World Bank to Lend Iraq $1.7bn

By John Lee.

The World Bank had reportedly agreed to lend Iraq $1.7 billion (2.0 trillion Iraqi dinars) to help meet its budget deficit.

$1 billion of the amount will be a Development Policy Loan (DPL), with a further $350 million allocated to reconstruction and restoring stability to areas liberated from the Islamic State (IS, ISIL, ISIS), and another $350 million to build the Umm Qasr-Basra road.

The Ministry of Finance noted that the government will take a series of economic reform measures to avoid wastage and rationalise expenditure.

(Source: Reuters)

(Dollars image via Shutterstock)

Comments are closed.