SDNY COURTHOUSE,
Jan 11 – When the
International Monetary Fund
held a press briefing about
China and its Article IV
review, on January 8, Inner
City Press posed a question
and got an answer, below.
Now on January 11
about Angola, the IMF says
this: "The Executive Board of
the International Monetary
Fund (IMF) today completed the
fourth review of Angola’s
economic program supported by
an extended arrangement under
the Extended Fund Facility
(EFF). The Board’s decision
allows for an immediate
disbursement of SDR 338.5
million - about $487.5
million, bringing total
disbursements under the
arrangement to SDR 2,143.2
million (about $3 billion).
Angola’s three-year extended
arrangement was approved by
the Executive Board on
December 7, 2018, in the
amount of SDR 2.673 billion
(about $3.7 billion at the
time of approval). It aims to
restore external and fiscal
sustainability, improve
governance, and diversify the
economy to promote
sustainable, private
sector-led economic growth. At
the time of the third review,
the Executive Board also
approved the authorities’
request for an augmentation of
access of SDR 540 million
(about $765 million at the
time of approval) to support
the authorities’ efforts to
mitigate the impact of
COVID-19 and sustain
structural reform
implementation. The
multifaceted nature of the
COVID-19 shock continues to
negatively impact Angola’s
economy and population. Oil
production and prices remain
weak, and the health and
social impacts of the pandemic
continue to be felt."
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.
Berger
responded about
the IMF's work
to provide
lower income
countries
"breathing
space." He
said while the
IMF generally
welcomes the
BRI it stresses the
need for
transparency,
where the
money is
going.
(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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