Iraq Seeks IMF Aid Amid Middle East Turmoil

Iraq is in talks with the International Monetary Fund (IMF) for financial aid as the Middle East conflict has severely impacted its economy, according to a source close to the IMF. Initial discussions began during the IMF and World Bank spring meetings in Washington, with ongoing considerations regarding the potential loan amount and structure.

The conflict, which started on February 28 with a U.S.-Israeli bombing campaign against Iran, led to Iran closing the Strait of Hormuz, severely disrupting Iraq's oil exports. These exports represent nearly all of the country's governmental income, causing a significant economic setback.

Julie Kozack, an IMF spokesperson, stated the IMF is collaborating with the World Bank and International Energy Administration to evaluate the war's impact. She added that the IMF's Managing Director Kristalina Georgieva acknowledged interest from 12 countries, potentially totaling $20 billion to $50 billion in aid requests, without specifying which nations.

(With inputs from agencies.)