Mahmood Ahmed, director of the Washington-based IMF’s Middle East and Central Asia department, has confirmed to MEED that he is confident the organisation will provide Iraq with $800m in emergency financing assistance within weeks.

“Iraq has approached the IMF to see if we can provide them with some financial support; we are already providing them with advice and technical assistance, but they would like some financial support,” he said, speaking on the sidelines of the IMF’s unveiling of its most recent regional economic outlook.

“We are helping them deal with the twin challenges: oil prices and Isis [Islamic State in Iraq and Syria]. We are in the process of a discussion with them on emergency financing assistance and I am hopeful we can bring this to closure in the coming weeks.”

The figure of $800m is what Iraq is eligible for “under that particular programme”, he said. “It would help them meet their immediate need in terms of balance of payments support and budget, and then we will take it from there.”

Iraq reported a long-term high for oil exports in April, averaging 3.077 million barrels a day. Volumes are at the highest monthly level since the 1980s.