A three year aid agreement worth $15US billion between International Monetary Fund and Iraq could be in effect as early as June 2016 according to Reuters. Christian Josz, head of the IMF's Iraq mission said the package would be dispersed over the next three years and would be approved as a standby arrangement (SBA). One-third of the aid package is from the IMF and the rest would be from various international groups and donor countries. However, the deal has not been finalised and will be discussed by the members in April after talks with Iraq.
Mr. Josz has said economic growth contracted by 2.1% in 2015 and the depletion of foreign reserves went from $13US billion to $54US billion a the end of 2015. Debt of GDP went from 53%, last year to 77% this year. Iraqi Finance Minister Hoshiyar Zebari said fiscal reforms should have immediate priority, “we cannot continue as we used to in the past. The country must succeed and not become bankrupt.”