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

Google
  Search innercitypress.com Search WWW (censored?)

In Other Media-eg 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

CONTRIBUTE

RSS

ICP on YouTube

BloggingHeads.tv

UN: Sri Lanka

VoA: NYCLU

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"
 

 

 


Community
Reinvestment

Bank Beat

Freedom of Information
 

How to Contact Us



In Tunisia, IMF Asks of Ennahda Government's Mandate, of Sri Lanka Moody's

By Matthew Russell Lee

UNITED NATIONS, March 14, updated – The engagement of the International Monetary Fund in what's called the Arab Spring remains halting – or halted.

On Thursday Inner City Press asked IMF deputy spokesman William Murray, “In Tunisia, what is the status of IMF programs in light of unrest including over reduction of subsidies and rising prices, and the now shorter-term government?”

  During the IMF's embargoed briefing, Murray replied that our negotiations for a precautionary stand-by arrangement are ongoing on a technical level. As you noted, a new government has been formed. Staff is now inquiring about its intention and mandate.

The new government, including Ennahda, says it will only stay in power until elections later this year. What mandate does it have?

Taxi drivers are set to go on strike on March 18. The Tunisian Organization for Consumer Protection has called for protests against fuel price hikes.

In late February, Moody’s Investors Service joined other rating agencies, cutting Tunisia’s credit rating to near junk status.

Inner City Press has asked the IMF another question about Moody's: “On Sri Lanka, now Moody's says, 'A new IMF funding program would have helped build up foreign reserves.' How does that square with IMF's previous answers about no new program? (Moody's report is called 'Sri Lanka — The Post-IMF Backdrop: Downward Growth Pressures and Elevated External Pressures.')”

Inner City Press has also asked, among other questions, for the IMF's comment if any “on the arrest of former IMF VP Goodall Gonde in Malawi.”

From the IMF's transcript:

MR. MURRAY: That's obviously to be discussed. I don't have guidance on that. Let me get to a couple of questions here on the Media Briefing Center and then I'll get back to you. Let me read it out:

INNER CITY PRESS: "In Tunisia, what is the status of IMF programs in light of unrest, including reduction in subsidies and rising prices, and now a short-term government?"


MR. MURRAY: Negotiations for a precautionary Stand-By Arrangement are ongoing at a technical level with the Tunisian authorities. As you noted, a new government has been formed and staff is now inquiring about its intentions and mandate. In any case, the IMF continues to stand ready to help Tunisia in any way deemed necessary during this difficult political transition process.


Update: this was answered, after the embargo time, with this: "regarding your comments, we have no comments on the Gondwe case." But a former IMF official is charged with treason and plotting a coup... On Sri Lanka, this:

"Matthew: We have nothing more to offer than what I mentioned in my last email to you—along with the latest press release I attached.  A bit puzzled by your question—and not sure where you are headed.

An IMF-supported program could have helped Sri Lanka build up their reserves and, more importantly, boost market confidence. The mission and the authorities explored the possibility of a new IMF program designed to build on Sri Lanka’s achievements under the SBA. Productive discussions took place on a number of issues, including further fiscal and related reforms that would consolidate and extend these achievements.   However, the authorities announced that they were not continuing negotiations with us since they wanted our assistance only if it was in the form of budget support, which we were not able to provide. From our side, we had some concerns about the budget, and in particular about weak government revenues, that would in any case have required substantial further discussion. The mission and the authorities will stay in close touch and continue the close partnership between Sri Lanka and the IMF. "

But on February 14 the IMF told Inner City Press, "In view of Sri Lanka’s ready access to international capital markets, IMF financial support for Sri Lanka’s budget is not required at this juncture." Now even Moody's says different. Where is this going?

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  BloggingHeads.tv re Libya, Sri Lanka, UN Corruption

Feedback: Editorial [at] innercitypress.com

UN Office: S-253, UN, NY 10017 USA Tel: 212-963-1439

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

Google
  Search innercitypress.com  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 2006-2013 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com