World Bank lends Iraq $1.2 bln to face oil and security shocks
By REUTERS
BEIRUT - The World Bank said on Thursday it would lend Iraq $1.2 billion in emergency support to help it deal with the economic effects of its fight against Islamic State militants and low oil prices.The budget support loan will be disbursed in a single tranche and should be available to Iraq before the end of the year, said Ferid Belhaj, a senior World Bank regional official who oversees Iraq."These twin shocks, coming at this particular juncture, are threatening the stability of the country," he told Reuters in a telephone interview, saying it was vital to prevent Iraq plunging into a deeper crisis."Iraq falling into chaos means an even more chaotic Middle East. At this particular juncture, nobody wants that. We have enough chaos about."
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