US Has No Veto Power in IMF to Block Iran’s Request: VP

TEHRAN (defapress) – Iranian Vice-President for Economic Affairs Mohammad Nahavandian said no country, including the US, has the veto power in the International Monterey Fund to block another country’s loan request.

News ID: 80783

Date: 12 April 2020 - 14:39

“In IMF we do not have any veto power for any country, and actually it’s a policy of IMF for evenhandedness in appraisal and approval of requests,” Nahavandian told CNN recently.

He added, “What Iran has requested for is RFI, Rapid Financial Instrument, which is an automatic instrument that governments and countries can use when they are in need of some financing”.

“Iran has been a founding member of IMF, with very good record. And it is expected from this international body to do what (it) is expected to do. That request is now in due process. Many countries have expressed their support for this,” he said.

Nahavandian further noted that the coronavirus pandemic is not a national or local issue, saying, “The reality is now we are observing the dark side of globalization. The problem is global, but we do not have a global solution. Now is the time of cooperation, not to start new quarrels and fight against the access of one nation to medical supplies. We are all in the same boat, as they say.”

Iran has applied for an emergency loan from the IMF known as Rapid Financing Instrument (RFI), which covers countries' urgent needs and does not require a fully-fledged reform program.

Earlier this week, the Trump administration signaled that it will not allow the IMF loan to go through.

Iran has been among the countries hardest hit by the new coronavirus, which first showed up in China in late December 2019 before spreading to other parts of the world.

The disease has so far killed 4,357 people and infected over 70,000 others in Iran. Nearly 41,900 people have also recovered.