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By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Dec 18 – When the International Monetary Fund held its biweekly embargoed media briefing on November 7, Inner City Press submitted questions including on Equatorial Guinea, see below.

On December 12 when Inner City Press again submitted questions to the IMF online, about human rights, the IMF in its last in-person briefing of the year spoke about Equatorial Guinea and an upcoming Executive Board meeting only in terms of "anti-corruption and governance" - nothing about human rights, which Inner City Press asked about, along with Cameroon. (In fact, the IMF took that question from the Paul Biya government's state media.) We said we'd have more on this - and now after the IMF Executive Board met, we do:

"On December 18, 2019, the Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the IMF’s Extended Fund Facility (EFF) for Equatorial Guinea in an amount equivalent to SDR205.009 million (about US$282.8 million, or 130 percent of Equatorial Guinea’s quota in the Fund). The arrangement is intended to support the authorities’ three-year economic program, which aims at further reducing macroeconomic imbalances and addressing financial sector vulnerabilities; improving social protection and human capital development; promoting economic diversification; and fostering good governance, increasing transparency and fighting corruption—all with the overarching aim of achieving sustainable and inclusive economic growth. Equatorial Guinea’s Fund-supported program will also serve as a mechanism to catalyze additional external resources as well as contribute to rebuilding the Economic and Monetary Community of Central Africa (CEMAC) regional reserves.  The IMF Executive Board’s decision enables an immediate disbursement of SDR29.287 million, about US$40.4 million. Disbursement of the remaining amount will be phased in over the duration of the program, subject to semi-annual reviews of the Fund-supported program by the Executive Board. ." Shameful, but not as bad as UNSG Antonio Guterres' on Sutton Place in Manhattan while he bans Press from the UN and benefits from immunity despite links to convicted UN briber CEFC China Energy. The UN's failure to live up to the principles it preaches to others will bring it low.

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.

  On September 12 Inner City Press asked the IMF: "On Zimbabwe, please confirm or deny IMF's Patrick Imam saying that "it is clear, compared to the projections of the original SMP, which did not foresee the severity of the drought and its secondary impact, nor the electricity shock, that growth is almost certainly going to be revised downwards and inflation upwards compared to the original SMP forecasts." And what is the IMF's view of the (economic) impact of the crack down on protest and human rights defenders?"

  Spokesperson Gerry Rice said that the IMF team is in Harare, from September 5 to 17. On human rights, he said the IMF "focuses on economics" and that such questions should be directed to... bilateral creditor. At least he didn't say the UN, which under Guterres doesn't care.

More here.

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