With only two days left on the clock, the Obama administration committed the United States to completely guaranteeing the Iraqi government's $1 billion bond offering.

"This loan guarantee underscores the strong and enduring commitment of the United States to support the government of Iraq in this critical moment in the fight against" the self-proclaimed Islamic State, the State Department said in a statement announcing the financial aid.

"As part of a comprehensive international assistance package—anchored by an International Monetary Fund-supported reform program—this guarantee provides Iraq access 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 Iraqi government offered $1 billion worth of five-year bonds on international markets Wednesday.

The Iraqi government has struggled to pay its bills and maintain critical infrastructure since the Islamic State cut a swath across the country in 2014, capturing its second-largest city, Mosul. The Iraqi army, aided by U.S. forces, is waging a military campaign against the Sunni terrorist group, seeking to dislodge it from its strongholds in the Shia-majority country and ultimately wresting back control of Mosul.