Iraq in Talks With IMF for $6 Billion Loan

According to the IMF, Iraq has requested for emergency assistance to the tune of $6bn under the Rapid Financing Instrument (RFI) from it. RFI is a quick financial assistance available to IMF members facing an urgent balance-of-payments need which can be provided without a full-fledged program or review. According to Iraq’s Finance Minister Ali Allawi, Iraq was in talks for a $6bn loan package and could request for an additional $4bn in low-cost loans through another program linked to government reforms. He added that the sovereign would also require other funding to ‘plug the budget gap’ and tap into its domestic market to raise upto $5bn.

Iraq’s 6.725% 2023s and 5.8% 2028s were down 0.05 to trade at 97.15 and 93 cents on the dollar respectively.

For the full story, click here