The International Monetary Fund announced it will begin formal recognition procedures in the near future that will recognize Iraq, an initial step that will begin the process of accepting loan applications from the new government.
In the interim, Iraq is proceeding to negotiate with its creditors in an effort to assemble a debt relief package that will allow the government to manage existing debt while encouraging economic growth.
During discussions of the resolution at the UN, the IMF is consulting with its member nations and is expected to recognize Iraq “in the very near future.”
