BAGHDAD: Iraq’s parliament sacked Finance Minister Hoshyar Zebari Wednesday over corruption allegations, a move that risks further destabilizing the major OPEC producer’s fragile economy as it struggles with a massive budget deficit.

Zebari lost a no-confidence vote by 158 to 77, two lawmakers said, after questioning in parliament last month over alleged corruption and misuse of public funds, which he denies.

Zebari, a prominent Kurdish figure who had served as Iraq’s foreign minister for more than a decade, has recently led high-level negotiations for a loan with the International Monetary Fund and with international lenders for a eurobond.

Iraq’s economy, which relies almost exclusively on oil revenues, has been battered by a drop in crude prices and the costs associated with the war against Daesh (ISIS). Falling revenues have caused the public deficit to widen and delayed payments to foreign firms for investment costs.

The IMF in July approved a three-year, $5.34 billion loan for Iraq in exchange for a package of reforms. The deal is expected to unlock a total of $18 billion in financial aid over three years. Baghdad-based Rabee Securities’ chairman, Shwan Ibrahim Taha, said it was unlikely the IMF deal or the bond offer would be endangered by changing a politically appointed official.