Iraq to get $1.7 billion loan from World Bank

05/07/2015

Ministry of Finance of Iraq stated that the World Bank had agreed to lend $1.7 billion to solve its economic crisis and budget deficit. The announcement comes after a meeting between Iraq’s Finance Minister Hoshyar Zebari and Robert Bou Jaoude, World Bank Special Representative for Iraq on Wednesday in the Iraqi capital Baghdad.
The ministry statement also revealed that the World Bank had agreed to provide Iraq with a loan for $1.7 billion of which $1 billion will be a Development Policy Loan (DPL). A further $350 million will be allocated for reconstruction and restoring stability to areas liberated from Islamic State (IS) along with $350 million to construct the Umm Qasr-Basra road in the south of the country.
The meeting was also attended by a World Bank team of experts and economists. The ministry noted that the Iraqi government would take a series of economic reform measures in a number of facilities to avoid wastage and rationalize expenditure.

Last Update:: 05/07/2015

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