Sudanese advisor announces full repayment of IMF loans, 17 MAY

  Sudanese advisor announces full repayment of IMF loans

5/16/2024   Baghdad

Today, Thursday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, outlined the loans provided by the International Monetary Fund to Iraq since 2003, while noting that their total did not exceed 8 billion dollars, confirming that they were repaid in full.

Saleh said, in a statement followed by “Al-Iqtisad News”: “Since 2003, the International Monetary Fund has provided several loans to Iraq that were aimed at supporting macroeconomic stability and implementing financial reforms. Between the years 2003 and 2021, Iraq obtained several financing programs from the International Monetary Fund, "Including emergency loans and relatively long-term financial assistance."

He added, "In the first years after 2003, the Fund provided significant support to Iraq through various programs, including the SBA Credit Readiness Program and the Rapid Financing Instrument. For example, in 2016, the International Monetary Fund approved an SBA Credit Readiness Program worth 5.34 Billions of dollars to support economic reforms in Iraq, and Iraq received two-thirds of the above amount, and it was paid in full within five years.”

Saleh continued, “In 2021, Iraq requested an emergency loan worth $6 billion from the International Monetary Fund, and it appears that the loan was not materialized because it was not linked to one of the Fund’s programs at the time,” noting that “methods of cooperation with the International Monetary Fund have been targeted to support government reforms.” And confronting the economic crises that resulted from the decline in oil prices, which were linked to fluctuations in the balance of payments and its effects on economic activity.”

The Prime Minister’s Advisor for Financial Affairs stated, “Since 2003, the value of the loans and financial aid granted by the International Monetary Fund to Iraq has amounted to several billion dollars, and their total does not exceed 7 to 8 billion dollars, and they have been repaid in full, with a focus when granting loans on implementing programs related to “By supporting macroeconomic stability and implementing the necessary financial reforms.”  LINK

DeepWoodz:  t appears there are many loose ends being tied up neatly.   C’mon Iraq!