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Title : Facing A Financial Disaster, Iraq Requests Emergency IMF Loans
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Facing A Financial Disaster, Iraq Requests Emergency IMF Loans

Iraq devalued its dinar currency last month after a collapse in global oil prices, an important source of Iraq's financial resources [File: Essam Al-Sudani/Reuters]

Al Jazeera: IMF says Iraq seeking emergency loans after oil price plunge

Iraqi government is reportedly seeking $6bn in loans, with possibility of a further $4bn, according to finance minister.

Iraq has requested emergency assistance from the International Monetary Fund (IMF) and talks are ongoing between the parties, the IMF said. Iraqi Finance Minister Ali Allawi told the Bloomberg news agency earlier that Iraq was in talks with the IMF for a $6bn loan package.

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Update #1: IMF says Iraq has requested emergency assistance, talks ongoing (Reuters)

Update #2: Cash-Strapped Iraq in Talks With IMF on $6 Billion Loan Package (Bloomberg)

WNU Editor: A good portion of the Iraqi population work for the government. No money means no paychecks. No paychecks means a lot of angry and desperate people. This IMF loan is probably going to be one of many until oil prices firm-up.

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