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IMF adds seven months to Iraq loan package deal

The International Monetary Fund (IMF) has announced a seven-month extension for a two-year loan window to Iraq, following a request by the Iraqi authorities, AFP has reported. The extension will provide the Iraqi authorities with more time to implement the policy measures needed to complete the fund's combined third and fourth reviews under the so-called Stand-By Arrangement programme. The loan, initially for $3.6bn, had been scheduled to expire on July 23 and will now expire on February 23, 2013, the IMF said.