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By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Feb 20 – 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 20, the IMF has issued this on Uruguay: "On February 19, 2020, the Executive Board of the IMF concluded the Article IV consultation with Uruguay... The level of real GDP is expected to be permanently higher. Inflation is expected to remain at around 8 percent in 2020 and then to decline gradually to the upper limit of the target range as temporary factors wear off and private-sector wage increases follow the declining path agreed in the last round of negotiations.  There are sizable upside and downside risks to the outlook. On the downside, economic developments in Argentina remain an outsized risk, even though the likelihood of direct financial spillovers is small. A host of global factors (trade disruptions, lower growth, abrupt declines in risk appetite, large swings in energy prices) and of local ones (loss of credibility and further increases in debt due to insufficient fiscal adjustment or delayed reforms and PPP projects) may undermine the expected recovery and limit medium-term growth... They noted that domestic imbalances have emerged and debt has risen, while economic growth, investment, and employment have declined, and inflation has remained outside the target range. In this context, they stressed that the political and domestic economic landscape over the next few years presents an opportunity to decisively address these challenges.  Directors noted that, while gross financing needs are manageable due to the authorities’ pre-financing policy and robust buffers, a continuation of current fiscal trends could undermine debt sustainability."

  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.

More here.

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