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The IMF and the Iraqi authorities have reached agreement on a three-year $5.4bn standby arrangement (SBA) that could release further international assistance. The agreement covers a program of economic and financial policies “that will bring spending in line with the lower level of oil prices and ensure debt sustainability,” the IMF says.
The IMF also intends the funds to help develop a more robust financial system, tackle corruption and provide assistance to the poorest elements in Iraqi society.
Furthermore, it stipulates that Iraq must provide timely payments to IOCs operating in the country’s oil sector. This is intended to secure future IOC investment in the country, where strong economic growth is dependent on the oil sector. (CONTINUED - 736 WORDS)