Eco
The International Monetary Fund confirmed its intention to back Iraq through a new financing program in response to an official request from Baghdad. At the conclusion of the annual meetings in Bangkok, Managing Director Kristalina Georgieva stated that the Washington-based institution will provide financial assistance alongside economic policy support. Georgieva affirmed that authorities requested a program and the fund will support Iraq strongly, without providing specific details regarding the facility's nature or the exact amount of funding. Informal discussions on potential aid involving the IMF and the World Bank had previously commenced around the spring meetings in April. Iraq is currently experiencing severe fallout from the Iran war, notably losing crucial oil export revenues due to the near-total closure of the Strait of Hormuz. In this context, Iraqi Foreign Minister Fuad Hussein stated that the country lost approximately 60 billion dollars since the Middle East war began, following a sharp plunge in petroleum revenues caused by disrupted maritime navigation.
