Iraq agrees to IMF monitoring program as precondition to loan

Iraqi authorities agreed on Tuesday to have the International Monetary Fund monitor Baghdad’s economic polices as a basis for a possible funding program in 2016, the IMF said in a statement.

Mission chief Christian Josz said the Staff-Monitored Program would aim to rein in spending and reduce Iraq’s budget deficit, which is expected to approach 12 percent of economic activity next year.

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