IMF's Lagarde Discusses Iraq’s Reforms Under SBA Package With Country’s PM

09/22/2016
Christine Lagarde has discussed the fund’s financial aid package for Iraq and the required reforms with the country’s Prime Minister Haider Abadi

WASHINGTON (Sputnik) – Managing Director of the International Monetary Fund (IMF) Christine Lagarde has discussed the fund’s financial aid package for Iraq and the required reforms with the country’s Prime Minister Haider Abadi, the fund’s spokesperson said in a statement. "IMF Managing Director Christine Lagarde met on September 21 with Iraq’s Prime Minister Haidar Al-Abadi in New York on the sidelines of the United Nations General Assembly meetings. During the meeting, they discussed Iraq’s IMF-supported economic reform program that was approved by the Executive Board on July 7, 2016," IMF Director of Communications Gerry Rice said on Wednesday. The IMF Executive Board approved a three-year $5.34-billion Stand-By Arrangement (SBA) for Iraq to support the government’s economic reforms in July. Earlier this month, the fund announced that it had started discussions with the Iraqi authorities on the first review under the SBA. The seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015 © AFP 2016/ MANDEL NGAN IMF Starts First Review Under $5.3 Bln Assistance Program for Iraq "The Managing Director and the Prime Minister exchanged views on how the SBA can help Iraq address the shocks posed by violent attacks and the drop in global oil prices. The Managing Director reiterated the importance of strong commitment to sound policies and decisive action on key reforms that are crucial to yield the largest gains for Iraq’s population," Rice said on Wednesday. According to the IMF, discussions of the Iraqi economic policies will continue during IMF-World Bank Annual Meetings, which will take place in Washington, DC, on October 7-9. The IMF SBA program allocates financial aid to a member state in need of urgent monetary assistance, usually due to a fiscal crisis.

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