Iraq Repays $8 Billion in Loans to IMF Since 2003
Recently, Mazhar Salih, the financial advisor to the Iraqi Prime Minister, confirmed that Iraq has successfully repaid all the loans it took from the International Monetary Fund (IMF) since 2003, totaling just under $8 billion. This repayment reflects Iraq’s commitment to financial stability and reform.
Over the years, Iraq received various financial programs from the IMF, including emergency loans and long-term assistance, to support macroeconomic stability and economic reforms. In 2016, a $5.34 billion financial program was approved to aid economic reforms in Iraq, with full repayment made within five years.
Despite seeking a $6 billion emergency loan in 2021, Iraq did not receive it as it was not linked to any ongoing IMF initiatives at the time. The country’s engagement with the IMF aims to address economic challenges caused by fluctuating oil prices and balance of payments, while promoting government reforms.
Overall, Iraq’s successful loan repayment underscores its dedication to economic stability and reform efforts.