Records relating to keyword "Loans"

  • GAO report: Coalition Support and International Donor Commitments (May 2007) (09 May 2007)

    Keywords: Loans International donors GAO Reconstruction Debt

    US Government Accountability Office statement on foreign troop levels and international donor commitments to Iraq's reconstruction.

    On the latter, it found that:

    • As of April 2007, international donors had pledged about $14.9 billion for reconstruction efforts in Iraq. Some countries exceeded their pledges by an additional $744 million for a total of $15.6 billion.

    • About $11 billion, or 70 percent, of these pledges are loans (mainly from the IMF, World Bank, Japan and Iran), with the remaining $4.6 billion in the form of grants.

    • As of April 2007, Iraq had accessed only about $436 million in loans from the IMF, and had received $3 billion in grants, suggesting considerable wariness on the part of the Iraqi government to contract new debt: "according to the State Department, the Iraqis lack a system for approving projects supported by donor loans, which has impeded efforts by the World Bank and Japan to initiate loan-based projects."

    • According to IMF reporting as of February 2007, Iraq has received about $39 billion in debt reduction from commercial and bilateral creditors.

    • The UK has provided bilateral grants to Iraq totalling $775 million (i.e. outside the projects funded by UN and World Bank trust funds for Iraq)