Iraq to get loan to improve electricity

BASRA / IraqiNews.com: The $5.5 billion loan that Iraq will get from the International Monetary Fund before the end of this year will be mainly used to improve electricity sector, a financial adviser said Wednesday. “The Fund set a condition that the loan should be used on State strategic projects, not on issue such as salaries,” Modhihir Mohammed Salih, adviser of the Central bank of Iraq (CBI), told Iraqi News. “It will be the first time for Iraq to use loans for development rather than wars,” he said. He pointed out that Iraq will pay one percent in interest on the loan, and that the whole amount should be paid back within five years. MH (P)/SR 1