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By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Nov 14 – When the International Monetary Fund held its biweekly embargoed media briefing on November 7, Inner City Press submitted questions including on Equatorial Guinea, answered below.

Now on November 14, the IMF has spoken on Turkmenistan: "An International Monetary Fund (IMF) mission led by Ms. Natalia Tamirisa visited Ashgabat during November 5-12, 2019 to assess recent developments and discuss economic and financial policy priorities with senior government officials, representatives of the business and financial sectors, and the diplomatic community.  At the end of the visit, Ms. Tamirisa issued the following statement:  “Economic growth continues to be driven by both the hydrocarbon and nonhydrocarbon sectors. External balances remain in surplus, buoyed by exchange controls in line with import substitution and export promotion objectives. Under current policies, economic growth is expected to moderate over the medium term as hydrocarbon production stabilizes. Risks are tilted to the downside and include lower-than-expected hydrocarbon prices and returns on past investment, rising external financing costs, and geopolitical factors.  “Significant overvaluation and foreign currency rationing are among the factors that weigh on private investment and competitiveness of nonhydrocarbon exports. Achieving sustainable economic growth requires improving the competitiveness and convertibility of the manat. Adjustment should be carefully sequenced to ensure macro-financial stability and supported by measures to protect the vulnerable.  “Reducing the footprint of the state and opening the economy to competition are important to promote economic efficiency and market development. Alongside, phasing out directed cheap credit would help steer financial resources to the most productive use and would help create a market-based, more efficient financial system. Prudential oversight should be strengthened in tandem to maintain financial stability.  “Steps to improve the efficiency of public spending are needed to increase its impact while saving public financial resources. Higher, and better targeted, spending on health and education is crucial to foster human development and improve inclusiveness. Stronger economic policy frameworks and transparency would help ensure sound decision-making and improve access to financing.... The next Article IV Consultation mission is scheduled for March 2020.”

Back 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. So, that's four [sic] Equatorial Guinea.  And anything else in the room?"

On September 26 Spokesperson already then Gerry Rice,  for new Managing Director Kristalina Georgieva, on Turkey said "this is also from Matthew, he has asked ' On Turkey, what is the IMF's response to ruling AKP deputy chair Numan Kurtulmuş criticizing a meeting between IMF & opposition parties, saying Turkey has "closed the topic with the IMF."'

  Then Rice said it is normal to meet with opposition - except in Cameroon, apparently - and that there has been no indication from the Turkish authorities they are looking for a program.

  Here are Inner City Press' other questions to the IMF:

On Somalia, please provide a read out or response to reports that Somali Minister of Finance Abdirahman Duale Beyle met officials from the IMF  Addis Ababa to discuss the fourth phase of the Somali pardon program.

On Sri Lanka, what is the IMF's response to Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky, sayins that in Sri Lanka, there are concerns at the significant rise in the value added tax, given that the brunt of such taxes is often borne by the poorest?

More generally, what is the IMF's response to Bohoslavsky saying as to the IMF that "even though austerity can be a useful tool of administration against the squandering of resources, it is essential to keep in mind that austerity impacts the most vulnerable and marginalised"?

On crypto-currency what is the IMF's response to Marshall Islands Minister David Paul saying the country is moving forward with its plans. According to the post, Minister Paul will provide further details about the Marshall Islands’ crypto, the Sovereign, next week at the Invest: Asia 2019 conference?  Within months, the IMF began putting pressure on the Marshall Islands to not forego the U.S. dollar in favor of its own digital currency. The Fund issued a 58-page report in September 2018 and warned against the "potential costs arising from economic, reputational, AML/CFT, and governance risks" associated with the issuance of the Sovereign.

On the DR Congo, what is the IMF's knowledge of, and comment on, that all the big-name advisory banks are laying siege to the presidential palace in the hope of winning the contract to advise the DRC on its relations with the IMF?" Inner City Press also asked, again, for "any updates on Cameroon or Haiti or Yemen." Watch this site.

More here.

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