IMF board approves $5.34 billion standby arrangement for Iraq

The International Monetary Fund said on Thursday its executive board approved a new three-year, $5.34 billion (£4.1 billion) standby arrangement for Iraq to support Baghdad's efforts to deal with lower oil prices and ensure debt sustainability. In July 2015, Iraq received about $1.24 billion under the previous rapid financing instrument programme. It said overhauling the management of public finances will put the government in a better position to combat the Islamic State militant group an