Time to Act, Iran Says, Urging IMF to Provide Loan via INSTEX, SHTA
The Governor of the Central Bank of Iran called on the International Monetary Fund to make use of the EU-Iran trading mechanism ‘INSTEX’ or the Swiss humanitarian channel for Iran ‘SHTA’ to make a $5 billion loan that Tehran has applied for to deal with the coronavirus outbreak
“It’s time to act,” CBI Chief Abdolnaser Hemmati told IMF Managing Director Kristalina Georgieva in an article published on Sunday, reminding the IMF that Iran, the US and Europe have all lost many people due to the outbreak of the coronavirus.
Deploring the US’ interference in the administration of the IMF, Hemmati proposed that the IMF can pay Iran the loan directly via the INSTEX –a financial mechanism that the three European parties to the 2015 nuclear deal have established for trade with Iran- or via the Swiss Humanitarian Trade Arrangement (SHTA), so that the loan could be used for purchases from pharmaceutical and food companies.
“These channels have been specially established to help buy foodstuff and medicine. These channels have appropriate security mechanisms that would allay all concerns,” Hemmati added.
Last week, the top Iranian banker had emphasized that the IMF loan is totally unconditional and must be given immediately.
The only guarantee that needs to be given relates to the period of repayment, Hemmati said, stressing that the loan is Iran’s natural right, as the country has kept reserve assets in the IMF and has not received any loan over the past 60 years.
Earlier this month, President Hassan Rouhani said it would be unacceptable for the International Monetary Fund to unfairly refuse Iran’s application for the loan that it needs for the fight against the coronavirus.
source: Tasnim News Agency
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
