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On Namibia IMF Says Reforms Progressing At Slow Pace After Inner City Press Asks of Corruption

By Matthew Russell Lee, Patreon
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SDNY COURTHOUSE, March 2 – Before the International Monetary Fund's February 13 embargoed briefing, Inner City Press asked the IMF to confirm or deny something in the crypto-currency media, that "IMF ADVISES EASTERN CARIBBEAN STATES TO TRIAL DIGITAL CURRENCY."

Inner City Press covers not only the IMF but also all things crypto in the U.S. District Court for the Southern District of New York, for example SEC v. Telegram and the prosecution of Virgil Griffith formerly of Ethereum.   Inner City Press asked the IMF, "It is reported that to the Eastern Caribbean Currency Union, the IMF suggests to experiment with a common digital currency, on a blockchain. Can you elaborate?"  See below.
 Now on March 2, this from the IMF on Namibia: "An International Monetary Fund (IMF) team led by Geremia Palomba, IMF mission Chief for Namibia, visited Windhoek during February 24-28, to discuss recent developments and the economic outlook in the context of its regular surveillance activities.     At the end of the visit, Mr. Palomba issued the following statement:     “The economy is projected to return to positive growth this year. Real GDP contracted in 2019 and is expected to turn positive during 2020 as the impact of last year drought fades and mining production picks up. Absent structural reforms, growth would strengthen only gradually over the medium-term. Downside risks to this outlook include a decline in global growth as COVID-19 virus risks materialize, and possible lower-than-expected Southern African customs Union (SACU) revenue and fiscal slippages that would undermine the government’s effort to stabilize public debt dynamics.     “With public debt rising, the authorities need to continue fiscal adjustment policies to stabilize public debt over time and balance the adjustment with broader reforms to support growth. In preparation of the FY20/21 budget, the government’s medium-term fiscal adjustment plans and supporting policy measures should be clearly identified.     “There is a need to jumpstart structural reforms to reignite growth and boost job creation. It is important to improve the efficiency of the economy, including by streamlining business regulations, strengthening market operations of key public enterprises, removing obstacles that contribute to high electricity and transportation costs, and better align wage dynamics in the public sector and in the economy to productivity trends. Over time, it is important to remove obstacles to exports and address shortages of skilled workers.     “The financial sector remains sound despite weak growth having started to negatively affect banks’ performance. Reforms to improve the non-bank regulatory and supervisory framework are advancing, although at a slow pace." Slow pace...

  On February 13 while IMF spokesperson Gerry Rice during the briefing answered Inner City Press' Somalia and Egypt questions, it was afterward that this answer arrived by e-mail, "attributable to Gerry Rice, IMF Spokesman and Director of Communications:    

'The IMF did not suggest to experiment with a common digital currency. In March 2019, the Eastern Caribbean Central Bank (ECCB) launched a central bank digital currency pilot project, using blockchain technology, on its own initiative.

  As noted in the IMF Concluding Statement of the 2019 discussion on the common policies of the Eastern Caribbean Currency Union (ECCU) member countries, the digital currency could expose the ECCB and the financial system to various risks, including for financial intermediation, financial integrity, and cybersecurity. Given these risks of the digital currency, the IMF stressed that the ongoing pilot project should proceed cautiously.”   

So there. (A OneCoin / Bulgaria question remains outstanding). We appreciate the IMF's answer. Watch this site, for IMF news and... all things crypto, good, bad and ugly.


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