Press Release No. 12/286
August 3, 2012
The Executive Board of the International Monetary Fund (IMF) approved on July 20, 2012—on a lapse-of-time basis1—a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013.
The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the policy measures needed to complete the combined third and fourth reviews under the SBA. The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the exchange regime.
The two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.58 billion), was approved by the IMF’s Executive Board on February 24, 2010 (see press release 10/60). The IMF’s Executive Board completed the first program review on October 1, 2010 (see press release 10/373), and the second review on March 18, 2011 (see press release 11/90).
At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs. Total resources currently available to Iraq under the arrangement amount to the equivalent of SDR 1307.24 million (about $1.96 billion).
1. The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
loan of Iraq until February 2013
JD/Baghdad/…The International Monetary Fund said on arrival at an agreement with Iraq in which their loan was extended seven months until 23 February 2013 to allow the Iraqi Government to implement a series of measures in the country’s exchange rate system.
The IMF’s statement that “changes the agreement which expired on 23 July last was at the request of the Iraqi Government.”
“The total funding available to Iraq is about 1.96 billion dollars.
The Executive Board of the International Monetary Fund had agreed on 24 February 2010 at the standby credit agreement for a period of two years worth of 38, 2 billion special drawing rights “about 58, 3 billion dollars and approved the extended for five months until June 2012 with the exchange adjustment at switch in funding needs. The total resources currently available to Iraq under the agreement to the equivalent of 24, 1307 million special drawing rights “about 96, 1 billion dollars”.