IMF loan repayment as cause for an RV DEBUNKED?
Rumor (abbreviated):
Iraq must have a tradable currency before they can BEGIN repaying an alleged new loan from the IMF.
1) No proof of such a loan being issued has been found. Many sites mention the DISCUSSION of a loan, say the IMF is confident in the loan, but no document actually proves such a loan was granted or more importantly, lists special terms or methods of repayment.
2) Iraq has previously paid off a debt of almost $470 million to the IMF, without having a tradable currency.
Question:
Why would Iraq now have to RV to pay off an undocumented debt? Where is the proof of such a loan, where are the terms that say Iraq must pay in Dinars?
URL: http://www.imf.org/external/np/sec/pr/2007/pr07288.htm
Doc: Iraq Completes Early Repayment of Entire Outstanding Obligations to the IMF - Press Release No. 07/288
On December 12, 2007 - Iraq completed the early repayment of its entire outstanding obligations to the International Monetary Fund (IMF) amounting to SDR 297.1 million (about US$470.5 million). The outstanding obligations of Iraq had been contracted under the Emergency Post-Conflict Assistance that was approved by the Executive Board on September 29, 2004 (see Press Release No 04/206).
The repayment was made in advance of Iraq's request for a new Stand-By Arrangement, which is scheduled for discussion at the IMF's Executive Board on December 19, 2007. Under the original schedule, the final repayment of Iraq's outstanding obligations to the IMF would have taken place in 2009.
IMF Managing Director Dominique Strauss-Kahn commended the Iraqi authorities for the implementation of their macroeconomic policies and reforms over the last several years, noting that "Iraq's ability to repay the IMF ahead of schedule reflects its strong international reserve position against a background of high oil prices."
Wednesday, January 20, 2010
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2 comments:
The soothsayers might want to get a refund on their crystal balls as it seems they are not working very well these days. Why does this info about an imminent RV come from the same sources week after week only to be dis-proven......week after week? Mark this down on your calendar, don't be surprised if another push for the RV comes out on Friday.
HINT: Oil is pegged at the U$D. Iraq gets paid by U$D. They can payoff loans and make purchases with U$D. Why does Iraq sell ten/hundred millions of U$D at their daily auctions?
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