(MENAFN) The Executive Board of the International Monetary Fund (IMF) approved a new financial support to Iraq of around USD1.24 billion, or 75 percent of quota, under the Rapid Financing Instrument (RFI).
The financial aid is aimed at helping the war-torn country to address the present and urgent balance of payment and budget in 2015 related to ISIS uprising and a plunge in oil prices.
The newly presented IMF financing will support the Iraqi authorities' current economic program, which includes fiscal adjustment measures and structural reforms.
"The twin shocks faced by Iraq from the ISIS insurgency and the drop in global oil prices have severely widened the government deficit," IMF Deputy Managing Director said.
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