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By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Nov 18 – When the International Monetary Fund held its biweekly embargoed media briefing on November 7, Inner City Press submitted questions including on Sudan and on Equatorial Guinea, see below.

Now on November 18 the IMF on the Republic of North Macedonia says this: "Reforms to address key labor market and institutional weaknesses will help lift medium-term growth and speed up income convergence. Although growth has been solid in the past two decades, it has not been enough to substantially narrow North Macedonia’s large income gap with the EU... The National Bank of the Republic of North Macedonia (NBRNM) has appropriately used the favorable conditions to accumulate reserves within the de-facto exchange rate peg. While reserve coverage is broadly adequate, they should continue building buffers against possible shocks. Going forward, should the external environment worsen, the central bank should stand ready to tighten monetary policy.  The banking system is healthy, but efforts are needed to further mitigate credit risk . The banking system is well capitalized and liquid.

"Two ongoing bank mergers and acquisitions will help consolidate the system and improve efficiency. Steps to further increase deposit denarization, coupled with carefully calibrated measures to curb foreign currency lending to households, if needed, would help strengthen financial system resilience. Amid continued high credit growth to households, closer monitoring, including by collecting granular household data, is warranted." IMF praising bank mergers. We'll have more on this.

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.

  On September 12 Inner City Press asked the IMF: "On Zimbabwe, please confirm or deny IMF's Patrick Imam saying that "it is clear, compared to the projections of the original SMP, which did not foresee the severity of the drought and its secondary impact, nor the electricity shock, that growth is almost certainly going to be revised downwards and inflation upwards compared to the original SMP forecasts." And what is the IMF's view of the (economic) impact of the crack down on protest and human rights defenders?"

  Spokesperson Gerry Rice said that the IMF team is in Harare, from September 5 to 17. On human rights, he said the IMF "focuses on economics" and that such questions should be directed to... bilateral creditor. At least he didn't say the UN, which doesn't care. 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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