The International Monetary Fund (IMF) on Friday approved a new $685 million loan for Iraq, giving the country a critical endorsement of its economic policies. The loan, approved by the IMF's executive board, represents the lending institution's approval that the Iraq government is taking the right approach to reviving its battered economy. "The Iraqi authorities were successful in promoting macroeconomic stability in 2005, despite the extremely difficult security environment," IMF Deputy Managing Director Takatoshi Kato said in a statement announcing the agreement.
