IRAQ SHORT OF MONEY
Loans Wanted From West (Special Crspdt. N.Z P A.) LONDON, July 23. For the first time in five years Iraq is turning to the West for loans, says the "Scotsman." Since General Kass m overthrew the monarchy in 1958 Iraq has relied almost entirely on the Soviet bloc. General Kassem borrowed about £5B million from the U.S.SJR. and £ll million from Czechoslovakia. Only part of the former has been used and none of the latter. Relations with the Communist bloc have steadily deteriorated since General Kassem was overthrown in February. The Soviet and Czech loans may well be left as they are Iraq is now negotiating a loan of £ 15 million from West Germany. Its Trade Minister, Mr S. S. Zakri, is expected to conclude negotiations during a visit to Germany this month. Iraq has also asked Italy for a loan to finance the import of Italian capital goods and technical services
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Press, Volume CII, Issue 30191, 24 July 1963, Page 8
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156IRAQ SHORT OF MONEY Press, Volume CII, Issue 30191, 24 July 1963, Page 8
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