Iran asks for billions in loans as virus death toll climbs
Iran is one of many countries to feel the damaging effects of the Coronavirus on its population and economy. Within the past week, Iran was forced to ask the International Monetary Fund (IMF) for a $5 billion dollar loan to combat the shortages in relation to the Coronavirus upon its already weakened economy. This will be the 1st time since the 1979 Islamic Revolution that Iran reached out for significant financial assistance. At present, Iran’s economy is fragile due to the sanctions placed upon it by President Donald Trump beginning in May 2018 and the plunging oil prices that previously funded a large portion of their economy. Iran’s Central Bank chief Abdolnasser Hemmati reached out to the IMF in hopes that part of the $50 billion dollar emergency fund for low-income countries would be allocated to them in Iran’s time of need.
In addition, Foreign Minister Mohammad Javad Zarif requested that the United States stop its “campaign of economic terrorism” and remove the existing sanctions. Iran struggles to export oil to boost the economy or import necessary medicines to combat the Coronavirus. As the death count continues to rise rapidly, 75 people have died in the past 24 hours, Iran only becomes more desperate for foreign aid in attempts to salvage their country