Iraq will get soft loans for long-period by IMF & World Bank

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The economic adviser to the Iraqi Prime Minister Muhammad Saleh confirmed the agreement between Iraq and the International Monetary Fund.

This agreement offers availability of gaining soft loans for long-term and it will be used for the execution and completion of development projects in the country. He also pointed out that the IMF will impose some conditions including decrease in the government expenses and modifications in some economic policies. Saleh further added in his press statement that Iraq is continuously consulting with the International Monetary Fund to get soft loans for long-term period to support financial stability in the country.

He stressed that this agreement is more supportive due to it is a positive sign for Iraq in building trust and getting loans from the international financial community. He further added that those loans would be very low in its cost, but it would provide more benefits to Iraq due to long-time to repay. He pointed out that Iraq has signed an agreement with the International Monetary Fund (IMF) that IMF would monitor the Iraqi economic policy. He also predicted that it is also possible that funding amount size might be increased to larger size. It would allow getting soft loans from the IMF and the World Bank. He added that those funds would be utilized for the development in the energy and industry sectors due to these elements are directly related to Iraqi people.

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