FacebookTwitterGoogle+RedditEmail

Iraq’s IMF Loan

by JOSHUA FRANK

The International Monetary Fund (IMF) approved a $685 million loan for Iraq on December 24. Now the country’s war torn economy will be fully integrated into the global economy-indefinitely. The reconstruction of Iraq will soon be open to even more industrialized nations and interests.
Iraq will not be sovereign or independent in the near future, even if President Bush says so. The country’s financial future will instead be dictated by a new colossal economic occupation, complete with ground forces, tanks, foreign military bases and the like-all thanks to the United States, Britain and the IMF.

The new loans will soon be the focus of Iraq’s future “economic stability”. Of course, the desire to capitalize on war’s misfortunes is at the heart of this occupation, as well as the IMF’s gracious assistance. This is undoubtedly what the Bush administration and their allies have wished for all along.

“This arrangement will underpin economic stability and help lay the foundation for an open and prosperous economy in Iraq,” Treasury Secretary John Snow said in an announcement shortly after the loan was approved. Translation: Iraq will soon be open for business.
Now that the IMF will be able to dictate how best Iraq can pay back its ever increasing debt, putting its recovery in the hands of others, while the US reaps the benefits. If it’s to pump millions more barrels of oil every year, Iraq will be forced to do it. And in fact, increased oil production is at the heart of the IMF’s plan for Iraq.

In a statement released last week by the IMF, the institution reported that Iraq’s new government planned to allocate resources next year to expanding oil production as part of a broad economic scheme put forward by the IMF, with the hope of putting Iraq’s economy on an upward trajectory. In other words, Iraq will be forced to start drilling for more oil.

And of course democracy will never be truly attainable or even really wished for by the IMF and their wealthy investors-the country will just become another playing ground for imperial endeavors and capitalist greed. So much for independence, for no country is truly free and democratic when placed under the boot of the industrialized world. Markets consistently undermine democracy when motivated by self-interests, and Iraqi citizens are not likely to benefit in any real terms under the IMF’s new loan package, which will be divvied out over the next 15 months.

Don’t believe for a minute that Iraq will be able to shake off globalism’s ravenous greed anytime soon-even if US troops are redeployed. Capitalism’s tentacles are now fully attached to Babylon, as if they weren’t already, and the oil will be flowing shortly. Even if US troops are redeployed, or god forbid, brought home, the occupation of Iraq will nonetheless continue.

JOSHUA FRANK is the author of the brand new book, Left Out!: How Liberals Helped Reelect George W. Bush, which has just been published by Common Courage Press. You can order a copy at a discounted rate at www.brickburner.org. Joshua can be reached at Joshua@brickburner.org.

 

More articles by:

JOSHUA FRANK is managing editor of CounterPunch. His most recent book is Hopeless: Barack Obama and the Politics of Illusion, co-edited with Jeffrey St. Clair and published by AK Press. He can be reached at joshua@counterpunch.org. You can troll him on Twitter @joshua__frank

November 23, 2017
Kenneth Surin
Discussing Trump Abroad
Jay Moore
The Failure of Reconstruction and Its Consequences
Jeffrey St. Clair - Alexander Cockburn
Trout and Ethnic Cleansing
John W. Whitehead
Don’t Just Give Thanks, Pay It Forward One Act of Kindness at a Time
Chris Zinda
Zinke’s Reorganization of the BLM Will Continue Killing Babies
David Krieger
Progress Toward Nuclear Weapons Abolition
Rick Baum
While Public Education is Being Attacked: An American Federation of Teachers Petition Focuses on Maintaining a Minor Tax Break
Paul C. Bermanzohn
The As-If Society
Cole A. Turner
Go Away, Kevin Spacey
Ramzy Baroud
70 Years of Broken Promises: The Untold Story of the Partition Plan
Binoy Kampmark
A New Movement of Rights and the Right in Australia
George Ochenski
Democratic Party: Discouraged, Disgusted, Dysfunctional
Nino Pagliccia
The Governorship Elections in Venezuela: an Interview With Arnold August
Christopher Ketcham
Spanksgiving Day Poem
November 22, 2017
Jonathan Cook
Syria, ‘Experts’ and George Monbiot
William Kaufman
The Great American Sex Panic of 2017
Richard Moser
Young Patriots, Black Panthers and the Rainbow Coalition
Robert Hunziker
Fukushima Darkness
Lee Artz
Cuba Libre, 2017
Mark Weisbrot
Mass Starvation and an Unconstitutional War: US / Saudi Crimes in Yemen
Frank Stricker
Republican Tax Cuts: You’re Right, They’re Not About Economic Growth or Lifting Working-Class Incomes
Edward Hunt
Reconciling With Extremists in Afghanistan
Dave Lindorff
Remembering Media Critic Ed Herman
Nick Pemberton
What to do About Al Franken?
November 21, 2017
Gregory Elich
What is Behind the Military Coup in Zimbabwe?
Louisa Willcox
Rising Grizzly Bear Deaths Raise Red Flag About Delisting
David Macaray
My Encounter With Charles Manson
Patrick Cockburn
The Greatest Threats to the Middle East are Jared Kushner and Mohammed bin Salman
Stephen Corry
OECD Fails to Recognize WWF Conservation Abuses
James Rothenberg
We All Know the Rich Don’t Need Tax Cuts
Elizabeth Keyes
Let There be a Benign Reason For Someone to be Crawling Through My Window at 3AM!
L. Ali Khan
The Merchant of Weapons
Thomas Knapp
How to Stop a Rogue President From Ordering a Nuclear First Strike
Lee Ballinger
Trump v. Marshawn Lynch
Michael Eisenscher
Donald Trump, Congress, and War with North Korea
Tom H. Hastings
Reckless
Franklin Lamb
Will Lebanon’s Economy Be Crippled?
Linn Washington Jr.
Forced Anthem Adherence Antithetical to Justice
Nicolas J S Davies
Why Do Civilians Become Combatants In Wars Against America?
November 20, 2017
T.J. Coles
Doomsday Scenarios: the UK’s Hair-Raising Admissions About the Prospect of Nuclear War and Accident
Peter Linebaugh
On the 800th Anniversary of the Charter of the Forest
Patrick Bond
Zimbabwe Witnessing an Elite Transition as Economic Meltdown Looms
Sheldon Richman
Assertions, Facts and CNN
Ben Debney
Plebiscites: Why Stop at One?
LV Filson
Yemen’s Collective Starvation: Where Money Can’t Buy Food, Water or Medicine
FacebookTwitterGoogle+RedditEmail