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Amid COVID 19 IMF Hands $214M To Nepal While UN Amina J Mohammed Bloviates For AU Post

By Matthew Russell Lee, Patreon
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SDNY COURTHOUSE, May 6 – 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.

 On May 6 amid COVID-19 the IMF on Nepal announced, "The Executive Board of the International Monetary Fund (IMF) approved a disbursement to Nepal under the Rapid Credit Facility (RCF) equivalent to SDR156.9 million (about US$214 million, 100 percent of quota) to help cover urgent balance of payments and fiscal needs stemming from the COVID-19 pandemic.  The COVID-19 pandemic is having a severe impact on Nepal’s economy. During recent months, remittances have fallen considerably, tourist arrivals collapsed, and domestic activity has taken a hit amid social distancing measures.  The authorities’ immediate priority has been to deal with the human and economic impact of the COVID-19 pandemic. The authorities are increasing health spending, including by providing additional incentive pay and insurance coverage to all medical front-line personnel, importing additional medical supplies, and setting up quarantine centers and temporary hospitals. They are also strengthening social assistance by providing those most vulnerable with daily food rations, subsidizing utility bills for low-usage customers, and taking steps to partially compensate those who suffer job loss. In addition, measures are being implemented to ensure adequate liquidity in the financial system and support continued access to credit.  The IMF financial support will make a substantial contribution to filling immediate external and fiscal financing needs that have emerged due to COVID-19. It is also expected to catalyze additional support from development partners."

  On April 28 amid the Coronavirus crisis on Nigeria the IMF has announced some $3.4 billion in funding, see below. Now on May 6, Nigeria's rosewood minister Amina J. Mohammed, complicit in Antonio Guterres' roughing up and banning of Inner City Press now at 673 days and counting, issued this pablum while seeking an African Union post: "The Deputy Secretary-General hosted on Friday May 1st, 2020, a roundtable on different aspects related to debt vulnerability and COVID-19, with over 20 policy makers, thought leaders and experts from around the world. This note outlines some of the key messages expressed at the meeting.  The COVID-19 pandemic and the social and economic crises it has already triggered will derail our chances to achieve the 2030 Agenda for Sustainable Development – unless we respond rapidly, with new tools."

 What new tools - censorship? The UN is corrupt.

IMF, which does answer Inner City Press' questions while Mohammed's UN bans it from entry even to press conference Zoom rooms, said, "The Executive Board of the International Monetary Fund (IMF) approved Nigeria’s request for emergency financial assistance of SDR 2,454.5 million (US$ 3.4 billion, 100 percent of quota) under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.      The near-term economic impact of COVID-19 is expected to be severe, while already high downside risks have increased.  Even before the COVID-19 outbreak, Nigeria’s economy was facing headwinds from rising external vulnerabilities and falling per capita GDP levels. The pandemic—along with the sharp fall in oil prices—has magnified the vulnerabilities, leading to a historic decline in growth and large financing needs.      The IMF financial support will help limit the decline in international reserves and provide financing to the budget for targeted and temporary spending increases aimed at containing and mitigating the economic impact of the pandemic and of the sharp fall in international oil prices.      The IMF remains closely engaged with the Nigerian authorities and stands ready to provide policy advice and further support, as needed." Silent, as is UN DSG Amina J. Mohammed, on Nigeria's refoulement of Ayuk Tabe and others to Cameroon. 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.


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