Iraq gets vote of confidence from IMF, bond markets

After ratifying an amended 2017 budget, Iraq passed a crucial IMF review and raised $1 billion in its first unsecured bond offering since 2006.
Iraqi Prime Minister Haider al-Abadi speaking at the World Economic Forum annual meeting on Jan. 23, 2015 in Davos. (FABRICE COFFRINI/AFP/Getty Images)

The Iraqi government has cleared two significant hurdles in its urgent quest to attract investment capital, on the heels of Parliament's recent passage of an amended 2017 budget law.

Iraq has successfully marketed a $1 billion unsecured bond, and the International Monetary Fund (IMF) announced that it approved Iraq to receive an $825 million loan disbursement as part of a three-year program – flows of financing that could help establish an encouraging precedent for international investors.

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