Ok, and what's the contradiction there? I see you've made a diversion since you were proven wrong.
WHen I say the loans were first put into forex reserves, I mean they were not meant to shore up forex reserves, but rather forex reserve was just a holder for the money until they are directed toward balance of payment crisis. In other words, net effect is that they did not go toward forex reserves.
The money was not meant for budget deficit but rather balance of payment crisis. Since we got this loan in 2008, I could not recall correctly. But yes, after looking at it again, it was meant for balance of payment crisis, which is perfectly normal to expect from IMF.
WHen I say the loans were first put into forex reserves, I mean they were not meant to shore up forex reserves, but rather forex reserve was just a holder for the money until they are directed toward balance of payment crisis. In other words, net effect is that they did not go toward forex reserves.
The money was not meant for budget deficit but rather balance of payment crisis. Since we got this loan in 2008, I could not recall correctly. But yes, after looking at it again, it was meant for balance of payment crisis, which is perfectly normal to expect from IMF.