As a "key ingredient" of IMF lending and debt relief, Iraq's government has just presented a new draft petroleum law to its cabinet that could permit up to two-thirds of Iraq's known reserves to be exploited by multinational oil companies under contracts lasting for 20 years.
The Bank approves the first development loan to Iraq at the same time as the IMF signs a stand-by agreement, leading to a dramatic increase in fuel prices.
The Spring Meetings of the Bank and Fund in mid-April saw sparring between US and European ministers over when and how the institutions might get involved in Iraqi reconstruction. Discussions there and subsequently have focussed on assessments of the economic and development situation, oversight of oil revenues, debt relief and reconstruction finance.
Notes of a meeting on sovereign debt restructuring after SCOTUS at the World Bank-IMF annual meetings 2014
In February Iraq's cabinet approved the IMF supported draft oil law
Highlights of seminar: the reform agenda in the post-war reconstruction of Iraq
Recent weeks have further clarified how the World Bank and the IMF are planning to…
The World Bank is to play a role in drawing up the national budget for Iraq and possibly in managing a reconstruction trust fund.