| As IMF Visits and Assesses Ivory
Coast Inner City Press Asked It About China
Oil Moves
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
NEW YORK, SDNY,
Oct 7 – When the International
Monetary Fund held its
biweekly embargoed media
briefing on September 24,
Inner City Press submitted
questions including on Angola,
Costa Rica and Zambia which
IMF Spokesperson Gerry Rice
took and answered. Video here.
Now on
October 7 on Cote d'Ivoire /
Ivory Coast, this: "An
International Monetary Fund
(IMF) staff team led by Céline
Allard held virtual meetings
during September 15—October 4,
2020 to conduct the combined
7th and 8th reviews of the
authorities’ economic and
financial program supported by
the IMF through arrangements
under the Extended Credit
Facility (ECF) and the
Extended Fund Facility
(EFF). At the conclusion
of these discussions, Ms.
Allard issued the following
statement: “The
authorities and the IMF team
have reached a staff-level
agreement on the combined
seventh and eighth reviews of
the ECF and EFF arrangements,
subject to approval by IMF
management and the Executive
Board. Consideration by the
Executive Board is expected in
early December 2020. The
seventh review of the program
initially scheduled for March
2020 was delayed because of
the outbreak of the Covid-19
pandemic and was overtaken by
discussions that led to an
emergency assistance under the
Fund’s Rapid Credit Facility
(RCF) and Rapid Financing
Instrument (RFI) in April
2020. “The Covid-19
pandemic presents an
unprecedented challenge." Yes.
On
September 24 on the IMF's
WebEx platform, Inner City
Press asked, With
the IMF's
disbursement
to Angola
being based
partly on
China
indicating a
willingness to
defer 2020
debts, what
are the IMF's
comments and
thoughts on
China's
possible
efforts to
take an equity
stake in some
of Angola's
oil fields?
IMF
Spokesperson
Rice recounted
the IMF's
review and
praised
China's
participation
in grant
programs. It's
appreciated -
but what about
the move to
take an equity
stake in
Angola's oil?
This question
was referred
to China
itself, but
we've had no
luck with
that.
On
Costa Rica,
Inner City
Press asked,
the Presidency has indicating
it is seeking or will seek a
$1.75 billion package from the
IMF. What is the status, or
any comment or description of
the EFF process?
Rice
confirmed that is the size of
the proposed program, and
emphasized that the
Legislative Assembly, whose
president now reported calls
the proposal not viable, had
signed off on an earlier
COVID-19 program. We'll see.
Back in
July 2020 IMF spokesperson
Rice said, "We got some
questions from Matthew
Lee in New
York, including
on Zambia, and he was asking,
what's the state of play?
What's the IMF's thinking?
What does the IMF think the
role of debt to China in the
nation's current
situation? I have spoken
about Zambia recently here at
the podium. In terms of the
current status, yes, the
Zambian authorities have
requested IMF support for
their economic program to
restore macroeconomic
stability, as well has
assistance under our emergency
financing to help address the
human and the economic impact
of the pandemic. I can
tell you, that a virtual IMF
staff mission took place June
22 to July 10 to discuss the
emergency financing request.
Progress was made, but
discussions continue as the
authorities determine their
policies and priorities in the
context of their revised 2020
budget, as well as the
medium-term fiscal stance
needed to restore debt
sustainability, revive growth
and reduce poverty. That’s
where we are on Zambia."
Now Zambia
is talking debt restructuring,
or reportedly even default.
We'll have more on this.
At least
the IMF answers Press
questions. We'll have more on
this - watch this site.
***
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
|
,
