| IMF Gives Gabon $153M Amid
Covid For $300M Total As Inner City Press Ask
of China Role
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
NEW YORK, SDNY,
July 31 – 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
July 31 on Gabon, the IMF has
announced "The Executive Board
of the International Monetary
Fund (IMF) today approved a
purchase of SDR108 million
(about US$152.61 million)
under the Rapid Financing
Instrument (RFI). This is the
second purchase under the RFI
to Gabon since the onset of
the pandemic. It aims at
helping Gabon in meeting its
urgent balance of payments
needs. This follows the
Executive Board’s decision of
April 9, 2020 to double
temporarily the annual access
limit under the RFI to 100
percent of quota. Today’s
purchase brings total IMF
COVID-19 support under the RFI
to Gabon to US$299.61
million. The authorities
have been implementing
commendable measures to limit
the spread of the COVID-19
pandemic. However, since the
approval of the first RFI
purchase on April 9, 2020 (
see IMF Country Report No
20/109 ), weaker external
demand and a more pronounced
impact of containment measures
have further deteriorated
growth prospects and worsened
external and fiscal
positions."
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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