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By Matthew Russell Lee, Patreon
BBC - Decrypt - LightRead - Honduras - Source

SDNY COURTHOUSE, March 31 – Even amid evidence that Honduras president Juan Orlando Hernandez took money from El Chapo to fund his campaign, and is now diverting all masks to his Army rather than health professionals, the International Monetary Fund on March 31 announced it is giving the country money for Coronavirus response. This after Inner City Press, which covered the trial of JOH's brother, asked the IMF for comment on the verdict and corruption.

March 31: "IMF disburses US$143 million to Honduras to fight Covid-19 Pandemic March 31, 2020  Like many other countries around the world, Honduras is expected to face significant challenges associated with the dramatic impact of the COVID-19 pandemic. Amid heightened needs for healthcare and social spending to protect the well-being of Hondurans, the authorities will access resources in the amount of SDR104.92 million (US$143 million) currently available under the International Monetary Fund (IMF) SBA/SCF arrangement approved in July 2019 for a total of SDR224.82 million (US$312 million).  The impact of the COVID-19 pandemic will take place through a number of channels. Economic activity will be affected by the prudent decision to lock down the economy early in the expansion phase of the virus in order to save lives and contain pressures on the country’s health system. Economic growth and the external position will be affected as well by global spillovers, through the impact of external demand, lower remittances flows, tighter external financial conditions, and the contraction in tourism.     The authorities have maintained a steadfast commitment to sound macroeconomic policies over the last years. They have also reacted adequately to the pandemic with targeted fiscal actions to respond to the healthcare and humanitarian crisis, and with monetary and macro-financial measures to mitigate the impact on economic activity. The disbursement under the SBA/SCF will support the authorities’ policy response, helping to shore up the external position of the economy."

  Inner City Press has asked the IMF: "on corruption, what are the IMF's thoughts on Honduras in light of the conviction of the President's brother for drug trafficking, evidence of campaign contributions from El Chapo, and assassination of witnesses and evidence-givers since?"

 At the IMF'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."

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. See below.

On February 28 the IMF on a delay issued a report on Malaysia, ending with money laundering: "February 28, 2020:  On February 7, 2020, the Executive Board of the IMF concluded the Article IV consultation with Malaysia.  Malaysia’s economy is stable despite domestic and external challenges. Growth has averaged just under 5 percent over the past 5 years, leading to higher per capita income. Economic growth has held up, and is estimated at 4.5 percent in 2019, driven by domestic demand... Directors commended the authorities’ progress in developing and implementing governance reforms. They stressed the importance of sustaining the momentum and anchoring the reforms in legislation, particularly to help secure the independence of anti-corruption institutions, freedom of information, and to establish an asset declaration system. Further strengthening the AML/CFT framework will also be important."

  On February 13,  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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