IMF grants Iraq $741M loan
October 3, 2010 - 0 comments
Baghdad -- The International Monetary Fund agreed to provide Iraq with a $741 million loan, citing the country for its economic stability.
The loan is part of a $3.7 billion loan that has been agreed to in principle, the British Broadcasting Corp. reported Saturday.
The IMF said, "Iraq has continued to make good progress in rebuilding key economic institutions and maintaining macroeconomic stability, under very difficult circumstances."
About 90 percent of Iraq's income comes from its oil industry. It is struggling to rebuild, however, after seven years of armed conflict.
Copyright 2010 United Press International,
Post new comment