SDNY COURTHOUSE,
Dec 14 – When the
International Monetary Fund
held its biweekly embargoed
press briefing on November 18,
Inner City Press asked about
the UK and zones of UK
influence, even influence
abandoned like Burma and
former colony the British
Southern Cameroons.
On December 14,
just out from embargo, the
below from the IMF on UK-based
banks. Inner City Press
WebEx-ed in to the press
conference and asked in
writing, "In the wake of the
£265 fine against
NatWest for money laundering
what does the IMF think the UK
needs to do to ensure this
problem doesn't grow?
&, what should be the
government's role in the
recommended self-insurance of
non-bank financial
institutions? Thanks, -Matthew
Russell Lee, Inner City
Press." Watch this site.
From the IMF:
theFinancial Sector Assessment
Program
"notes that the
authorities should be
commended for their swift
policy actions at the pandemic
outset to restore market
liquidity and maintain
financial stability. However,
the experience also revealed
the need to improve the
liquidity risk resilience of
the broader non-bank financial
sector to avoid disruptions to
core markets. This is a
major cross-border challenge,
and it will be important for
the UK, along with
relevant foreign authorities,
international standard setting
bodies and the FSB to
speedily augment the
data collection, monitoring,
and self-insurance in non-bank
financial institutions
(NBFIs)... The FSAP found the
UK’s financial stability
framework to be in a resilient
position but with
opportunities for continued
enhancements. The financial
soundness of UK banks
and insurers has
increased since the global
financial crisis and the
system is well placed to
face near-term
macrofinancial challenges.
However, the UK financial
system is also
undergoing structural
transitions, including a
growing share of market-based
finance, Libor
cessation, making
finance green, greater
exposure to cyber risk, and
rapid adoption of
digital technologies.
Many of these are cross-border
in nature and it is early to
form a firm view on how
these will interact and
influence financial stability
conditions. The FSAP has
suggested specific
approaches to help manage
risks. First, continued
enhancements to the perimeter
of systemic risk
monitoring and analysis.
Second, accelerated efforts to
address the data and
information gaps (including at
the international level) and
to track exposures and
risk management
practices of complex
cross-border financial firms.
Third, pushing ahead with
the existing pro-active
approach to tackle
climate-related and cyber
threat related financial
risks."
On November
18 Inner City Press also
asked: "On Myanmar, since my
question and the answers in
previous IMF briefings, have
the authorities in Myanmar
provided anymore disclosure of
where the IMF's million have
gone? What steps are being
taken by the IMF on this?"
To this,
IMF Spokesman Gerry Rice said
that while the IMF has not
recognized the new government
- that step would require one
half of the IMF's members'
votes - the IMF wants the
world to know that the
government in control in
Myanmar is, in fact, reporting
data.
Inner City
Press followed up, asking if
this answers seeming
"positive" on the new
government meant that it was
complying with the reporting
commitment of the previous,
overthrown government. Rice
chaffed at his answer being
called positive, saying the
IMF just tries to report
facts. This will be on IMF
video and transcript. For now,
4 minute podcast here.
Within the
constraints of the time
between Rice's answer and the
10:30 am lift of the embargo,
Inner City Press has found out
a bit more. It seems the new
government was angry at
reports that it was not
reporting any data, and was by
implication stealing money.
In fact,
it is reporting some data,
although even close observers
troubled by development but
eager to avoid more sanctions
on Myanmar acknowledge there
is a ways to go on the
procurement data, beneficial
ownership of payees and the
like that is missing in Fund
recipients like Cameroon.
That said,
it is pointed out that things
were hardly a paradise of
disclosure even under the Aung
San Suu Kyi government, and
that gets lost in much of the
reporting.
Inner City
Press is firing up its Google
Translate to pour over those
reports which have been issued
by the government. The
reporting issue is hardly
likely to move the needle in
terms of recognition of the
regime. But it is not unlike
the range of assessments of
the Taliban government in
Afghanistan. Apologist or
propagandist, there should be
an approach that is neither of
these. Watch this site.
Back on November
4, Inner City Press asked the
IMF about Ethiopia and Tigray,
Chad and its Glencore debt,
and the IMF's status with
Zambia. Spokesperson Gerry
Rice responded on each.
Podcast here.
Short video of Q&As on
Twitter here.
IMF video here,
transcript forthcoming.
Answering on Ethiopia, Rice
for the IMF said it is
"difficult to move forward
with program activities" at
the moment. Can you say,
Tigray? His answer on Chad did
not include, as Inner City
Press' question had, Glencore.
And on Zambia there is not
time frame, but talks begin
today - virtually.
Back on September
16 Inner City Press asked Rice
about crypto-currency
legislation in
Ukraine and
again El
Salvador,
about the coup
in Guinea and
the role of
the Venezuela
talks in
Mexico on
release of the
SDRs. YouTube
of IMF video here.
Full transcript here.
Inner City Press
asked, "
what is the IMF's view of
Ukraine's move to regulate
crypto-currency? Also, the new
legislation proposed in
Panama, and the implementation
of the El Salvador Bitcoin as
legal tender bill?" When
called on, Inner City Press
added that Ukraine would use
nuclear reactors' output for
mining.
Rice cited
an upcoming virtual mission to
Ukraine later this month, and
said that on El Salvador, the
talks are under Article 4, not
for a program, as least at
this point.
Back on January 8
Inner City Press asked the
IMF's Helge Berger, Mission
Chief, about China's so-called
Belt and Road Initiative:
"Your Article IV report cites
China's "overseas lending
projects" amid "rising
geopolitical tensions and
economic and trade frictions."
How does the IMF think that
rising debt levels among
African countries, and
increased skepticism about the
"Belt and Road" will impact or
be addressed going forward?
-Matthew Russell Lee, Inner
City Press. Video here.
(An aside: Inner
City Press has
reported on
the CEFC China
Energy Fund
Committee's
activities in
Chad and
Uganda and in
the UN, on
which the UN is
UNresponsive.)
Other questions
included
China's digital
currency (Inner
City Press also reports
on
crypto-currency
cases in the
U.S. District
Court for the
Southern
District of
New York and
elsewhere).
Berger said
when used
overseas an
issue is that
residents
could start
using another
country's
currency, if
it is easier.
We'll have more
on this.
***
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