Inner City Press





In Other Media-eg New Statesman, AJE, FP, Georgia, NYTAzerbaijan, CSM Click here to contact us     .



These reports are usually available through Google News and on Lexis-Nexis
,



Share |   

Follow on TWITTER

More: InnerCityPro

Home -

These reports are usually available through Google News and on Lexis-Nexis

CONTRIBUTE

(FP Twitterati 100, 2013)

ICP on YouTube

BloggingHeads.tv
Sept 24, 2013

UN: Sri Lanka

VoA: NYCLU

FOIA Finds  

Google, Asked at UN About Censorship, Moved to Censor the Questioner, Sources Say, Blaming UN - Update - Editorial

Support this work by buying this book

Click on cover for secure site orders

also includes "Toxic Credit in the Global Inner City"
 

 

 


Community
Reinvestment

Bank Beat

Freedom of Information
 

How to Contact Us



IMF on Nigeria Cites Banking Vulnerabilities After Answering Inner City Press on Somalia and Crypto

By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Feb 17 – When the International Monetary Fund held its biweekly embargoed media briefing on February 13, Inner City Press submitted questions including on Somalia and Bangladesh, on crypto currency here and on Egypt, see below.

 Now on February 17, the IMF has issued this on Nigeria: "An IMF  staff team led by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, visited Lagos and Abuja from January 29-February 12, 2020 to conduct its annual Article IV Consultation discussions on Nigeria’s economy.  At the end of the visit, Mr. Mati issued the following statement:  “The pace of economic recovery remains slow, as declining real incomes and weak investment continue to weigh on economic activity.... Banking system vulnerabilities should continue to be addressed. The mission welcomed recent efforts to reduce legacy non-performing loans. The introduction of risk-based minimum capital requirements would also help strengthen bank resilience. Notwithstanding the significant increase in lending, concerns about shortened maturity, asset quality and conflicting monetary policy signals call for revisiting the minimum lending to deposit ratio directive."

  On February 14 IMF spokesperson Gerry Rice read out Inner City Press Somalia question: "In Somalia, it is reported that "Bangladesh has agreed partially pay to the IMF as debt relief for Somalia under the HIPC Initiative. 'Bangladesh's international image would benefit from the grant,' said a finance ministry official... [MD] Georgieva wrote to FM AHM Mustafa Kamal, seeking SDR 0.70 million. " Is this true? Can you explain?"

  Rice explained that the IMF's board had met about Somalia the previous day, February 12, and that it expects to issue a press release later on February 13 in conjunction with the World Bank. He explained that not only Bangladesh is being asked - thankfully - but also others, to chip in and help. But will the public know which countries paid?

 On Egypt, Inner City Press asked, "   On Egypt, it is reported that the country is in talks with the IMF over a "non-financial structural reform program.. Now that the fiscal and the monetary reform has been done, we’re talking about structural reforms,” Tarek Amer said Tuesday at an energy conference in Cairo. Please elaborate and give the IMF's thinking." Rice said, among other things, that talks continue. Transcript to follow.

On January 30, Inner City Press in connection with thee 9:30 am embargoed briefing submitted questions about Luanda Leaks, Cameroon and some other topics. On Luanda Leaks, Inner City Press asked, " On Luanda Leaks, what have been the IMF's findings and actions given the evidence that has come out in the growing scandal?" This was emailed before 11 am:

    Luanda leaks     We do not comment on ongoing criminal investigations, trials and leaked documents.     Angola has a three-year EFF program with the IMF. As in other IMF programs, the fight against corruption is an important part of the program with Angola. This involves, inter alia, the strengthening of relevant legislation, such as working on an enhanced AML/CFT law, and other laws promoting stronger governance in public institutions. The effort also involves increased public transparency, for instance the timely publication of certified annual accounts by state-owned enterprises and increased use of the government’s electronic platform for procurement.   

Cameroon     The Executive Board has completed the fifth review of the arrangement under the Extended Credit Facility for Cameroon on January 22. For more details I would kindly suggest to consult our press release here

On November 7 Inner City Press asked: "On Equatorial Guinea, what is the status (and dollar volume) of the IMF's consideration of a program, and the weighing if at all on the length of time Obiang has been in power? "The loan, the amount of which has not been revealed, is scheduled to be considered by the IMF executive board in December."

 From the IMF's November 7 transcript, with video on page: "There's another question from Matthew, which I'll take on Equatorial Guinea, asking what's the status and the volume of the IMF's consideration of a program for Equatorial Guinea and the weighing, if at all, length of time that President Obiang has been in power. On that, I can say that just recently on October 21st, the Equatorial Guinea authorities and an IMF team reached staff level agreement on a three-year arrangement. Again, under the extended Fund facility, which is the more concessional arm of the IMF's lending. The authorities are working on an agreed set of measures that could allow the new program to be considered by the IMF's Executive Board in December. And Matthew had asked about the volume. We're looking at the program that could be supported by approximately $280 million.

More here.

***

Feedback: Editorial [at] innercitypress.com

UN Office, past & future?: S-303, UN, NY 10017 USA
For now UNder Guterres: UN Delegates Entrance Gate
and mail: Dag H. Center Box 20047, NY NY 10017 USA
SDNY: Press Room 480, 500 Pearl Street, NY NY 10007

Reporter's mobile (and weekends): 718-716-3540

Google
 Search innercitypress.com  Search WWW (censored?)

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 for