IMF: Iraq Requests Financing Program

IMF Managing Director Kristalina Georgieva said that Iraq has submitted a request for a financing program from the Fund to address the war’s impact on its economy. Negotiations between Iraq and the IMF are in their early stages. Iraq relies almost entirely on oil exports through the Strait of Hormuz, which account for 90% of government revenues. Georgieva did not disclose the size of the support or the expected timeline for reaching a preliminary agreement, but a source familiar with the matter told Bloomberg Middle East that negotiations between Iraq and IMF officials have already begun but remain in their initial phases.