Iraq receives $1 billion loan from U.S.

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ERBIL, Kurdistan Region (Kurdistan24) – Iraqi government signed a one billion dollar loan with America to provide services for the locals, said an Iraqi official.

On Thursday, Stephanie William, the U.S. Embassy’s Chargé d’Affaires and Fadhil Nabi, the Iraqi Deputy Minister of Finance signed an agreement in Baghdad “to obtain greater access to international capital markets for Iraq,” the US Embassy in Baghdad reported.

“After specific legal requirements and policy considerations have been satisfied, Iraq can move forwards to become the beneficiary of a U.S. sovereign loan guarantee,” the US embassy said in a statement.

The agreement endorses US commitment to support Iraq in its fight against Islamic State (IS), the statement added.

“These funds will help the Government of Iraq provide food, water, shelter, and medical care to the most vulnerable Iraqis as well as allow Iraqis to benefit from government services, such as education, that prepare them for a bright and fulfilling future,” William was quoted in the statement.

After signing the agreement, Iraqi deputy minister told reporters that the “loan guarantee agreement recognizes that Iraq continues to make progress toward meeting its economic reform goals.”

Nabi stated that the loan would be allocated to providing basic services for the citizens, a task which the government has not been able to complete so far due to the financial crisis.

“We have spent all the local loans and so for 2017, we will have to rely on international loans,” Nabi added.

Najiba Najeeb, a Kurdish MP in the Iraqi parliament told Kurdistan24 that the agreement does not specify the Kurdistan Region’s share from the US loan to Iraq.

“Iraqi government never considers the Region’s right in having a share of the international loans,” he concluded.

Editing by Ava Homa

Source: Kurdistan 24 News

http://www.kurdistan24.net/en/economy/ff29166b-41dc-4217-a566-f53c3a3b320d/Iraq-receives–1-billion-loan-from-U-S-

 


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