(MENAFN) The Government of Iraq has submitted a financial aid request worth USD800 million from the International Monetary Fund (IMF) and the consent is set to be given in the upcoming weeks, Arabian Business reported.
The assets of Iraq have been tremendously affected by the decline of oil prices in addition to the military and political upheaval caused by the terrorist group ISIL.
For the present year, the government has forecast a budget deficit of around USD25 billion, through an operating budget of USD100 billion. However, a finance from the IMF will be a game changer for the much-suffering country.
"Teams will work on the issue in coming weeks. We hope we can reach a conclusion relatively soon," the director of the IMF's Middle East and Central Asia Department said
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