As indicated by Mahir Salah, a financial consultant to Iraq Clears IMF Debts, Iraq has taken care of every one of its credits from the Global Money related Asset (IMF), adding up to $8 billion, beginning around 2003.
Salah pointed out that this was a significant event in Iraq’s financial history as it completely managed to Iraq Clears IMF Debts with the IMF. The country had borrowed money from this organization many times during different periods when it needed support for economic recovery and development following years of conflicts and instability.
He also said that without their help. Iraq would not be able to get through difficult financial times, so he acknowledged their role in providing financial assistance when it was most needed. These credits allowed them to implement necessary reforms to improve the economy and achieve fiscal stability.
Paying off this $8bn demonstrates their commitment to fiscal responsibility and good management of public resources. By doing so, they have indicated a willingness to honor commitments made by signing agreements that create trust among other nations involved in the international banking system.
This achievement shows how resilient the Iraqi economy can be even under severe tests imposed by multiple challenges simultaneously encountered throughout history. Such as wars, sanctions, internal conflicts between different ethnic groups living within its borders, etcetera. In other words, no matter what happens, Iraq will always find a way forward!
Salah thanked IMF again for all its support provided during these hard times. While trying to rebuild after the devastating war against ISIS. But added that we still need to do more things before achieving sustainable economic growth. Like maintaining a stable macroeconomic environment or diversifying sources of revenues.
