BREAKING NEWS

World Bank lends Iraq $1.2 bln to face oil and security shocks

By REUTERS

DECEMBER 18, 2015 00:13

BEIRUT - The World Bank said on Thursday it would lend Iraq $1.2 billion in emergency support to help it deal with the economic effects of its fight against Islamic State militants and low oil prices.

The budget support loan will be disbursed in a single tranche and should be available to Iraq before the end of the year, said Ferid Belhaj, a senior World Bank regional official who oversees Iraq.

"These twin shocks, coming at this particular juncture, are threatening the stability of the country," he told Reuters in a telephone interview, saying it was vital to prevent Iraq plunging into a deeper crisis.

"Iraq falling into chaos means an even more chaotic Middle East. At this particular juncture, nobody wants that. We have enough chaos about."

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