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SDNY COURTHOUSE, April 10 – 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." See below.

 Now on April 10 amid the Coronavirus crisis the IMF on Tunisia, which just changed its representative to the UN Security Council, announced that "The IMF Executive Board approved a US$745 million emergency assistance loan to support Tunisia’s pro-active policy response to the Covid-19 pandemic. The economic impact of the COVID-19 pandemic is rapidly unfolding, with a sharp fall in growth expected for 2020. The IMF’s emergency support will provide additional resources for the health sector, social safety nets, and businesses hit by the crisis. It will also ensure an adequate level of international reserves.  (IMF) today approved a disbursement in the amount of SDR 545.2 million (US$745 million or 100 percent of quota) for Tunisia under the Rapid Financing Instrument (RFI). These resources will help address urgent fiscal and balance of payments needs stemming from the outbreak of the COVID-19 pandemic.  Tunisia’s economy is expected to contract by 4.3 percent in 2020 under the weight of Covid-19. It would be the deepest recession since its independence in 1956. The IMF financing will help the authorities cover large fiscal and balance of payments needs, estimated at 2.6 and 4.7 percent of GDP, respectively.  The IMF financing will support the authorities’ emergency measures to contain the spread of the virus and mitigate its human, social, and economic toll amid unprecedented uncertainty. These measures involve raising health spending, strengthening social safety nets, and supporting small- and medium-sized firms hit by the crisis. The IMF financing will also ensure an adequate level of international reserves and catalyze additional donor financing.  The authorities are committed to maintaining prudent economic policies and resuming fiscal consolidation once the crisis abates to ensure macroeconomic stability and the sustainability of Tunisia’s debt."  Other issues were not addressed, nor have several of Inner City Press pending question been answered. But we remain hopeful.

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?"  

 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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