IMF Renews Iraq Standby Arrangement

SINGAPORE, 4 August 2007 — Iraq’s government received a rare boost when the executive board of the International Monetary Fund (IMF) agreed to renew a standby arrangement that has been supporting its economic program. The standby arrangement in an amount equivalent to SDR475.36 million (about $727.4 million) which was approved on Dec. 23, 2005, will be extended through to Dec. 28, 2007. The Iraqi authorities request for the waivers of the non-observance of the structural performance criteria on the interim audit of the Central Bank of Iraq’s 2006 financial statements was approved by the Board.