Cargo shipsEconomic data
IMF says engaging with Iraq on preparing new bailout program
The International Monetary Fund on Thursday said it was engaging with Iraqi authorities as it prepares a new bailout program for the country, whose economy has been battered by the war on Iran. The US-Israel war on Iran, launched in late February, plunged the region into conflict and saw Tehran's retaliatory action virtually block the Strait of Hormuz, a key energy supply route. Iraq's economy is heavily dependent on its energy exports, which almost entirely rely on transport through the strait.