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Iraq: International Assistance

Volume 464: debated on Monday 15 October 2007

To ask the Secretary of State for International Development what projects the (a) International Monetary Fund and (b) World Bank has financed in Iraq. (156071)

Since 2003, the International Monetary Fund (IMF) has had two programmes in Iraq. The first of these was the Emergency Post-Conflict Assistance programme, approved in September 2004 to the value of Special Drawing Rights (SDR) 297 million. The second and current programme is the Stand-By Arrangement (SBA), which gives Iraq access to SDR 475 million should it require assistance. This programme will finish in December 2007, and the Government of Iraq and IMF are currently discussing a successor programme. The IMF is also providing US $6 million in technical assistance and capacity-building on fiscal, monetary, financial and statistical issues.

The World Bank, which started to re-engage with Iraq in mid-2003, manages a multi-donor Trust Fund to provide short and medium-term reconstruction needs. It has committed most of its resources, but disbursement has been limited ($108 million out of $490 million to date). This year the World Bank has approved four International Development Association loans worth $400 million for projects in the electricity, infrastructure and education sectors. It is also providing important analytical services to help strengthen public institutions: for example it is carrying out an assessment of Iraqi public financial management systems with the intention of developing a reform programme. More information can be found at: