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SDNY COURTHOUSE, April 8 – 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.

 Now on April 8 amid the Coronavirus crisis the IMF on Chad announced: "IMF staff completes discussions for emergency access to the Rapid Credit Facility to help Chad address the economic challenges posed by the COVID-19 pandemic. • IMF Executive Board’s approval of the request by the Chadian authorities will make available US$115 million to meet the urgent budgetary and balance of payments needs stemming from the COVID-19 pandemic. The Board’s consideration of the request is expected by mid-April. • The government has taken strong measures to halt the community spread of the virus and is preparing an economic plan to mitigate the impact of the pandemic.  Washington, DC – April 8, 2020. Mr. Edward Gemayel, Mission Chief for Chad at the International Monetary Fund (IMF), made the following statement: “IMF staff completed discussions with the authorities for a disbursement by mid-April of US$115 million. This will allow the authorities to meet the urgent budgetary and balance of payment needs stemming from the deterioration of the global economic conditions and the spread of COVID-19 in Chad. The authorities hope that the IMF financial support will help catalyze much needed financial support from other development partners. “The outbreak of COVID-19 is having a severe economic and social impact on Chad and could jeopardize the gains achieved in recent years under the current Extended Credit Facility (ECF) arrangement. Economic activity is projected to slow sharply, and large fiscal and external financing needs have emerged. Containing a spread of the pandemic will put pressure on a weak health system and entail additional spending in the health sector, under the National Contingency Plan for the preparedness and response to the COVID-19 pandemic. Measures to prevent the spread of the virus have created hardship for households and businesses. “The authorities have taken strong actions to mitigate the impact of the pandemic by closing schools, suspending flights, and banning public gatherings. They are currently putting together a comprehensive economic plan to upgrade the health system and contain the economic impact of the pandemic. “The IMF team would like to thank the Chadian authorities for the candid and constructive discussions. The mission had working sessions with Mr. Tahir Hamid Nguilin, Minister of Finance and Budget, and a team from the Ministry of Finance and Budget."

  The issues raised by Chad's Idriss Deby's daliance with convicted UN briber CEFC China Energy were not addressed, nor have several of Inner City Press pending question been answered. But we remain hopeful.

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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