IMF's
Lagarde
Summoned on
Bankia,
Stonewalls on
Sri Lanka
& Serbia,
Bolivia Suit
By
Matthew
Russell Lee
UNITED
NATIONS,
July 11 – The
International
Monetary Fund
on Thursday
claimed no one
could accuse
them of “lack
of candor or
transparency.”
Then IMF
spokesperson
Gerry Rice in
his biweekly
embargoed
briefing said
that in Egypt
the IMF
remains in
touch with
unnamed
technical
experts.
But
an Inner City
Press question
about
Bolivia's Evo
Morales saying
his country
might sue the
IMF for
damages
went
unanswered.
Rice
said Managing
Director
Christine
Lagarde has
written back
to the
president of
Cyprus, but
offered only
paraphrased
pablum about
welcoming the
president's
determination
to stay on the
path of
sustainable
growth.
An
Inner City
Press question
about
Lagarde being
summoned as a
witness in a
court case
about the
failure of
Bankia by
the Spanish
political
party Union,
Progress &
Democracy
likewise went
unanswered. What
was that
again, about
candor and
transparency?
Euphemisms
like
electrical
price
“adjustment”
was applied by
Rice to
Pakistan, but
a Press
request to
explain what
the IMF's
resident
representative
in Serbia
Bogdan
Lissovolik meant
in proposing a
“solidarity
tax” went
unanswered.
And
in a visit to
Sri Lanka, IMF
Asia Pacific
chief Anoop
Singh was quoted
by the
government
offering
fulsome praise.
There are
obvious Sri
Lanka issues,
as the
Commonwealth
is finding.
But these
questions, the
IMF does not
answer. Their
last answer to
Inner City
Press on Sri
Lanka, from
Gita Bhatt:
Matthew:
We have
nothing more
to offer than
what I
mentioned in
my last email
to you—along
with the
latest press
release I
attached.
A bit puzzled
by your
question—and
not sure where
you are
headed.
An
IMF-supported
program could
have helped
Sri Lanka
build up their
reserves and,
more
importantly,
boost market
confidence.
The mission
and the
authorities
explored the
possibility of
a new IMF
program
designed to
build on Sri
Lanka’s
achievements
under the SBA.
Productive
discussions
took place on
a number of
issues,
including
further fiscal
and related
reforms that
would
consolidate
and extend
these
achievements.
However, the
authorities
announced that
they were not
continuing
negotiations
with us since
they wanted
our assistance
only if it was
in the form of
budget
support, which
we were not
able to
provide. From
our side, we
had some
concerns about
the budget,
and in
particular
about weak
government
revenues, that
would in any
case have
required
substantial
further
discussion.
The mission
and the
authorities
will stay in
close touch
and continue
the close
partnership
between Sri
Lanka and the
IMF
.
Watch
this
site.
, 
