Iraq Secures $5.5Bn From World Bank And IMF

Iraqi Minister of Finance Bayan Jabr, said in a recent TV interview that Iraq has obtained a $1bn loan form the World Bank and a $4.5bn loan from the IMF and that, as an IMF member, Iraq is entitled to borrow a further $1.8bn on concessionary terms. The minister added that Iraq’s budget surplus of $15bn at the end of 2008, held at the Development Fund of Iraq, had contributed to saving his country from the financial crisis of 2009. As far as concerns the 2009 supplementary budget of around $5bn, which had been approved by the Iraqi government, the minister noted that it had not yet been presented to the Iraqi parliament for approval. But he said that if the supplementary budget is approved, the 2009 deficit could rise by a further ID8,000bn ($6.8bn), according to some politicians. Investment expenditure of $12bn in the 2009 budget is expected to rise to more than $16bn in the 2010 budget, which was approved by the cabinet in late October (MEES, 27 October).The original 2009 budget was approved on 5 March, with total expenditure of ID69,165bn ($58.6bn), total revenue of ID50,408bn ($42.7bn) and a resulting deficit of ID18,757bn ($15.9bn). Mr Jabr noted that he expected the budget deficit in 2010 to fall slightly to some $15bn. 

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