IMF to give Iraq $830 million emergency loan

International Monetary Fund agrees to supply $830 million emergency funding to Iraq

Photo by: Reuters
Photo by: Reuters

Updated Jul 28, 2015

The International Monetary Fund (IMF) announced on Friday that it has agreed to lend the Iraqi government $833 million in emergency funding to fund its campaign against ISIS.

According to a statement released by the IMF, the funds are to be used under IMF supervision to assist the the Iraqi government in its war against ISIS which currently holds large swaths of the country’s territory.

“The fund is ready to assist Iraq in its efforts to tackle the economic impact of the conflict with ISIS and the decline in global oil prices,” the statement read.

“The armed conflict continues to strain the country’s resources and has created a humanitarian tragedy, with an estimated three million internally displaced people. The violence has also caused extensive damage to infrastructure and private sector assets.”

Iraq has been struggling to combat the growth of ISIS insurgency in the country since the group crossed the border with Syria in June, continually growing in size in the resulting month's upon the retreat of Iraq’s security forces.

TRTWorld and agencies