Press Release No. 07/288

Press Release: Iraq Completes Early Repayment of Entire Outstanding Obligations to the IMF

December 14, 2007

On December 12, 2007, Iraq completed the early repayment of its entire outstanding obligations to the International Monetary Fund (IMF) amounting to SDR 297.1 million (about US$470.5 million). The outstanding obligations of Iraq had been contracted under the Emergency Post-Conflict Assistance that was approved by the Executive Board on September 29, 2004 (see Press Release No 04/206).

The repayment was made in advance of Iraq's request for a new Stand-By Arrangement, which is scheduled for discussion at the IMF's Executive Board on December 19, 2007. Under the original schedule, the final repayment of Iraq's outstanding obligations to the IMF would have taken place in 2009.

IMF Managing Director Dominique Strauss-Kahn commended the Iraqi authorities for the implementation of their macroeconomic policies and reforms over the last several years, noting that "Iraq's ability to repay the IMF ahead of schedule reflects its strong international reserve position against a background of high oil prices."