There have been numerous postings on other forums regarding the immediate payment that is due on the loan from the IMF and the importance of that payment as it relates to the RV. Some sources quoted that the first payment was due at the end of March/2010. I have been unable to find any confirmation that this is true. In fact, the information that is posted on the IMF website indicates that a payment is not due until 2013. CK had actually found this a couple of days before I started searching for the same information. I have copied the significant areas and are posted below.
In February, 2010 Iraq received 25% of the approved loan from the IMF. The first payment on the principal is not due until 2013. So that only leaves payment of the Charges/Interest on the loan. A payment, equivalent to 2.48 million SDR”s, is due in 2010, however, no month is indicated. Looking at the IMF report titled Projected Payments due to the IMF, which represents all the outstanding loans from the IMF, it indicates that there are no scheduled Charges/Interest Payments to be paid to the IMF in April. The only months for Charges/Interest payments that could include Iraq's Charges/Interest payment would be May, August or November. The other two months with scheduled payments are too low for the amount that Iraq has to pay. It is possible that the Charges/Interest was paid in March, but even so, this would not be a significant payment in relation to the total loan.
Iraq's Financial Position in the Fund
Outstanding Purchases and Loans:
SDR Million: 297.1
%Quota: 25.00
Date of Arrangement: Feb 24, 2010
Date of Expiration: Feb 23, 2010
Amount Approved: 2376.80 (SDR Million)
Amount Draw: 297.10 (SDR Million)
Projected Payments to Fund
(SDR Million; based on existing use of resources and present holdings of SDRs
2010
Payment: None
Charges/Interest: 2.48 (SDR Million)
2011
Payment: None
Charges/Interest: 3.80 (SDR Million)
2012
Payment: None
Charges/Interest: 3.80
2013
Payment: 114.41
Charge/Interest: 3.55
2014
Payment 148.55
Charges/Interest 1.91
Projected Payments to the IMF for all members as of
March 31, 2010
(In Millions of SDRs)
April
Principal: 209.3
Charges/Interest: 0.0
May
Principal: 119.2
Charges/Interest 227.7
June
Principal: 313.6
Charges/Interest: 0.8
July
Principal: 237.8
Charges/Interest: 0.0
August
Principal: 112.8
Charges/Interest: 219.7
September:
Principal: 256.2
Charges/Interest 0.0
October
Principal: 58.5
Charges/Interest: 0.0
November
Principal: 300.5
Charges/Interest: 215.6
December
Principal: 324.8
Charges/Interest: 0.3
In February, 2010 Iraq received 25% of the approved loan from the IMF. The first payment on the principal is not due until 2013. So that only leaves payment of the Charges/Interest on the loan. A payment, equivalent to 2.48 million SDR”s, is due in 2010, however, no month is indicated. Looking at the IMF report titled Projected Payments due to the IMF, which represents all the outstanding loans from the IMF, it indicates that there are no scheduled Charges/Interest Payments to be paid to the IMF in April. The only months for Charges/Interest payments that could include Iraq's Charges/Interest payment would be May, August or November. The other two months with scheduled payments are too low for the amount that Iraq has to pay. It is possible that the Charges/Interest was paid in March, but even so, this would not be a significant payment in relation to the total loan.
Iraq's Financial Position in the Fund
Outstanding Purchases and Loans:
SDR Million: 297.1
%Quota: 25.00
Date of Arrangement: Feb 24, 2010
Date of Expiration: Feb 23, 2010
Amount Approved: 2376.80 (SDR Million)
Amount Draw: 297.10 (SDR Million)
Projected Payments to Fund
(SDR Million; based on existing use of resources and present holdings of SDRs
2010
Payment: None
Charges/Interest: 2.48 (SDR Million)
2011
Payment: None
Charges/Interest: 3.80 (SDR Million)
2012
Payment: None
Charges/Interest: 3.80
2013
Payment: 114.41
Charge/Interest: 3.55
2014
Payment 148.55
Charges/Interest 1.91
Projected Payments to the IMF for all members as of
March 31, 2010
(In Millions of SDRs)
April
Principal: 209.3
Charges/Interest: 0.0
May
Principal: 119.2
Charges/Interest 227.7
June
Principal: 313.6
Charges/Interest: 0.8
July
Principal: 237.8
Charges/Interest: 0.0
August
Principal: 112.8
Charges/Interest: 219.7
September:
Principal: 256.2
Charges/Interest 0.0
October
Principal: 58.5
Charges/Interest: 0.0
November
Principal: 300.5
Charges/Interest: 215.6
December
Principal: 324.8
Charges/Interest: 0.3