Last August the International Monetary Fund (IMF) had extended Iraq Stand-By Arrangement to the end of December 2007. Iraq has negotiated a new IMF Program for 2008, which the board will consider in a meeting today 19 December.
The Iraqi government has remained in compliance with the SBA and most members of the Paris Club with the exception of Russia (Because they are looking for an oil contract) have given Iraq the first two phases of relief totaling 60% of debt. Iraq must maintain compliance with the SBA in order to qualify for the next stage of the relief 20% to reach the total pledge of 80% by the end of 2008.
Debt negotiations between Saudi Arabia and Iraq have ceased at the end of Sept 2007 and there has been little progress between other Gulf countries.