I suppose we ought to feel good about this

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alan
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I suppose we ought to feel good about this

Postby alan » Fri Dec 17, 2010 10:45 am

Hmm.. the feel good news piece of the day...

Peru To Get $100M IBRD Loan

Peru is set to receive a $100 million natural disaster contingency loan from the International Bank for Reconstruction and Development (IBRD), The Wall Street Journal reports. The government seeks to use the proceeds to fund infrastructure reconstruction following a natural disaster.

The credit facility will be available for three years, with an option to be renewed four more times, for up to a total of 15 years. The government will also take a $20 million loan from IBRD to finance irrigation projects, adds Bloomberg.

http://www.emii.com/Articles/2738717/Em ... -Loan.aspx


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tupacperu
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Re: I suppose we ought to feel good about this

Postby tupacperu » Fri Dec 17, 2010 1:22 pm

Peru's economy is booming and yet they need a LOAN FOR DISASTERS?

Where did all the money go? You would think that from all the imports and exports (taxes) that they would not have a financial deficit in the gov't. Peru still dependent on international funds?

The funds will never make it to the people who need it most :-).
Majority of the funds for ICA's disaster (Earthquake ) Never made it to the people that needed it most.
These fund will be slated for corruption. :)
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Re: I suppose we ought to feel good about this

Postby JoshuS » Fri Dec 17, 2010 4:16 pm

tupacperu wrote:Peru's economy is booming and yet they need a LOAN FOR DISASTERS?

Where did all the money go? You would think that from all the imports and exports (taxes) that they would not have a financial deficit in the gov't. Peru still dependent on international funds?

The funds will never make it to the people who need it most :-).
Majority of the funds for ICA's disaster (Earthquake ) Never made it to the people that needed it most.
These fund will be slated for corruption. :)


Exactly, corruption right through. :)

I'll add the IBRD is primarily an investment bank (a division of the World Bank) deeply involved in developing countries, one of its most important functions is to provide "development" financing, now this is just the PR :lol: since it was formed basically to promote private foreign investment. So, this is just another way for that speculative 'hot money' to take hold of the Peruvian economy. I'd love to learn about the conditionalities under which this loan was imposed on the Peruvian government (some sort of SAPs most likely). No doubt some high level officials, Garcia included are getting their cut. What is interesting though is the fact the IBRD only lends to creditworthy countries whose per capita income falls below a stipulated level. This speaks a lot for the reality of the so called "boom". :)

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