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
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