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Iraq pays off $470-million IMF debt earlier than required

December 15, 2007|From Reuters

WASHINGTON — Iraq has cleared its debts with the International Monetary Fund by repaying about $470 million earlier than required, the IMF said Friday.

"Iraq's ability to repay the IMF ahead of schedule reflects its strong international reserve position against a background of high oil prices," IMF Managing Director Dominique Strauss-Kahn said in a brief statement.

The IMF lent Iraq the money as emergency post-conflict assistance in 2004, a year after the U.S.-led invasion toppled Saddam Hussein.

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