October 6, 2009
Iraq Finance Minister:IMF Grants Nation $5 Billion For Budget
ISTANBUL-- Iraq has been granted $5 billion by the International Monetary Fund to support the government's budget, Iraqi Finance Minister Baker al-Zubaidy said Tuesday.
"We reached an agreement on an IMF loan for about $5 billion," he told reporters in Istanbul, speaking on the sidelines of the IMF's annual meeting.
The funds will be disbursed between 2010 and 2011, he said. "We will not spend on the oil or electricity sector [any more]," he said, adding that such projects will be financed through the private sector.
An IMF spokesman said that good progress had been made during talks in Istanbul and that discussions would continue with the aim of reaching a staff-level agreement in coming weeks.
Al-Zubaidy also said he has been meeting with French Finance Minister Christine Lagarde to discuss the country's investments in Iraq's oil sector.
