In Other Media-eg New Statesman, AJE, FP, Georgia, NYT,  Azerbaijan, CSM Click here to contact us     .

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

SDNY COURTHOUSE, April 3 – 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 3 amid the Coronavirus crisis the IMF on Togo, which has just suspended three newspapers at the request of France's Ambassador, announced that "the Executive Board of the International Monetary Fund (IMF) completed the sixth and final review of Togo’s economic performance under a program supported by an Extended Credit Facility (ECF) arrangement. The completion of the review enables the disbursement of SDR 96.63 million (about US$131.3 million), bringing total disbursements under the arrangement to SDR247.65 million (about US$ 336.4 million).  Togo’s three-year arrangement of SDR 176.16 million (about US$239.3 million, 120 percent of Togo’s quota) was approved on May 5, 2017 (see Press Release No.17/151 ). In completing the sixth review, the Executive Board also approved the authorities’ request for an augmentation of access under the ECF arrangement of 48.7 percent of Togo’s quota (SDR 71.49 million or about US$97.1 million) to address the urgent financing need stemming from the authorities’ efforts and plans to control the spread of COVID-19 and mitigate its economic impac.  Togo made significant progress during 2017-19 under the Fund-supported program in several areas, while reforms remain incomplete in a key sector. Economic recovery was firming up but has recently been hindered by the COVID-19 pandemic. Growth projections for 2020 have been significantly revised downwards. The fiscal deficit and the balance of payment financing gap are expected to widen substantially due to revenue loss, higher healthcare spending, and weaker exports."
 
 This while Togo’s media regulator, the Broadcast and Communications High Authority, ordered the privately owned daily Liberté and biweekly L’Alternative to suspend publication on March 23, and ordered weekly Fraternité suspended on March 30, according to copies of the suspension orders reviewed by CPJ.  The orders require Liberté to suspend print and web operations for 15 days, and L’Alternative and Fraternité for two months each.  The orders suspending Liberté and L’Alternative referenced a March 6 complaint filed by the French ambassador to Togo, Marc Vizy. The complaint, a copy of which CPJ reviewed, was published on embassy letterhead and alleged that the papers had published “serious, unfounded, and calamitous” accusations against the French government.  In its order suspending Fraternité, the regulator cited a March 25 report in the paper criticizing the suspensions of the other two newspapers, and alleged that the report was “discourteous, insulting and defamatory.”

  The long time family rule of the country was 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.

***

Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.

Feedback: Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA

Mail: Box 20047, Dag Hammarskjold Station NY NY 10017

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

Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.

 Copyright 2006-2020 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com for