| As IMF Approved $6.5B to Ecuador
Inner City Press Asked It About China Oil
Moves
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
NEW YORK, SDNY,
Sept 30 – When the
International Monetary Fund
held its biweekly embargoed
media briefing on September
24, Inner City Press submitted
questions including on Angola,
Costa Rica and Zambia which
IMF Spokesperson Gerry Rice
took and answered. Video here.
Now on
September 30 on Ecuador, this:
"The Executive Board of the
International Monetary Fund
(IMF) approved today a
27-month extended arrangement
under the Extended Fund
Facility (EFF) for Ecuador,
with access equivalent to SDR
4.615 billion (661 percent of
quota, equivalent of US$6.5
billion). The Board’s approval
allows for an immediate
disbursement equivalent to
US$2 billion, available to the
budget.... Ms.
Kristalina Georgieva, Managing
Director and Chair, issued the
following statement:
“The Ecuadorian authorities
have undertaken bold actions
to address the deep economic
and health crisis triggered by
the COVID-19 pandemic. Early
containment measures were key
to slowing and stabilizing the
spread of the virus. The
authorities’ policy response
appropriately combined
short-term measures to contain
the adverse impact of the
crisis, including significant
liquidity support and
increased cash transfers, with
decisive early steps towards
long-term sustainability of
public finances."
On
September 24 on the IMF's
WebEx platform, Inner City
Press asked, With
the IMF's
disbursement
to Angola
being based
partly on
China
indicating a
willingness to
defer 2020
debts, what
are the IMF's
comments and
thoughts on
China's
possible
efforts to
take an equity
stake in some
of Angola's
oil fields?
IMF
Spokesperson
Rice recounted
the IMF's
review and
praised
China's
participation
in grant
programs. It's
appreciated -
but what about
the move to
take an equity
stake in
Angola's oil?
This question
was referred
to China
itself, but
we've had no
luck with
that.
On
Costa Rica,
Inner City
Press asked,
the Presidency has indicating
it is seeking or will seek a
$1.75 billion package from the
IMF. What is the status, or
any comment or description of
the EFF process?
Rice
confirmed that is the size of
the proposed program, and
emphasized that the
Legislative Assembly, whose
president now reported calls
the proposal not viable, had
signed off on an earlier
COVID-19 program. We'll see.
Back in
July 2020 IMF spokesperson
Rice said, "We got some
questions from Matthew
Lee in New
York, including
on Zambia, and he was asking,
what's the state of play?
What's the IMF's thinking?
What does the IMF think the
role of debt to China in the
nation's current
situation? I have spoken
about Zambia recently here at
the podium. In terms of the
current status, yes, the
Zambian authorities have
requested IMF support for
their economic program to
restore macroeconomic
stability, as well has
assistance under our emergency
financing to help address the
human and the economic impact
of the pandemic. I can
tell you, that a virtual IMF
staff mission took place June
22 to July 10 to discuss the
emergency financing request.
Progress was made, but
discussions continue as the
authorities determine their
policies and priorities in the
context of their revised 2020
budget, as well as the
medium-term fiscal stance
needed to restore debt
sustainability, revive growth
and reduce poverty. That’s
where we are on Zambia."
Now Zambia
is talking debt restructuring,
or reportedly even default.
We'll have more on this.
At least
the IMF answers Press
questions. We'll have more on
this - watch this site.
***
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