By John Lee.
Following the dismissal of Iraqi Finance Minister Hoshyar Zebari, the International Monetary Fund (IMF) has said it remains committed to working with Iraq on implementing a $5.34 billion loan.
Bloomberg quotes IMF mission chief Christian Josz as saying that the Stand-by Arrangement (SBA) was approved in July, “and we are committed to working with the authorities to implement it.”
Mr. Gerry Rice, Director of Communications at the IMF, issued the following statement on Wednesday:
“IMF Managing Director Christine Lagarde met on September 21 with Iraq’s Prime Minister Haidar Al-Abadi in New York on the sidelines of the United Nations General Assembly meetings. During the meeting, they discussed Iraq’s IMF-supported economic reform program that was approved by the Executive Board on July 7, 2016.
“The Managing Director welcomed the Iraqi authorities’ economic program, which is being supported by a $5.34 billion Stand-By Arrangement (SBA) from the Fund approved in July 2016. The Managing Director and the Prime Minister exchanged views on how the SBA can help Iraq address the shocks posed by violent attacks and the drop in global oil prices.
“The Managing Director reiterated the importance of strong commitment to sound policies and decisive action on key reforms that are crucial to yield the largest gains for Iraq’s population.”
(Sources: IMF, Bloomberg)