U.S. gives Iraq a $2.7 billion credit to buy military equipment

BAGHDAD — The United States has extended a $2.7 billion credit facility to Iraq for the purchase of military equipment amid the ongoing fight against the Islamic State group.

The U.S. Embassy in Baghdad said Wednesday that the deal gives Iraq a one-year grace period and eight and a half years total to pay for its purchases of ammunition and maintenance of its F-16s and M1A1 tanks.

Like other oil-reliant countries, Iraq's economy has been severely hit by plummeting crude prices since 2014, plunging the nation into an acute financial crisis. The OPEC member is struggling to feed a cash-strapped economy amid an expensive fight against IS militants, who still control key areas in the country's north and west.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

In Other News

House advances $832 billion military budget plan for next fiscal year

Only a few Democrats broke ranks to support the House's spending plan for Defense Department operations in fiscal 2026.

VA’s #2 leader downplays political strife between Congress, department

Veterans Affairs Deputy Secretary Paul Lawrence said his relationship with congressional Democrats is strong, despite public fighting.

Senators criticize CFPB for dropping action on troops’ overdraft fees

CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB terminated that mandate this month.

New mortgage support program for struggling veterans set to become law

Congress passed a bill creating a new partial claim program for veterans who have fallen behind on mortgage payments.

House panel advances DOD policy bill with sweeping acquisition reforms

Both the House and Senate Armed Services Committees have now approved their initial drafts of the annual defense authorization bill.

Load More