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

By Matthew Russell Lee, Patreon
BBC - Decrypt - LightRead - Honduras - Source

SDNY COURTHOUSE, April 29 – 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 29 amid the Coronavirus crisis on Costa Rica, the IMF has announced, "The Executive Board of the International Monetary Fund (IMF) approved Costa Rica’s request for emergency financial assistance under the Rapid Financing Instrument (RFI) equivalent to SDR 369.4 million (100 percent of quota, or about US$504 million at today’s exchange rate), to support essential COVID-19-related health spending and relief measures targeted to the most affected sectors and vulnerable populations, while catalyzing additional funding from other development partners. The RFI will help the country meet the urgent balance of payments need stemming from the COVID-19 pandemic.  Costa Rica has taken extensive and important measures to contain the pandemic since early-March—including mandatory quarantines, closures of schools, public offices, and most public spaces, reduced work hours in private sector, travel restrictions, and construction of a specialized hospital for Covid-19 treatment. These necessary containment measures, coupled with the global economic downturn, are expected to take a major toll on the economy in the short term and cause a temporary deterioration in the country’s fiscal and external positions. It is estimated that the pandemic opened a balance of payments gap of about US$1.6 billion.  To mitigate the economic impact of the pandemic, the government is appropriately implementing a temporary relaxation of spending limits under the Law on Strengthening of Public Finances. The authorities have also announced a package of fiscal measures targeted to protect the most affected economic sectors and populations. The IMF financing will help provide much-needed resources to address essential pandemic-related expenditure and support efforts to maintain social cohesion during the crisis. The authorities have maintained an accommodative monetary policy stance and a flexible exchange rate and provide liquidity into the markets, as needed." This is more than to Afghanistan, for example.  On April 28 the UN disclosed a case of UN sexual abuse by its UNAMA in Afghanistan; Guterres and his spokesperson Stephane Dujarric and Melissa Fleming refused that day and this to answer any Press questions about it. This as there is still no disclosure of the San Tome and other business of  Pedro Guimarães e Melo De Oliveira Guterres, the son of Antonio Guterres whose UN is now spreading COVID-19 in South Sudan with a UN bus with no social distancing.

   On April 15 to the IMF and World Bank's Annual Meetings Inner City Press posed these questions, after it got an IMF answer on Morocco, here: "On the IMF's CCRT debt service relief, please explain why Tanzania is not among the 19 African countries on the list. Also, please comment on public reports Kenya is not on because over-income, and the Zambia is off due to "corruption" issues. What about Cameroon's Paul Biya, not seen in public for weeks? Does the IMF have a view on how countries should address their prison systems as the Coronavirus spreads in them?"

  The Director of the IMF's Africa Department Abebe Aemro Selassie replied, diplomatically as ever, that thirty two countries have made requests, and that the IMF envisions $11.5 billion, with an initial focus on the poorest 25 or so, more if more money comes in, citing the UK and Japan and the IMF's speed on Madagascar. More to follow.

  The other issues were not addressed, nor have some of Inner City Press' other pending questions been answered. But we remain hopeful.

 For now, the IMF has said, "the countries that will receive debt service relief today are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen."

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.

***

Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.

Feedback: Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA

Mail: Box 20047, Dag Hammarskjold Station NY NY 10017

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

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