In Other Media-eg New Statesman, AJE, FP, Georgia, NYT,  Azerbaijan, CSM Click here to contact us     .

By Matthew Russell Lee, Patreon
BBC - Decrypt - LightRead - Honduras - Source

SDNY COURTHOUSE, April 14 – Before the International Monetary Fund's February 13 embargoed briefing, Inner City Press asked the IMF to confirm or deny something in the crypto-currency media, that "IMF ADVISES EASTERN CARIBBEAN STATES TO TRIAL DIGITAL CURRENCY." See below.

 Now on April 14 amid the Coronavirus crisis the IMF on Burkina Faso announced that "The COVID-19 pandemic has taken a major toll on Burkina Faso economy, with the near-term outlook deteriorating quickly. To address the urgent balance-of-payments needs, the IMF approved US$115.3 million emergency assistance for Burkina Faso under the Rapid Credit Facility. The country will also benefit from IMF debt service relief under the Catastrophe Containment and Relief Trust. The immediate challenge is to contain the spread of COVID-19, strengthen medical care, implement the social distancing and other containment measures, and mitigate the socio-economic impact of the pandemic, especially on the most vulnerable. The Executive Board of the International Monetary Fund (IMF) today approved a disbursement of SDR 84.28 million (about US$115.3 million or 70 percent of its SDR quota) for Burkina Faso under the Rapid Credit Facility (RCF). The financing provided under the RCF will help finance the health, social protection and macroeconomic stabilization measures, meet the urgent balance of payments needs arising from the COVID-19 outbreak and catalyze additional support from the international community.  The economic impact of the COVID-19 pandemic in Burkina Faso is rapidly unfolding, with the short-term outlook worsening quickly. The pandemic comes at a time when Burkina Faso was already gripped by a heightened security crisis. The authorities responded by putting in place measures to help contain the spreading of the virus, including by closing schools and universities, banning mass gatherings, and suspending international travel. Though absolutely needed to contain the outbreak these measures, together with the global response, have significantly worsened the economic outlook in the near term, with real economic growth declining substantially, and both the fiscal and balance of payments deficits widening significantly.  Burkina Faso has also benefited from the IMF Executive Board decision of April 13, 2020 to provide debt service relief to all countries eligible for support from the International Development Association (IDA) in the form of grant assistance under the Catastrophe Containment (CC) window of the Catastrophe Containment and Relief Trust (CCRT). As a result, Burkina Faso will receive relief from the CCRT on debt service falling due to the IMF in the next 6 months (about US$11.9 million). This relief could be extended for up-to 2 years, subject to the availability of resources under the CCRT.  The IMF continues to monitor Burkina Faso’s situation closely and stands ready to provide policy advice and further support as needed."

 So $115 million after a report that "Burkinabe security services have executed summarily more than 115 civilians." Other issues were not addressed, nor have several of Inner City Press pending question been answered. But we remain hopeful.

Inner City Press covers not only the IMF but also all things crypto in the U.S. District Court for the Southern District of New York, for example SEC v. Telegram and the prosecution of Virgil Griffith formerly of Ethereum.   Inner City Press asked the IMF, "It is reported that to the Eastern Caribbean Currency Union, the IMF suggests to experiment with a common digital currency, on a blockchain. Can you elaborate?"  

 While IMF spokesperson Gerry Rice during the briefing answered Inner City Press' Somalia and Egypt questions, it was afterward that this answer arrived by e-mail, "attributable to Gerry Rice, IMF Spokesman and Director of Communications:    

'The IMF did not suggest to experiment with a common digital currency. In March 2019, the Eastern Caribbean Central Bank (ECCB) launched a central bank digital currency pilot project, using blockchain technology, on its own initiative.

  As noted in the IMF Concluding Statement of the 2019 discussion on the common policies of the Eastern Caribbean Currency Union (ECCU) member countries, the digital currency could expose the ECCB and the financial system to various risks, including for financial intermediation, financial integrity, and cybersecurity. Given these risks of the digital currency, the IMF stressed that the ongoing pilot project should proceed cautiously.”   

So there. (A OneCoin / Bulgaria question remains outstanding). We appreciate the IMF's answer. Watch this site, for IMF news and... all things crypto, good, bad and ugly.

***

Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.

Feedback: Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA

Mail: Box 20047, Dag Hammarskjold Station NY NY 10017

Reporter's mobile (and weekends): 718-716-3540

Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.

 Copyright 2006-2020 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com for