Iraq issues US-backed $1 billion bond

The Iraqi government recently issued a $1 billion, five-year bond that has the backing of the United States.

The bond is meant to help provide support for the Middle Eastern country, which continues to struggle, both physically and economically, against the terrorist group known as Da'esh.

Specifically, the loan is expected to provide assistance “to low-cost financing essential to delivering critical services to all the people of Iraq, while laying the foundation for long-term stability and growth through economic and institutional reforms,” the U.S. Department of State said.

The American-guaranteed bond is part of an international reform program anchored by the International Monetary Fund.