executive board approved last week, could unlock $15 billion more in international assistance over the next three years to help an economy hit by the plunge in oil prices since mid-2014 and a costly battle against Islamist militancy.

Last Update: Wednesday, 20 May 2020 KSA 12:04 - GMT 09:04