| Amid Coronavirus IMF
Releases $114M to Niger As It Defends
Misappropriation With Tear Gas
By Matthew
Russell Lee, Patreon
BBC
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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 Niger
announced that " The
Executive Board of the
International Monetary Fund
(IMF) today approved the
disbursement of SDR83.66
million (about US$114.49
million) to be drawn under the
Rapid Credit Facility (RCF).
The RCF funds will help
address Niger’s urgent balance
of payments need by filling
important financing gaps in
Niger’s fiscal and external
accounts and should also help
to catalyze additional donor
support. The IMF continues to
monitor Niger’s situation
closely and stands ready to
provide policy advice and
further support as needed. The
Executive Board also approved
a rephasing of disbursements
under the Extended Credit
Facility (ECF) that has been
supporting Niger’s economic
reform program since January
2017, to allow more time for
the completion of the next
program review while
maximizing financial support
under the RCF."
So $114
million after a report that On
15 March, an assembly was held
in the capital, Niamey, to
denounce a misappropriation of
public funds for the purchase
of weapon equipment intended
to fight terrorism. The rally
was declared by the organisers
before the Cabinet issued its
communiqué after which they
did not receive a notification
of the ban and therefore
decided to continue the
assembly despite the ban. That
same day, very early in the
morning, security forces
blocked all the routes leading
to the Place de la
concertation in Niamey, where
the rally was
planned.
Law enforcement officials also
used tear gas to disperse the
gathering. According to
numerous sources, the
resulting fire from the tear
gas caused a fire on the roof
of a Tagabati market, killing
at least three people.
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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