IMF says to recognize Iraq soon

Thu Jul 1, 2004

WASHINGTON, July 1 (Reuters) - The International Monetary Fund said on Thursday it will formally recognize Iraq within the next few days, a step toward an eventual loan program for the battered country.
Iraq first needs to reach an agreement with its creditors on a debt relief package to handle its existing debt load, IMF spokesman Tom Dawson told a news briefing.

Dawson said that, following a United Nations resolution on the matter, the IMF was consulting with its members and expected that discussions about recognition of Iraq will be "concluded in the very near future."

Dawson said recognizing Iraq was a a first step toward future funding and said the IMF already was providing advice to the country. He said negotiations between Iraq and its Paris Club creditors on a debt relief package would have to be agreed before an IMF program could be struck, a standard condition for fund lending.

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