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Islamic development bank approved $3 billion loans to Iraq
15 Jun 2016
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As per reports, Islamic development bank has provided its initial agreement in giving $3 billion in easy loans and grants to Iraq. Iraq’s economy is down ridden due to global oil price slump. This has been reported by a spokesperson of Central bank in Baghdad.
He, however, denied providing any further details on this.
Earlier, Iraq agreed a $5.4 billion standby loan with the International Monetary Fund. Hoshyar Zebari, Finance Minister of Iraq, stated that the IMF loans could unlock $15 billion more in international assistance over the next three years.
Iraq's economy has been hit by the plunge in oil prices since mid-2014 and the country is expected to have a financing gap of $17 billion this year unless it can secure more funding. The cost of fighting Islamic State militants is another burden on the budget.
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