Mazhar Salih, the financial advisor to Iraq's prime minister, confirmed that Iraq has repaid all its loans to the International Monetary Fund (IMF) since 2003, a total of just under $8 billion.
According to the Iraqi News Agency (INA), Salih explained that the IMF provided several loans to Iraq to support macroeconomic stability and financial reforms.
Iraq obtained emergency loans and long-term financial assistance from the IMF between 2003 and 2021.
Iraq paid out the loan in full after obtaining two-thirds of the $5.34 billion loan within five years after the IMF approved a financial program worth $5.34 billion to support economic reforms.
Despite Iraq's request for an emergency loan from the IMF in 2021, the loan was denied since it was not linked to any IMF initiatives at the time.
In addition to supporting government reforms, Iraq's engagement with the IMF was meant to address the economic issues caused by the drop in oil prices.
