CBI Chief briefs IMF on Iran’s rights, US obstructions

IRNA – Governor of Central Bank of Iran Abdolnaser Hemmati in a letter to International Monetary Fund on Thursday elaborated on Iran’s rights to enjoy IMF’s financial aid followed by US’ obstructions.

About a month ago after IMF’ announcement to provide quick and unconditional aid to those countries which are involved with coronavirus, I declared Iran’s request to take advantage of its right, but some people from outside the country have been after to reverse the efforts, Hemmati wrote in an Instagram post.

Hemmati said earlier that Iran has requested dlrs five billion loan from the International Monetary Fund in the CORONA campaign package of Rapid Financial Instrument.

“I publicly announce that Instrument in Support of Trade Exchanges (INSTEX) and even Swiss Humanitarian Trade Arrangement (SHTA) which are as US claimed exempted from unilateral sanctions are available channels for doing some humanitarian aid transactions and among resources provided by IMF for Iran,” he added.

SHTA is a payment mechanism aimed at enabling the basic goods to be delivered to Iran.

Referring to US’ opposition against IMF’ aid to Iran, he said European countries and other states are in this process.

He hoped that US opposition not damage IMF’s professional nature and also its application with regard to helping members states especially Iran.

“We are eager to pursue our request in the framework of Rapid Financing Instrument (RFI),” Hemmati reiterated.

The Rapid Financing Instrument (RFI) provides rapid financial assistance, which is available to all member countries facing an urgent balance of payments need. The RFI was created as part of a broader reform to make the IMF’s financial support more flexible to address the diverse needs of member-states. The RFI replaced the IMF’s previous emergency assistance policy and can be used in a wide range of circumstances.

Earlier, the Federal Foreign Office of Germany in a tweet confirmed the first transaction with Iran through INSTEX.

The Federal Foreign Office of Germany wrote on its Twitter page, “France, Germany and the United Kingdom confirm that INSTEX has successfully concluded its first transaction, facilitating the export of medical goods from Europe to Iran.”

The message added, “INSTEX and its Iranian counterpart STFI will work on more transactions and enhancing the mechanism.”

INSTEX is a special-purpose vehicle (SPV) launched in January 2019 by France, Germany, and the UK, with the goal to facilitate non-USD transactions with Iran. INSTEX head office is based in Paris.