Iraq Seeks IMF Loan to Prop Up Its Economy
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Iraq Seeks IMF Loan to Prop Up Its Economy

ERBIL - Finance Minister Ali Allawi has revealed that his country is in talks with the International Monetary Fund for a $6 billion loan to prop up its economy.

During an interview in Baghdad earlier on Thursday, Allawi noted that Iraq is also able to ask for an additional $4 billion in low-cost loans through a different program related to government reforms, according to Bloomberg.

This comes as Iraq is suffering from a budget deficit of 71 trillion dinars for the current year.

However, the Iraqi finance minister pointed out that once the parliament approves the budget bill for the year 2021, the federal government can also apply for $2 billion in quick financing from a special IMP mechanism set up to assist those countries that have been affected by the coronavirus in terms of their economy.