Aquino gov’t should first attend to needs of Filipinos before lending P1B to IMF

TACLOBAN CITY- The Aquino administration should first prioritized the needs of its people instead of lending $1 billion to the International Monetary Fund (IMF).

Thus said Las Piñas Rep. Mark Villar who, however, was quick to say that perhaps the President has “good reasons” why such plan was being considered.

“I am not really privy on the details about this plan of our government to lend $1 billion to the IMF. This is supposed to be a loan so perhaps the government might earn out of its interests,” Villar said in an interview on Wednesday.

The Las Piñas solon was in the city as a guest during the Pintados-Kasadyaan Festival of Festivals ritual presentation held at the Leyte Sports Center (formerly grandstand).

Earlier, Malacañang has announced on its plan to extend a loan to the IMF worth $1 billion justifying that the said financial institution had assisted the country during its crisis.

The IMF, reports had said, plan to provide loans to some European nations suffering deep economic troubles.

For decades, the IMF has been extending loans to the country but is now considered to be a “creditor nation” after it fully paid its debt more than five years ago or during the time of President and now Pampanga Rep.Gloria Macapagal-Arroyo.

This plan of the Aquino administration is being criticized by some sectors including some political allies of the President like Senator Ralph Recto.

Villar said that while indeed the government has good reasons why it is toying such idea, he still suggest that the $1 billion it plan to extend to the IMF would be better use to the country to pump prime its economy.

He also said that the national government should make sure that any moves to alleviate the country’s economy, every Filipino should benefit from it and not just the already rich.

Villar said that in fairness to the Aquino administration it is handling well the economy of the country as it was able to reign in its expenditures.(JOEY A. GABIETA)

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Posted by lsde on Jun 29 2012. Filed under News1. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.