World Bank approves new loan of 1.485 billion dollars for Iraq

6 hours ago

Twilight News World Bank / said in a statement that it approved a new loan of 1.485 billion dollars to help Iraq to alleviate the weak economy on oil prices and bear the cost of the war against al Daesh.

He added that the new loan brings the total financial assistance from the World Bank for Iraq to about $ 3.4 billion.

The Bank approved two loans worth $ 1.2 billion and $ 350 million to support Iraq in 2015 after a year of control of the militants of the Islamic state on about a third of the country's territory.

The World Bank said that the new loan aims to support the Iraqi government's efforts to rationalize spending and to improve energy efficiency and enhance corporate governance in the SOEs.

Iraq is the second largest oil producer in OPEC after Saudi Arabia.

He informed Fred Belhadj Middle East director of the World Bank, told Reuters in a telephone interview that Iraq was "locked in a deep structural reforms and widespread at the same time, which is fighting a bloody war against the destructive power."

Daesh war and led to the displacement of about 3.4 million Iraqis and caused losses estimated Iraqi Prime Minister Haider al-Abadi value of about $ 35 billion.

In July, the IMF approved a new loan agreement conditional on a three-year, $ 5.34 billion to support the efforts of Baghdad to overcome the weakness in oil prices and to ensure its ability to meet its debt burden.

Belhadj said that Iraq's wealth from oil and gas constitute a solid guarantee for the repayment of loans.

He added, "Iraq is one of the richest countries on Earth. Iraq has a huge potential, Iraq has the ability to pay its debts.

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