By July 14, 2016 Read More →

Iraq to repay all $3.6B in arrears to IOCs by end of September: IMF


The International Monetary Fund agreed to the Iraq repayment plan last week. AFP/Getty Images photo by Ahmad al-Rubaye.

Iraq pays arrears to international oil companies

BAGHDAD, July 14 (Reuters) – Iraq will repay all outstanding arrears to international oil companies by the end of September by increasing oil allocations to the firms, the head of the International Monetary Fund’s (IMF) Iraq mission said on Thursday.

Arrears stood at $3.6 billion at the end of June, and the government has already begun increasing oil allocations to meet its target, Christian Josz told Reuters.

The repayment is part of a $5.34 billion standby agreement for Iraq which the IMF approved last week.

(Reporting By Stephen Kalin; Editing by Elaine Hardcastle)

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