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Week In Review

IMF’s attitude towards Islamic Iran taints all “international” organizations

Many informed observers are aware that the so-called international organizations are political and diplomatic tools to advance Western political and economic objectives.

The latest confrontation between Islamic Iran and the US within the corridors of International Monetary Fund points to the facts that diplomatic protocols and norms are regularly applied in a very selective manner.

The Qatari news channel, Al Jazeera reported that Iran, as contributing member of the IMF, requested a $5billion emergency loan to fight COVID-19. According to the news channel, “the US is the Fund's biggest shareholder and can use its heft to obstruct financial assistance to Iran… the US holds nearly 17 percent of the Fund’s voting shares. The next-largest shareholders, Japan and China, only have about 6 percent each… But analysts say the IMF could find a way around this impasse by harnessing an asset created by the Fund to get Iran more money to fight the pandemic.”

Whether or not the IMF will utilize Special Drawing Rights of members to bypass the US pressure is yet to be seen.

Courtesy: Al Jazeera

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