| Amid Coronavirus IMF
Releases $166M to Madagascar No Mention of
Illegal Asset Recovery
By Matthew
Russell Lee, Patreon
BBC
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SDNY COURTHOUSE,
April 3 –
Before the International
Monetary Fund's February 13
embargoed briefing,
Inner City Press asked the IMF
to confirm or deny something
in the crypto-currency media,
that "IMF ADVISES EASTERN
CARIBBEAN STATES TO TRIAL
DIGITAL CURRENCY." See below.
Now on
April 3 amid the Coronavirus
crisis the IMF on Madagascar
announced that "the Executive
Board of the International
Monetary Fund (IMF) today
approved a disbursement under
the Rapid Credit Facility
(RCF) equivalent to SDR 122.2
million (about US$ 165.99
million at today’s US$/SDR
exchange rate, or 50 percent
of the quota) to help the
country meet the urgent
balance of payment needs
stemming from the outbreak of
the COVID-19 pandemic.
The Covid-19 pandemic is
having a severe impact on
Madagascar’s economy. Tourism
is facing a dramatic decline,
and disruptions are occurring
to mining and manufacturing
exports, as well as in trade
and investment. To
mitigate the shock of the
pandemic, the government is
taking appropriate immediate
actions including immediate
fiscal measures to strengthen
social protection and support
the most vulnerable such as
through government donations
of staple foods; suspending
fees and social contributions
to support the private sector;
and providing liquidity to
preserve the stability of the
financial sector. However, the
weakened macroeconomic outlook
and deteriorating fiscal
situation have created urgent
external and fiscal financing
needs. The IMF support will
make a substantial
contribution to filling
immediate external needs and
preserving fiscal space for
essential COVID-19-related
health expenditure. It is also
expected to help catalyze
additional donor support."
Last time, but
not this, the IMF said, “The
recent
adoption of
the law on
illicit asset
recovery
brings the
anti-corruption
legal
framework into
closer
alignment with
international
standards."
Close but no cigar.
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.
***
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