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By Matthew Russell Lee, Patreon
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NEW YORK, SDNY, July 30 – 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 30 on Madagascar, the IMF has announced "The Executive Board of the International Monetary Fund (IMF) today approved the disbursement of $171.9 million (SDR122.2 million, 50 percent of quota) to the Republic of Madagascar under the Rapid Credit Facility (RCF). This is the second emergency disbursement since the onset of the pandemic and will help finance the country’s urgent balance of payments and fiscal needs. It follows the Executive Board’s approval of the disbursement of US$ 165.99 million on April 3, 2020. This second disbursement was made possible by both the IMF Executive Board’s decision to double the annual access limit under the RCF to 100 percent of quota (see IMF Policy Paper No. 20/018), and its most recent decision on a temporary modification to the Fund’s annual PRGT access limits. This additional disbursement brings the total IMF COVID-19 support to Madagascar to US$337.9 million.  Madagascar’s economic outlook has worsened since the approval of the first RCF request, due to a further deterioration of the global environment and a deepening of the impact of the COVID-19 pandemic, with GDP now projected to contract by 1 percent in 2020."

   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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