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Page added on May 15, 2016
Iraq Sees $15 Billion in Aid Through 2017 as IMF Deal Looms
Iraq’s possible loan accord with the International Monetary Fund may unlock at least $15 billion in aid this year and next, central bank chief Ali al-Allaq said, helping OPEC’s second-biggest producer repair finances battered by cheap oil and the war with Islamic State militants.
Allaq said in an interview in Beirut he expects Iraq to receive $10 billion in IMF and World Bank assistance. A further $5 billion pledge may come from the Group of Seven meeting in Tokyo this month, he said.
“They will discuss supporting Iraq, but that’s linked to how convinced they are of the commitments” the country is undertaking under the IMF accord, he said. “So in total, we will receive $15 billion, possibly more, in 2016 and 2017.”
IMF officials are holding talks with the government this week in Jordan over a stand-by loan deal. If successful, Iraq will be the first major oil producer in the Middle East to secure a loan accord with the Washington-based lender.
Oil producers from Venezuela to Riyadh have slashed spending to counter the plunge in crude prices. For Iraq, the challenge was compounded by a costly war against IS militants, who captured swathes of the country’s territories to set up a so-called Islamic caliphate.
Baghdad Protests
The country is also mired in political turmoil. Hundreds of protesters pulled down blast walls and forced their way into Baghdad’s Green Zone — which houses embassies, the Iraqi parliament and government ministries — on April 30 to demand more efforts to fight corruption and to protest what they regard as sectarianism in cabinet appointments.
Allaq said he has seen “no signs” that the unrest could affect talks with the IMF.
Iraq is rated B- at S&P Global Ratings, six levels below investment grade. The yield on the country’s $2.7 billion Eurobonds due in 2028 has declined 33 basis points this year to 10.4 percent, according to data compiled by Bloomberg.
8 Comments on "Iraq Sees $15 Billion in Aid Through 2017 as IMF Deal Looms"
onlooker on Sun, 15th May 2016 11:59 am
Iraq is a textbook example of the type of country subjected to the Shock Doctrine and disaster Capitalism. It has been utterly destroyed and in its wake they are constructing an entity (not country) which will be basically totally subservient to and dependent on the Western Neo-liberalism economic model (debt). The Transnationals savor the resources of this country especially the Oil and so it will run totally by and for Western Imperialistic interests. Never mind what its people want.
Survivalist on Sun, 15th May 2016 4:22 pm
I was under the impression that IMF policy prohibits lending to states engaged in civil war. The first exception the IMF made was Ukraine. Now Iraq. The IMF is taking on increasingly risky loans. Another rough indication that the human economic-political system is increasingly stretched beyond tolerable limits.
makati1 on Sun, 15th May 2016 6:32 pm
Survivalist, the IMF is an arm of the Us. It is designed to put countries under perpetual debt they can never repay. Financial slavery that every American should be familiar with. As onlooker said, it is all about Western power and dominance, not aid.
onlooker on Sun, 15th May 2016 6:46 pm
If you want a good glimpse of how well the strategy of Debt Enslavement has worked just google Central bank in how many countries. You will find that of all the countries in the world about only two are left without a Central Bank. All Central Banks are ultimately owned privately by elite wealthy owners like the Rothchilds.
Go Speed Racer on Sun, 15th May 2016 8:46 pm
Yeah. Me too. I was just thinkin why do the Iraqi’s all of a sudden want to go into debt. To a bunch of New York bankers? And spend that money on what? Dried camel crap? Looks like another nasty swindle. The real problem is why do the 62 guys own half of everything on the planet, and the other half is owed to them on debts. 100% sicko ugly nation and ugly leaders.
Like Hillary the bitch. Life is a bitch, so don’t elect one. Vote Trump, his gross incompetence will be pleasantly refreshing and better than anything we have now..
joe on Mon, 16th May 2016 12:22 am
America owes Iraq reparations. Bush and the Neocons ignored all the advice they got.
https://en.m.wikipedia.org/wiki/David_Kelly_(weapons_expert)
A few million jihadis crossing into Europe is a small price to pay for the enormous evil they inflicted on the world.
No country wants to be responsible for a nuclear war, so instead we are destroying it.
The Paris Attacks, Charlie Hebdo, Bali, Isis, and now Syria, London bombs, Madrid bombs, massacres, this week militants blew up a cafe where the only crime was watching soccer. A few months ago they blew up a load of kids for playing soccer. Americas great contribution is that its created a bunch of anti-soccer and kid muderer barbarians.
https://en.m.wikipedia.org/wiki/Judith_Miller
How do these so called elites live with themselves, ill never know. I guess they must all be sick psychopaths.
Anonymous on Mon, 16th May 2016 6:57 am
Prior to the illegal uS invasion, Iraq was a profitable nation. Iraq actually made money, just by switching its oil sales to Euros, let alone selling product. That all a came to screeching halt, along with everything else once the uS decided to put a stop to all that economic independence the Iraqi leadership was displaying.
Just make some noise about ‘terrorists’, WoMD, and say 9-11 a few thousand times and the uS army was already on its way….
Like you all say, once the uS disaster capitalits took over, there was no hope for Iraq….
onlooker on Mon, 16th May 2016 7:04 am
did not Khaddafi in Libya make the same mistake of trying to become a little independent from the US and also helping his people a little too much, so they smeared him then they also came with the big guns to “help” oust this “terrible” dictator.