Iraq requests financial support from International Monetary Fund

A source close to the International Monetary Fund (IMF) revealed that Iraqi officials contacted the Fund to obtain financial assistance in the wake of the ongoing war in the Middle East.

Asharq Al-Awsat newspaper quoted the source as saying that "initial talks took place last month during the spring meetings of the IMF and the World Bank in Washington," noting that "discussions are ongoing regarding the volume of funding that Iraq wants and how to structure any loan," according to Reuters.

The war that broke out on February 28 caused an earthquake throughout the entire Middle East region and resulted in damage to infrastructure and economies.

Iraq was severely affected by the war, as most of its oil exports, which represent almost all government revenues, stopped due to the closure of the Strait of Hormuz, through which about 20 percent of the world's crude oil supplies previously passed.