IMF preparing $833mln emergency funding to Iraq as it battles ISJune 6, 2015 - 18:22 AMT PanARMENIAN.Net - The International Monetary Fund it is preparing $833mln in emergency financial assistance to Iraq as the country battles the Islamic State insurgency, the Guardian reports. The IMF said a mission had agreed on the aid with the Iraqi government under the Fund’s rapid financing instrument program, subject to IMF management approval, which is likely to come in July. It said: “The fund is ready to assist Iraq in its efforts to tackle the economic impact of the conflict with Isis and the decline in global oil prices.” “The armed conflict continues to strain the country’s resources and has created a humanitarian tragedy, with an estimated three million internally displaced people. The violence has also caused extensive damage to infrastructure and private sector assets.” The IMF said the Iraq economy contracted 2.1% in 2014 “mainly because of the violence”, and might grow only 0.5% this year. Meanwhile, the crash in oil prices has hit hard the country’s foreign earnings and helped widen the government’s budget shortfall. Photo: Almanar Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |