Preliminary approval to grant three billion dollars for Iraq

PM: 12: 52: 26/05/2016 Khandan

Khandan - approved by the Islamic Development Bank, initially on soft loans and grants to three billion dollars for Iraq.

Quoted "Reuters" a spokesman of the Iraqi Central Bank on Thursday, said that the Islamic Development Bank gave preliminary approval to soft loans and grants to three billion dollars to Iraq to assist in dealing with the sharp decline in oil revenues.

The spokesman gave no further details. Iraq had agreed with the International Monetary Fund earlier this month on the loan demand worth $ 5.4 billion.

The Finance Minister Hoshyar Zebari said the agreement on May 19, and said that the IMF loan may allow another $ 15 billion in international aid over the next three years.

Iraq's economy has been hit due to the fall in oil prices since mid-2014 showed a document to the IMF obtained by "Reuters" that Iraq is expected to face a funding gap of up to $ 17 billion in the current year is not able to measure more money. The suffering of Iraq's budget also because of the cost of the war against al "Daash" terrorist.