IMF agrees $833mn emergency loan to Iraq

6a00d8341d417153ef01a3fd1e4519970b-800wi

The International Monetary Fund (IMF) says it plans to provide Iraq with an emergency financial assistance of $833 million. 

The IMF has announced in a statement that the emergency loan will be meant to help Iraq with its war on ISIL terrorists as well as the effects of the low oil prices. It has further added that its Executive Board will meet to approve the initiative in July.

“The Fund is ready to assist Iraq in its efforts to tackle the economic impact of the conflict with ISIL and the decline in global oil prices,” the IMF said in its statement.

It further emphasized that the Iraqi economy contracted 2.1% in 2014 “mainly because of the violence”, and might grow only 0.5% this year. Also, weak oil revenues, the Fund added in its statement, are expected to increase Iraq’s budget deficit and decrease its foreign assets.

“We welcome the steps taken by the authorities to address these urgent challenges and support their request for IMF emergency assistance.

Iraq’s 2015 budget called for roughly $102 billion in spending, to be financed by $67 billion in oil revenues, $13 billions in customs and other tax revenues, and $22 billions in debt.

However, the IMF has warned in its statement that Iraq’s budget deficit is serious.

“Mainly because of the violence, the economy has contracted by 2.1 percent in 2014 and is projected to achieve only a modest recovery of 0.5 percent this year, despite solid growth in the oil sector,” the Fund said in its statement that was released on Friday.

“With low oil prices, export revenues have contracted, pushing the current account into a deficit expected to reach 8 percent of GDP in 2015. As a result, foreign assets have declined in 2014 to US$67 billion and are projected to fall further this year”.

cartoon-2(256)

deficit expected to reach 8 percent of GDP in 2015. As a result, foreign assets have declined in 2014 to US$67 billion and are projected to fall further this year”.

Advertisements

There Goes That Same Old Tired Refrain…

jlo2

Dominique Strauss-Kahn, the former head of the International Monetary Fund, will go on trial in Lille on Monday accused of pimping, in a case that threatens to expose the double life of the politician once tipped to be the next president of France.

The court is expected to hear how, while in Washington holding the most senior economic job in the world, Strauss-Kahn had group sex with prostitutes brought to him in Europe and the US, organised by French businessmen friends who wanted to curry favour with the man they thought would one day lead the country.’

– The Guardian (2 February 2015)

dominique-strauss-kahn

Yes folks (disinterested yawn), the former chief honcho of the Inter-Monetary Fund, is to be put on trial for allegedly being a pimp. Please remember that I’ve said ‘allegedly’ for one could hardly describe his former day job as a high grade variant of ‘pimping’. Not unless you examine the IMF  & its Structural Adjustment Policies (SAPs) through the lens of some of its ‘prone’ victims. In Zambia, the imposition of SAPs lead to a significant drop in girls’ enrolment in schools and a spike in “survival or subsistence sex” as a way for young women to continue their educations, one wonders if perhaps Mr Strauss-Kahn was dropped off there briefly in 2011,on his way to the Sofitel Hotel in New York. 

16imani.xlarge1

In the Democratic Republic of Congo (DRC) IMF loans paved the way for the privatization of the country’s mines by transnational corporations and local elites, which forcibly displaced thousands of Congolese people in a context where women and girls experience obscenely high levels of sexual slavery and rape in the eastern provinces.This would hardly have been considered a significant concern to a man who, we are told, was known by his own political ‘gang’ (the Socialist Party) to be a notable womaniser, fond of ‘imposing’ his attentions on younger, less powerful, less influential women.

alg-tristane-banon-jpg

One might even have defined these women as a little emotionally high strung, if not unhinged (should the occasion have called for it). Yes, one might even have inferred that such women, desperate in the extreme, might be prone to lying and thus require a little personal ‘Structural Adjustment Policy’ that might induce them to remain silent (see Nafissatou Diallo, former New York hotel maid for further details). No matter, for when it comes to this former IMF head the world has grown wiser. Here now stands a man on trial for ‘aggravated pimping’ in Brussels, Paris & Washington, in France.

159172_600

As for the IMF itself, with the electoral victory of Syriza, Greece’s winning smile and supine subservience have all but evaporated. Greece’s new government have politely declined to renegotiate with the EU-IMF ‘troika’. They have refused to continue to follow policies that enabled the EU-IMF to cripple them as a nation, they want their decency and dignity back from an organisation whose moral compass is such, that they once recruited a prolific, forceful, womaniser, to be their head.

cyril

As was the case with Jimmy Saville, Peter Hame, Cyril Smith, and countless other profligate ‘degenerates’ we are forced to repeat the same old, tired old, done to death refrain. Associates knew about their proclivities, associates who considered themselves to be honourable men, why therefore were these abusers of the vulnerable not prosecuted sooner if at all?