The Executive Board of the International Monetary Fund (IMF) today approved a three-year Stand-By Arrangement (SBA) for Iraq for $5.34 billion to support the government’s economic reform program, the IMF said.
The Board’s approval enables the disbursement of $634 million. In July 2015, Iraq received disbursement under the Rapid Financing Instrument equivalent to $1.24 billion at the time of approval.
Iraq’s economic reform program supported by the SBA aims to address the urgent balance of payments need, bring spending in line with lower global oil prices, and ensure debt sustainability. The program also includes measures to protect the poor, strengthen public financial management, enhance financial sector stability, and curb corruption. Iraq will require the support of the international community to implement these policies.
