| Amid Coronavirus IMF $1.3B
Jordan Program $139M Can Immediately Go For
Medical Supplies
By Matthew
Russell Lee, Patreon
BBC
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SDNY COURTHOUSE,
March 25 –
Before the International
Monetary Fund's February 13
embargoed briefing,
Inner City Press asked the IMF
to confirm or deny something
in the crypto-currency media,
that "IMF ADVISES EASTERN
CARIBBEAN STATES TO TRIAL
DIGITAL CURRENCY." See below.
Now on
March 25 amid the Coronavirus
crisis the IMF on Jordan has
announced, "The Executive
Board of the International
Monetary Fund (IMF) today
approved a 48-month
arrangement under the Extended
Fund Facility (EFF) with
Jordan for an amount
equivalent to SDR 926.37
million (about US$ 1.3 billion
or 270 percent of Jordan’s
quota) to support the
country’s economic and
financial reform program. It
also provides for spending to
contain and treat COVID-19.
This program is anchored by
critical structural reforms
designed to lower electricity
costs for businesses and
create incentives for them to
hire more young people. The
aim is to support stronger and
more inclusive growth, create
jobs, especially for women and
young people, and reduce
poverty. Improving the fiscal
situation is also needed to
stabilize and bring public
debt towards more sustainable
levels. Continued support from
donors, particularly through
concessional loans and budget
grants, will be critical to
program success and help
Jordan cope with humanitarian
and economic needs.
Although the program was
designed before the COVID-19
outbreak, changes were made to
the program to support
unbudgeted spending covering
emergency outlays and medical
supplies and equipment. If the
impact of the outbreak is deep
enough to put at risk program
objectives, the program will
be adapted further to the
changed circumstances, upon
reaching understandings with
the authorities.
Following the Board’s
decision, an amount equivalent
to SDR 102.93 million (about
US$139.23 million) is
available for immediate
disbursement; the remaining
amount will be phased out over
the duration of the
Fund-supported program,
subject to eight program
reviews."
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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