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The IMF has provisionally agreed to provide Iraq with $833mn of emergency assistance under the fund’s Rapid Financing Instrument (RFI), the IMF’s Iraq mission chief Carlo Sdralevich says. The agreement is subject to IMF management approval – expected next month.
“The fund is ready to assist Iraq in its efforts to tackle the economic impact of the conflict with ISIS and the decline in global oil prices,” Mr Sdralevich says in a 5 June statement, released following consultations in ‘Amman, Jordan with Iraqi Finance Minister Hoshyar Zebari and acting central bank chief ‘Ali ‘Allaq.
“Mainly because of the violence” Iraq’s GDP contracted by 2.1% in 2014 and will only recover modestly by 0.5% in 2015, the IMF says. This is despite this year’s sharp uptick in crude output and exports – with both hitting all-time highs last month (see p2). (CONTINUED - 372 WORDS)