Tentative approval to grant three billion dollars for Iraq

PM: 12:52:26/05/2016

Islamic Development Bank, agreed in principle to soft loans and grants to three billion dollars for Iraq.

Reuters quoted a spokesman of the Iraqi Central Bank, said Thursday that the IDB gave preliminary approval on soft loans and grants to three billion dollars to Iraq to help it deal with the sharp decline in oil revenues.

The spokesman did not give further details. Iraq had agreed with the IMF earlier this month to demand loan worth 5.4 billion dollars.

Finance Minister Hoshyar Zebari agreement on May 19, said that the IMF could provide loans of 15 billion dollars of international aid over the next three years.

Damaged Iraqi economy because of falling oil prices since mid-2014. And showed the IMF document obtained by Reuters that Iraq will face a gap financing up to 17 billion dollars this year unless he could raise more money. Iraq's budget also suffers because of the cost of war against a terrorist organization "Islamic State".