Friday, December 23, 2005

IMF sets $685 million Iraq loan package - Banks - Financial - Financial Services - War & Terrorism

The process of converting Iraq into a vibrant nation with a strong economy just took an important step. Iraq is on the path to prosperity.

The $685 million dollar loan package is small potatoes by US standards but a significant chunk of change for an emerging nation. The debt swaps conducted also set the wheels of commerce in motion.

No one can say how long it will take for Iraq to ramp up oil production. Now that the Sunnis have voted en mass for the elected government, one can only hope that destruction of oil facilities will diminish.

U.S. and British troop withdrawals will begin this year. Progress in Iraq will see peaks and lows but, a year from now, the progress will be obvious. Merry Christmas and Happy Holidays to all who are in Iraq in service to the noble ideal of freedom!

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