World Bank to provide $250m loan to Iraq

The first of two $250m loans for Iraq has been approved by the World Bank to help plug a large financing gap caused by the sharp drop in global oil prices since 2008, Reuters has reported. The World Bank loan follows the approval by International Monetary Fund for $3.6bn in funding to help the country's economy with the slump in oil prices and political uncertainty in the lead-up to March 7 parliamentary elections. Iraq relies on oil exports for as much as 90% of its revenues, and lower oil prices mean it will not have enough resources to meet reconstruction needs.