IMF deems Iraq stable, grants $685 million loan (Murthacrats deeply saddened)

The Washington Times ^ | 12-24-05 | Patrice Hill

[smoothsailing]

The International Monetary Fund yesterday approved a new $685 million loan for Iraq, saying the country has stabilized its economy despite continued violent conflict.

The loan, the second from the IMF after a $436 million emergency loan in 2004, reflects the lending agency's judgment that Iraq's government is doing its best to revive the war-torn economy. The loan clears the way for major debt relief from Western nations.

[Darkwolf377]

This is a big symbolic victory.

[smoothsailing]

You betcha! In the body of the article it is pointed out that IMF action of this type "is a green light to foreign investors".Excellent news!

[GloriaJane]

"The International Monetary Fund yesterday approved a new $685 million loan for Iraq, saying the country has stabilized its economy despite continued violent conflict."

The dems, God love their stone cold little hearts, are going to hate this! But it's good news for the rest of us. Only wish it would make the dems shut up with their constant berating of the war effort.

[beaver fever]

I wouldn't get too excited. The IMF has a reputation for lending money and making demands on defaulting countries that make bad economic situations worse.

I've read several reports that IMF policy demands made the Argentinian hyper inflation worse after the Falklan Islands war.

Argentina has responded by telling the IMF to go pee in their hat.

The aim of the IMF is global control of the world's financial system. They are not Santa Claus.

[Darkwolf377]

The point is it's a symbolic victory. I'm not too excited and know the IMF's game. But don't be too glib, this is a step in the right direction, even though it will appeal to people I couldn't give a damn about mostly.

[Republican Wildcat]

Isn't it sad that a major political party has staked its future on hoping that people's lives are ruined?

[GloriaJane]

"Isn't it sad that a major political party has staked its future on hoping that people's lives are ruined?"

Yes, very sad. And dangerous too, when that party also puts party politics before our national security.

[beaver fever]

I think this move by the IMF is to put a mortgage on Iraq at a difficult time and the future ramifications will back fire.

I think the rationale is to take financial pressure off the US for restoration. It will also indenture the Iraqi government in it's dealings with oil companies in the post war period.

Effectively oil profits in the post war period will go to paying off the IMF.

The Iraqis are going to need every oil dollar they get to succeed as a nation in the future.

This is a scam and it will fail.

[starbase]

It will also indenture the Iraqi government in it's dealings with oil companies in the post war period.

Do you think only 685 million is enough to have that effect? It doesn't seem like enough.

[beaver fever]

" Do you think only 685 million is enough to have that effect?"

It depends on whether you have your back against a wall.

I work from a common sense view that lenders have their own interests in mind not yours.

BTW if I had only $685 million in my bank account I would be under a lot less stress than I am now.

I am not a big fan of the IMF. Everywhere they have loaned money to the third world those countries have declined as a result.

The total stock of the IMF is around $300 Billion, a drop in the bucket in the world economy. But the IMF presumes to be the only global financial entity capable of bringing third world countries out of their financial difficulties.

End result? South America is almost 90% socialist and they've told the IMF to pound sand

[starbase]

End result? South America is almost 90% socialist and they've told the IMF to pound sand

Yes, I met an Argentinian woman in Thailand (and Thailand is another IMF hot spot, though they just paid everything back last year, (I believe!)) and when I asked her about the IMF in Argentina she waved her hand in that Latin gesture of disgust (you know, palm up and flinging the hand upward).

She bitterly said that it came out a few years ago that the corrupt officials in Argentina hadn't made any payments in 10 years and the IMF never said anything. She said how can they come ask for payments now when they kept that fact from people?

She said "F" them, they can wait.

[beaver fever]

At this point the IMF is a steer in a pasture with no cows.

Their budget is a joke. There sense of self importance is even more laughable and their debtors have had the veil lifted from their eyes.

The IMF has no money of any consequence. Without money there is no power, period.

They are just a bunch of loan sharks with nice offices and an attitude.

It is an institution created by the worlds central banks who think they can control the world.

Without a reliable cab driver they can't even get home at night.

[Dilbert56]

The money is actually going to redeploy into a neighboring country and will be flown in "over the horizon" when the Iraqis need it.

[smoothsailing]

IMF=IdioticMurthaFolly ?