The US Embassy to Iraq has announced that the US government has secured a $2.7 billion loan to the Iraqi government to pay for their ammunition and equipment maintenance during the ISIS war. The loan will have a term of eight and a half years at a 6.45% interest rate.
The deal is part of the US Foreign Military Finance (FMF). The same program provided Iraq with upwards of $4 billion during the previous US occupation of Iraq, though in that case the money was in grant form, and not to be paid back.
The State Department said it was keen to provide the loan guarantees to Iraq to ensure that their struggling economy, made all the more struggling by weak oil prices, doesn’t get in the way of their open-ended war against ISIS.
It remains to be seen, of course, if Iraq ever pays back the “loan,” and in all likelihood the money to repay it will come out of US foreign aid to Iraq over the years to come, which will likely continue to grow along with US involvement in the conflict.
6 thoughts on “US Loans Iraq $2.7 Billion for War Equipment”
And the racket just keeps going and going.
I assume they’ll use part of this loan to pay us back for the weapons and hardware they leave to ISIS every time they get into a fight?
Free to Jihadis: 1,000+ M4 Assault Rifles- never fired, dropped once.
I am sure (ISIS) – Oops, I mean the USG puppet regime In
Iraq is grateful for the generosity of the US taxpayers.
It’s just too bad nobody bothers to ask the American taxpayer for their approval. It’s time someone started juxtaposing the money our government is pissing away in these ratholes against what could be fixed in our own country. Maybe those folks in West Virginia would understand that flood mitigation could be affordable and preferable to watching their houses float down that old muddy river…if the USG didn’t send billions to places like Afghanistan, Iraq…and Israel.
I agree. You make a very good point about West Virginia.
The people in Flint Michigan would probably agree with
The really sad thing is that there are way too many instances where taxpayer funds could have done much more good for the people of this country instead of waging needless endless wars.
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