Iraq would get a soft loan for next 3 years: IMF

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On Tuesday, the President of the IMF mission in Iraq, Christian Gooch has announced that International Monetary Fund has agreed to grant a loan for next three years.

Routers news agency reported that Iraqi will be able to get soft loan which is estimated at 15 billion U.S dollars. The third portion of the amount will be provided by the IMF and rest will be provided by other donors and International financial institutions. He added that next discussion session is expected in Washington in the month of April and after finalizing the agreement according to demand, the approval will be given by the Board of IMF in the month of June 2016.

IMF

The President of IMF Gooch added that discussion sessions were progressive between Iraqi government and the International Monetary Fund. These discussions were started in the month of November 2015 in order to get soft loan for next three years. He added that the amount of loan will be given to Iraq by various sources including the IMF, the World Bank, G-7 Group, Gulf States and the United States. He confirmed that Iraq demanded for a grant of 15 billion U.S dollars for the time period of next three years. He also predicted that Iraq will be able to get at least five billion U.S dollars in this year and remaining amount will also be provided soon. Most of the financial and economic experts believe that this amount would provide a handsome support to economic condition in the country. it would also stabilize the Iraqi Dinar exchange rate and a rise is also expected in the Iraqi domestic currency markets. So, most of the Iraqi dinar investors predicted that it is the perfect time to Buy Iraqi Dinar.

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