The prime minister of Iraq is in Washington this week in search of a loan to the tune of billions of dollars to offset the cost of fighting the Islamic State, falling oil prices and a growing budget deficit.
Prime Minister Haider al-Abadi's first official U.S. visit will include meetings with International Monetary Fund Managing Director Christine Lagarde, World Bank President Jim Yong Kim, senior executives of oil companies and banks such as Citibank and Deutsche Bank, and President Barack Obama, The New York Times is reporting
The goal of the trip is to acquire financial support as the Middle Eastern country contends with recovering territory from the Islamic State (ISIS).
Iraq is facing a $22 billion budget shortfall out of a $105 billion budget. The main reason for the shortfall is declining oil revenues, which are hampering Iraq's effort to rebuild cities ravaged in the fight against ISIS.
Besides a loan from the United States, Iraq is hoping for international support, including $2.4 billion from the International Monetary Fund and $2 billion from the World Bank.
In addition, the country would like to purchase commercial airplanes from Boeing for Iraqi Airways, and it is hoping to acquire funding from the Export-Import Bank for that purpose.
While in Washington, Abadi will also meet with Secretary of State John Kerry, Defense Secretary Ashton Carter, House Speaker John Boehner, Senate Majority Leader Mitch McConnell and other lawmakers. In addition, he is expected to make appearances at a think tank and a U.S. Chamber of Commerce reception.
The Iraqi prime minister will also visit Iraqi pilots undergoing F-16 training with the U.S. military.
Abadi's visit comes weeks after Iraq managed to reclaim Tikrit
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