IMF says engaging with Iraq on preparing new bailout program

IMF says engaging with Iraq on preparing new bailout program

The International Monetary Fund on Thursday said it was engaging with Iraqi authorities as it prepares a new bailout program for the country, whose economy has been battered by the war on Iran. The US-Israel war on Iran, launched in late February, plunged the region into conflict and saw Tehran's retaliatory action virtually block the Strait of Hormuz, a key energy supply route. Iraq's economy is heavily dependent on its energy exports, which almost entirely rely on transport through the strait.