BAGHDAD — Iraq has not submitted an official request for a loan from the International Monetary Fund but will do so if the need arises, Prime Minister’s financial adviser Mazhar Mohammed Salih said Saturday.
Salih told the Iraqi News Agency that Iraq has maintained close relations with the IMF since 2003 and has signed more than five agreements with the institution. An Iraqi government team holds consultations with IMF officials twice a year, during spring and autumn meetings, and the fund has expressed concern about conditions in the Middle East including Iraq.
“Iraq will borrow from the International Monetary Fund if the need arises, but there is no official request from the government so far,” he said, adding that the current priority is ending the regional conflict and reducing its impact on oil exports.
Iraq exported fewer than 10 million barrels of oil in April, generating just over $1 billion — a fraction of the roughly 100 million barrels and $7 billion in monthly revenues recorded before the conflict disrupted shipping through the Strait of Hormuz.
Financial expert Mahmoud Dagher warned this week that Iraq is facing its worst financial crisis since 2003, with the country requiring more than $6 billion monthly to cover salaries and pensions. Oil revenues account for around 90% of government income.