| IMF Gives Ecuador Over $6
Billion Amid Covid As Inner City Press Ask of
China Role
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
NEW YORK, SDNY,
Aug 28 – When the
International Monetary Fund
held its biweekly embargoed
media briefing on July 23,
Inner City Press submitted
questions including on Zambia
which IMF Spokesperson Gerry
Rice answered. IMF video here,
from Min 18:40; tweeted here.
Now on Aug
28 on Ecuador, the IMF has
announced "An International
Monetary Fund mission led by
Ms. Ceyda Oner held virtual
meetings with Ecuador’s
representatives from July 29
to August 27, 2020 to discuss
IMF support for the
authorities’ policy plans
following the dual COVID-19
and oil price shock. At
the end of the mission, Ms.
Oner issued the following
statement: “I am pleased
to announce that the
Ecuadorian authorities and the
IMF team have reached a
staff-level agreement to
support the authorities’
economic policies with a new
27-month Extended Fund
Facility (EFF) with a
requested access of SDR 4.6
billion (equivalent to US$6.5
billion). The EFF follows Fund
emergency support to Ecuador
in May this year (US$643
million) and the previous EFF
approved by the IMF Executive
Board in March 2019 that was
canceled in May 2020.
“The new EFF arrangement will
support Ecuador’s policies to
expand the coverage of social
assistance programs, protect
the vulnerable segments of the
population, ensure fiscal and
debt sustainability, and
strengthen domestic
institutions to lay the
foundations for strong,
durable and inclusive growth.
The agreement is subject to
the approval by IMF management
and the Executive Board in the
coming weeks, contingent on
the implementation by the
authorities of prior actions,
fulfillment of the criteria
for the IMF to provide
financing exceeding normal
access, and assurances from
international partners,
including bilateral creditors,
on their financial
commitments. “Ecuador’s
already fragile economy has
been further hit by a
confluence of shocks,
including the COVID-19
pandemic and the sharp slump
in oil prices."
On
July 23, Inner City Press
asked, "On Zambia, what is the
IMF's thinking? What does the
IMF think the role of debt to
China is in the nation's
current
situation?
More generally, what are the
IMF's throughts and plans now
that Fitch has downgraded
seven countries — Angola, Cabo
Verde, Gabon, Nigeria,
Seychelles, South Africa and
Zambia — since the beginning
of March this year?"
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."
At least
the IMF answers Press
questions. We'll have more on
this - watch this site.
***
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