The first loan from the IMF for Iraq

The International Monetary Fund announced that the council of governments, stakeholders in the Fund's capital approved yesterday to provide an urgent aid for Iraq estimated at $ 436 million and representing the first loan from the Fund for Baghdad.

The approval came after the Interim Iraqi government yesterday refunded a sum of $ 81 million it had as a debt for the IMF in its headquarters in Washington.

The spokesman for the Fund, William Morai, said that the loan was given in the course of "urgent aid to countries which suffer conflicts." Negotiations for offering this loan were made outside the Iraqi territories in recent months because of the absence of security in this country.