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Why would an oil-rich nation borrow money to kick start its economy? War or not it has access to billions of dollars worth of resources.
The interest owed on its loans will never be paid off, let alone the principle. A major chunk of Iraq's oil revenues will be syphoned off to pay for these needless loans so that a very legal, but abhorrent, mechanism for 'money for nothing' can fill already stupidly rich bankers pockets.
Originally posted by subz
Why would an oil-rich nation borrow money to kick start its economy? War or not it has access to billions of dollars worth of resources. Iraq doesn't need loans and the only reason it is getting them is so that Iraq joins the rest of the World in being subservient to the international bankers.
I'd be interested to see where this money is going. Nobody has yet accounted for the $8.8Billion that "went missing" just prior to the Provisional Authority handing over to Iraqi officials.
The loan represents the IMF's seal of approval that the Iraq government is taking the correct fiscal measures to mend its war-ravaged economy.
One group of creditor countries - the 19-member the Paris Club - has been waiting for the IMF's seal of approval before implementing its own proposed 80% reduction in the $38.9bn debt owed to them by Iraq.