SHARE ON













ERBIL, Kurdistan Region - The International Monetary Fund (IMF) reported on Tuesday that Iraq's economic growth declined 2.1 percent in 2015 and its foreign reserves fell by $13 billion to $54 billion.This, an IMF statement assessed, is primarily due to "the conflict [against Islamic State], destruction of infrastructure and assets, disruption in trade, and deterioration of investor confidence."The head of the IMF's mission in Iraq, Christian Josz, told Reuters on Tuesday that the IMF could approve a standby arrangement by early June which would provide Iraq with $15 billion worth of international assistance over the course of the next three years."If they adjust their spending we [will] see they have a financing need of $15 billion over three years," Josz explained saying that the money would come from the United States, the Gulf monarchies, the World Bank and the IMF itself.Josz said that progress in talks since November have been good. He also said that following talks with Iraq's Finance Minister Hoshiyar Zebari in Jordan.Zebari said that Iraq must implement fiscal reforms as soon as possible to overcome the crippling financial crisis which the ISIS crisis and the drop in the worldwide price of oil, a resource Iraq relies on for much of its income, have worsened."We cannot continue as we used to in the past," Zebari said, "The country must succeed and not become bankrupt."