IMF approves $1.24bn Iraq emergency lifeline

GMT 17:15 2015 Thursday ,30 July

Arab Today, arab today IMF approves $1.24bn Iraq emergency lifeline

Iraq emergency lifeline
Washington - Arab Today

The International Monetary Fund approved a $1.24 billion emergency loan for Iraq Thursday, saying the country needs extra support in the face of the Islamic State insurgency and depressed oil prices.

"The twin shocks faced by Iraq from the ISIS (Islamic State) insurgency and the drop in global oil prices have severely widened the government deficit and caused a decline in international reserves," said IMF Deputy Managing Director Mitsuhiro Furusawa.

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