Iraq Receives $18b From IMF

Iraq has received $18 billion from the International Monetary Fund in instalments, according to the Iraqi Parliament’s economy and investment committee. Meanwhile, Britain approved Sunday a $12 billion loan to Iraq to finance important infrastructure projects, Reuters quoted an Iraqi Finance Ministry source Sunday, Iraqi News reported. Naguiba Naguib, a member of the committee, said in statements on Sunday that half of the IMF amount, which the country received in three installments, was paid to Kuwait as compensation for the 1991 invasion under former president Saddam Hussein. The amount has enabled the Iraqi government to pay for salaries and pensions and secure resources for the treasury, according to Naguib.