Billions in IMF loans hinge on better 2017 budget, auditors
The International Monetary Fund is broadly happy with Iraq's efforts at meeting requirements of a $5.3 billion loan, including its improved performance on IOC payments, but has asked for a revised 2017 budget and insists on an independent auditor to verify Iraq's fiscal data.
An Iraqi worker adjusts a control valve at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. (MUHANNAD FALA'AH/Getty Images)
Iraq is undervaluing oil and overspending its limited revenues in the draft 2017 budget, something that must be amended if the country is to qualify for the next tranche of funding from the International Monetary Fund (IMF).
Iraq is also lagging on appointing an international auditor to verify its financial data.
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