On Wednesday, the International Fund announced that IMF would deliver a large amount of loan in the year 2016 to support Iraq for its financial stability.
The International Monetary Fund further added that Iraq will not face any critical fluidity risk in near future. Masood Ahmed, the managing director of IMF for the Middle East and Central Asia said that a special team of the International Monetary Fund would discuss in the next with Iraqi officials in order to find more ways for the development in Iraq and our IMF experts are monitoring the development programs and economic policies in the country.
Masood Ahmed further added that the IMF will provide a handsome loan to Iraq in 2016 to help the Iraqi government in order to maintain financial sustainability in the country. The Iraqi government is suffering badly due to a continuous downfall in the global oil prices and war against terrorist organizations Daash and Islamic State. He further added that we have made a record of the implementations of economic and financial policies on the basis of another funding program by the International Monetary Fund in the year 2016.
Point to be noted that this new loan will be delivered as emergency funding and fund for Iraq was approved in the month of July 2015 and it is estimated at 1.24 billion U.S dollars. He added that we are observing that Iraq is not in a dangerous position because Iraqi government can postpone the projects of investment and could depend only from financing the Iraqi Central Bank. The Iraqi government should prepare a feasible plan to reform its financial institutions and the IMF would provide support in this process.