By John Lee.
Iraq has reportedly approved measures requested by the International Monetary Fund (IMF) to unlock loans of $5.4 billion over the coming three years.
An adviser to Prime Minister Haider al-Abadi told Reuters that the agreement is “on track“.
Among the measures approved is the settling of all arrears owed to foreign oil companies by the end of this year.
The funds are understood to be conditional on cuttng spending, increasing non-oil revenue, tax increases, higher charges for electricity, and better banking supervision to fight corruption and money laundering.
Baghdad expects IMF approval by the end of June or early July for the first tranche of about $600 million.
(IMF image via Shutterstock)