(Photo: shafaq.com)

Iraqi Finance Minister Ali Allawi told Bloomberg News that Iraq was in talks with the IMF for a 6 billion USD loan package.

An IMF representative said that the Iraqi authorities have requested emergency assistance from the IMF under the Rapid Financing Instrument, and indicated their intention to also request a longer-term arrangement with the Fund in support of planned economic reforms.

Minister Ali Allawi said Iraq may ask for an additional 4 billion USD in low-cost loans through another program linked to government reforms.

The OPEC member’s economy has only a small manufacturing base and almost all goods are dollar-priced imports.