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Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid

  • Oil slump, war with Islamic State has bled nation's finances
  • May tap bond markets in second half of year, Zebari says
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Iraq, struggling with low oil prices and a war with Islamic State militants, may raise $2 billion in Eurobonds this year and will probably ask the International Monetary Fund for more aid.

OPEC’s second-biggest oil producer may tap international bond markets in the second half of 2016, Finance Minister Hoshyar Zebari said in a telephone interview on Monday. A planned sale was halted last year because investors demanded yields that the government deemed too high. Iraq is rated B- by Standard & Poor’s, six levels below investment grade, on par with debt-laden Lebanon and Greece.