Inner City Press

Inner City Press -- Investigative Reporting From the United Nations to Wall Street to the Inner City

These reports are usually available through Google News and on Lexis-Nexis

  Search Search WWW (censored?)

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


Follow us on TWITTER

Home -

These reports are usually available through Google News and on Lexis-Nexis


(FP Twitterati 100, 2013)

ICP on YouTube
Sept 24, 2013

UN: Sri Lanka


FOIA Finds  

Google, Asked at UN About Censorship, Moved to Censor the Questioner, Sources Say, Blaming UN - Update - Editorial

Support this work by buying this book

Click on cover for secure site orders

also includes "Toxic Credit in the Global Inner City"




Bank Beat

Freedom of Information

How to Contact Us

On Ukraine, IMF Will "Take Stock" Of Keeping In Crimea Data- "Until Recognition"

By Matthew Russell Lee

UNITED NATIONS, May 1 -- The day after the International Monetary Fund announced its $17 billion program for Ukraine, under embargo until 11 am it released its Staff Report and held a media call.

   In the Staff Report the IMF says, "It is acknowledged that at this stage the authorities do not have effective control with respect to Crimea for purposes of implementing their economic policies in that territory... Staff will take stock of future developments on this matter that might affect the need and feasibility of presenting Ukraine’s data with or without Crimea."

   Inner City Press on the embargoed call asked the IMF's Reza Moghadham what factors the staff will "take stock" of in terms on continuing to include Crimea in Ukraine's data.

    Reza Moghadham replied that it is IMF policy to continue to include until their is "international recognition" of the separation. Inner City Press asked, so does the IMF still include Abkhazia and South Ossetia in Georgia's data?

   Moghadham said Georgia is not in his division, but that an answer might come. Inner City Press submitted the question in writing last Thursday, as well as asking if Western Sahara is included in Morocco's data by the IMF.

  On April 30, the IMF sent this statement to the Press:

IMF Executive Board Approves 2-Year US$17.01 Billion Stand-By Arrangement for Ukraine, US$3.19 Billion for immediate Disbursement

The Executive Board of the International Monetary Fund (IMF) today approved a two-year Stand-By Arrangement (SBA) for Ukraine. The arrangement amounts to SDR 10.976 billion (about US$17.01 billion, 800 percent of quota) and was approved under the Fund's exceptional access policy. The authorities’ economic program supported by the Fund aims to restore macroeconomic stability, strengthen economic governance and transparency, and launch sound and sustainable economic growth, while protecting the most vulnerable.

The approval of the SBA enables the immediate disbursement of SDR 2.058 billion (about US$3.19 billion), with SDR 1.29 billion (about US$2 billion) being allocated to budget support. The second and third disbursements will be based on bi-monthly reviews and performance criteria, and the remainder of the program period will be subject to standard quarterly reviews and performance criteria.

  Back on April 24 the IMF said it expected to approve a $14-18 billion program for Ukraine on April 30, while still including Crimea in its Ukraine data, IMF spokesperson Gerry Rice said at the IMF's embargoed briefing on April 24.

  Rice said the IMF expects its $14-18 billion to "unlock" $15 billion in financial assurances that have already been made by others, whom he did not name. He said that the IMF has now received from Kyiv documents covering all "prior actions" or conditions imposed by the IMF.

  Asked if sanctions imposed to "punish" Russia might harm Ukraine, Rice said the IMF position is that current US and European Union sanctions on Russia are unlikely to have a significant effect on the Ukrainian economy. He said the IMF believes the more substantial risk is from the possible further escalation of tensions.

  On the IMF still including Crimea in its Ukraine data, Rice would not explain except to add that Crimea is only 3.7% of its Ukrainian data. Asked for analogies to lending to Ukraine at this time, Rice cited past IMF programs in Bosnia, Sri Lanka and Peru, calling them "fragile" and with "political tensions."

While the IMF answered three of the six questions Inner City Press submitted during the briefing, its question concerning whether the IMF still includes Abkhazia and South Ossetia in its Georgia data was not answered -- nor whether it includes Western Sahara in its Morocco data.

  The inclusion of Crimea in the IMF's Ukraine data raises the question of the relation between the UN General Assembly vote, with 58 abstentions, on the Crimean referendum and the International Monetary Fund, as well as the US Congress' refusal to pass the IMF quota reforms which US President Obama agreed to in 2010.

   Watch this site.


Share |

* * *

These reports are usually also available through Google News and on Lexis-Nexis.

Click here for Sept 26, 2011 New Yorker on Inner City Press at UN

Click for re Libya, Sri Lanka, UN Corruption

Feedback: Editorial [at]

UN Office: S-303, UN, NY 10017 USA

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

  Search  Search WWW (censored?)

Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.

            Copyright 2006-2014 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at]