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By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Dec 10 – When the International Monetary Fund held its biweekly embargoed media briefing on November 7, Inner City Press submitted questions including on Equatorial Guinea, answered below.

Now on December 10, the IMF has spoken on Ecuador: "IMF staff and the Ecuadorian authorities reached a staff level agreement on the combined second and third reviews of the economic program supported by a three-year Extended Fund Facility (EFF) arrangement. Discussions took place in Quito during August 12–26, 2019 and in Washington, D.C. during November 11–15, 2019.  Ms. Anna Ivanova issued the following statement in Washington, D.C. today:  “IMF staff and the Ecuadorian authorities reached a staff level agreement on the combined second and third reviews of the economic program supported by a three-year Extended Fund Facility (EFF) arrangement. Subject to the approval of the Executive Board, Ecuador would have access to about US$498 million (SDR 361.3 million). The Executive Board’s review is expected to take place on December 19.  “We commend the authorities’ strong commitment to implement policies aimed at strengthening the Ecuadorian economy and laying the groundwork for robust and sustainable growth, while protecting the most vulnerable.  “We welcome the approval of the tax reform by the National Assembly, which will make the tax system more efficient, simple, and growth-friendly and improve Ecuador’s fiscal position.  “The authorities remain strongly committed to improving social protection for the vulnerable people. Progress has already been made in strengthening the social safety net and expanding the coverage of beneficiaries." We'll have more on this.

Back on November 7 Inner City Press asked: "On Equatorial Guinea, what is the status (and dollar volume) of the IMF's consideration of a program, and the weighing if at all on the length of time Obiang has been in power? "The loan, the amount of which has not been revealed, is scheduled to be considered by the IMF executive board in December."

 From the IMF's November 7 transcript, with video on page: "There's another question from Matthew, which I'll take on Equatorial Guinea, asking what's the status and the volume of the IMF's consideration of a program for Equatorial Guinea and the weighing, if at all, length of time that President Obiang has been in power. On that, I can say that just recently on October 21st, the Equatorial Guinea authorities and an IMF team reached staff level agreement on a three-year arrangement. Again, under the extended Fund facility, which is the more concessional arm of the IMF's lending. The authorities are working on an agreed set of measures that could allow the new program to be considered by the IMF's Executive Board in December. And Matthew had asked about the volume. We're looking at the program that could be supported by approximately $280 million. So, that's four [sic] Equatorial Guinea.  And anything else in the room?"

On September 26 Spokesperson already then Gerry Rice,  for new Managing Director Kristalina Georgieva, on Turkey said "this is also from Matthew, he has asked ' On Turkey, what is the IMF's response to ruling AKP deputy chair Numan Kurtulmuş criticizing a meeting between IMF & opposition parties, saying Turkey has "closed the topic with the IMF."'

  Then Rice said it is normal to meet with opposition - except in Cameroon, apparently - and that there has been no indication from the Turkish authorities they are looking for a program.

  Here are Inner City Press' other questions to the IMF:

On Somalia, please provide a read out or response to reports that Somali Minister of Finance Abdirahman Duale Beyle met officials from the IMF  Addis Ababa to discuss the fourth phase of the Somali pardon program.

On Sri Lanka, what is the IMF's response to Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky, sayins that in Sri Lanka, there are concerns at the significant rise in the value added tax, given that the brunt of such taxes is often borne by the poorest?

More generally, what is the IMF's response to Bohoslavsky saying as to the IMF that "even though austerity can be a useful tool of administration against the squandering of resources, it is essential to keep in mind that austerity impacts the most vulnerable and marginalised"?

On crypto-currency what is the IMF's response to Marshall Islands Minister David Paul saying the country is moving forward with its plans. According to the post, Minister Paul will provide further details about the Marshall Islands’ crypto, the Sovereign, next week at the Invest: Asia 2019 conference?  Within months, the IMF began putting pressure on the Marshall Islands to not forego the U.S. dollar in favor of its own digital currency. The Fund issued a 58-page report in September 2018 and warned against the "potential costs arising from economic, reputational, AML/CFT, and governance risks" associated with the issuance of the Sovereign.

On the DR Congo, what is the IMF's knowledge of, and comment on, that all the big-name advisory banks are laying siege to the presidential palace in the hope of winning the contract to advise the DRC on its relations with the IMF?" Inner City Press also asked, again, for "any updates on Cameroon or Haiti or Yemen." Watch this site.

More here.

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