Iraq is an very rich country (Dr. Shabbibi said so in a CNBC interview years ago), but they have a liquidity problem.
Making a guestimate based on publicly published findings over the last 5 years or so, companies have reported “successful discoveries” of previously unknown oilfields to the tune of (guesstimating here) maybe 15 billion barrels (and there’s a good possibility that there’s even more still to be found).
At $30/bbl., that’s in the neighborhood of $460B. Doing the multiplication, you get 542.8 Trillion dinars.
This is in no way “scientific” and is only an educated guess, and it doesn’t include previously known and tapped oilfields that have been producing for years (where the “Oil For Food” program came from).
This may be why everybody is lending them money and wants to be their BFF.
The “hand-holding” they’re getting from world agencies is to help ensure they do it smoothly and correctly.
But do your own research and due diligence — all of this information is publicly available.