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By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Nov 7 – When the International Monetary Fund held its biweekly embargoed media briefing on November 7, Inner City Press submitted questions including on Sudan and on Equatorial Guinea, see below.

Now on November 8 the IMF on CAR says this: "An International Monetary Fund (IMF) team, led by Mr. Édouard Martin, visited Bangui from October 28 through November 8, 2019 to discuss the program of economic policies and reforms that the government intends to implement over the next three years, and which could be supported by the IMF through a new arrangement under the Extended Credit Facility (ECF) .  At the end of the visit, Mr. Martin issued the following statement:  “The IMF welcomes the progress made in implementing the Political Agreement for Peace and Reconciliation (APPR) signed on February 6, which has contributed to a steady reduction in violence in the country. Although this progress remains fragile, it shows the potential of the agreement in improving the security in C.A.R. and thereby create the conditions for sustained growth and sustainable poverty reduction.  “Recent economic developments have been generally favorable. Economic growth, driven by mining, forestry, and construction, is expected to reach 4½ percent this year and 5 percent next year. Inflation remains contained, being forecast at around 3½ percent in 2019 and less than 3 percent in 2020. The current account deficit is expected to shrink to 5.5% of GDP in 2019, mainly due to the exceptional level of budget support granted by the economic and financial partners. The banking sector remains largely capitalized and liquid. However, tax revenues were below expectations. This is all the more concerning as revenue mobilization is critical to the sustained financing of the country’s most pressing spending needs.  “The favorable economic outlook is subject to substantial risks: downward, owing to the volatile security situation and the risks of a slowdown in the global economy; and upward, in connection with the implementation of the peace agreement.  “The mission's discussions focused on the program of economic policies and structural reforms that the government intends to implement over the next three years in the context of the Recovery and Peacebuilding Plan (RCPCA) and which could be supported by the IMF through a new arrangement under the Extended Credit Facility.... The IMF team met with President Touadéra, President of the National Assembly Ngon-Baba, Prime Minister Ngrébada, Minister of Finance Dondra, Minister of Economy Moloua, Minister of Mines Mbolifatrane, Minister of Water and Forest Amit, National Director of the BEAC Chaibou, and other senior government officials and parliamentarians. The team also met with representatives of the private sector, civil society, and donor community. " Note that to CAR the UN of Antonio Guterres sends "peacekeepers" from Mauritania who have committed rapes and been repatriated to a country that has no law against rape.

On November 7 Inner City Press asked: "On Equatorial Guinea, what is the status (and dollar volume) of the IMF's consideration of a program, and the weighing if at all on the length of time Obiang has been in power? "The loan, the amount of which has not been revealed, is scheduled to be considered by the IMF executive board in December."

 From the IMF's November 7 transcript, with video on page: "There's another question from Matthew, which I'll take on Equatorial Guinea, asking what's the status and the volume of the IMF's consideration of a program for Equatorial Guinea and the weighing, if at all, length of time that President Obiang has been in power. On that, I can say that just recently on October 21st, the Equatorial Guinea authorities and an IMF team reached staff level agreement on a three-year arrangement. Again, under the extended Fund facility, which is the more concessional arm of the IMF's lending. The authorities are working on an agreed set of measures that could allow the new program to be considered by the IMF's Executive Board in December. And Matthew had asked about the volume. We're looking at the program that could be supported by approximately $280 million. So, that's four [sic] Equatorial Guinea.  And anything else in the room?"

On September 26 Spokesperson already then Gerry Rice,  for new Managing Director Kristalina Georgieva, on Turkey said "this is also from Matthew, he has asked ' On Turkey, what is the IMF's response to ruling AKP deputy chair Numan Kurtulmuş criticizing a meeting between IMF & opposition parties, saying Turkey has "closed the topic with the IMF."'

  Then Rice said it is normal to meet with opposition - except in Cameroon, apparently - and that there has been no indication from the Turkish authorities they are looking for a program.

  On September 12 Inner City Press asked the IMF: "On Zimbabwe, please confirm or deny IMF's Patrick Imam saying that "it is clear, compared to the projections of the original SMP, which did not foresee the severity of the drought and its secondary impact, nor the electricity shock, that growth is almost certainly going to be revised downwards and inflation upwards compared to the original SMP forecasts." And what is the IMF's view of the (economic) impact of the crack down on protest and human rights defenders?"

  Spokesperson Gerry Rice said that the IMF team is in Harare, from September 5 to 17. On human rights, he said the IMF "focuses on economics" and that such questions should be directed to... bilateral creditor. At least he didn't say the UN, which doesn't care. Here are Inner City Press' other questions to the IMF:

On Somalia, please provide a read out or response to reports that Somali Minister of Finance Abdirahman Duale Beyle met officials from the IMF  Addis Ababa to discuss the fourth phase of the Somali pardon program.

On Sri Lanka, what is the IMF's response to Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky, sayins that in Sri Lanka, there are concerns at the significant rise in the value added tax, given that the brunt of such taxes is often borne by the poorest?

More generally, what is the IMF's response to Bohoslavsky saying as to the IMF that "even though austerity can be a useful tool of administration against the squandering of resources, it is essential to keep in mind that austerity impacts the most vulnerable and marginalised"?

On crypto-currency what is the IMF's response to Marshall Islands Minister David Paul saying the country is moving forward with its plans. According to the post, Minister Paul will provide further details about the Marshall Islands’ crypto, the Sovereign, next week at the Invest: Asia 2019 conference?  Within months, the IMF began putting pressure on the Marshall Islands to not forego the U.S. dollar in favor of its own digital currency. The Fund issued a 58-page report in September 2018 and warned against the "potential costs arising from economic, reputational, AML/CFT, and governance risks" associated with the issuance of the Sovereign.

On the DR Congo, what is the IMF's knowledge of, and comment on, that all the big-name advisory banks are laying siege to the presidential palace in the hope of winning the contract to advise the DRC on its relations with the IMF?" Inner City Press also asked, again, for "any updates on Cameroon or Haiti or Yemen." Watch this site.

More here.

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