SDNY COURTHOUSE,
May 25 – When the
International Monetary Fund
held its biweekly embargoed
press briefing on May 20,
Inner City Press asked about
El Salvador's bid for an IMF
program while firing judges
and the Attorney General,
about Sudan's status and Macky
Sall calling the IMF's 33
billion in SDRs (out of $650
billion SRDs) a "drop in the
bucket." Interim video here,
IMF video and transcript
forthcoming.
Spokesperson Gerry Rice
responded on each, see below.
Now on May
25 on Uruguay, the IMF says
"An International Monetary
Fund (IMF) mission met
virtually with the Uruguayan
authorities during May 18–24
to discuss recent economic
developments and policy
priorities. This concluding
statement summarizes the
mission’s main
takeaways. 1. Uruguay
entered the COVID-19 crisis
with solid institutions but
pre-existing macroeconomic
imbalances. The country enjoys
a well-functioning democracy,
strong governance and
institutions, and a high
degree of social cohesion—with
high per-capita income and
relatively low rates of
poverty, inequality, and
informality. In a region with
recurrent financial and social
instability, Uruguay’s stable
economy stands out, bolstered
by its solid financial sector,
healthy reserve buffers and
investment grade status.
However, following a decade of
robust growth fueled by a
commodity price boom that
ended in 2014-15, public
finances weakened, and growth
became anemic in the years
preceding the pandemic——with
growing evidence of lack of
labor market dynamism, low
investment, and
competitiveness concerns,
especially in non-commodity
tradable sectors. Inflation
remained high in comparison to
other inflation-targeting
countries, and
de-dollarization was still a
pending assignment."
On May 20 Inner
City Press asked, "On El
Salvador, which has reportedly
requested a $1.3 billion
multiyear loan program from
the IMF, what is the IMF's
view of the recent changes to
the judiciary and a call that
countries concerned with human
rights should use their
leverage to insist that,
before approval, the
Salvadoran government restore
the independence of state
institutions that are vital to
transparent governance and
effective accountability for
corruption, in line with the
IMF’s commitment to address
serious governance gaps in all
its loans?"
The IMF's
Rice among other things said
that the IMF's virtual mission
to El Salvador is ongoing but
that progress is being made.
What about the rule of law?
Inner City Press
asked, "Is the Sudan decision
announced by President Macron
done yet? What are the
logistics? "Macron said that
would be facilitated through a
$1.5 billion bridge loan,
which would be covered by
member state pledges. When?
It's said "China’s not on
board yet"
Rice said
say that several steps
remains, including lowering
energy subsidies. (This is
also an issue in Zambia, about
which Inner City Press also
asked.)
Finally
Inner City Press asked, "what
is the IMF's response to the
statement that of the $650
billion generated by the IMF
SDRs, 'only $33bn is earmarked
for African countries, which
could be made available to
them as early as September.
Why such a small amount, a
"drop in the bucket" as Macky
Sall put it?'
Rice
acknowledge the numbers but
quoted the Managing Director
that more is needed.
Transcript soon.
Back
on March 11 in a question
Inner City Press, given what
it has reported on for the
past three days was compelled
to ask, it sent and asked, "On
Honduras, given mounting
evidence including in the
trial of Geovanny
Fuentes-Ramirez that high
government officials are
implicated in
narco-trafficking, what are
the IMF's comments on current
programs and safeguards in
place?"
As noted,
Spokesperson Rice said that
IMF does not comment on
(pending) judicial
proceedings. At least he took
the question.
Watch this site.
Back on January 8
Inner City Press asked the
IMF's Helge Berger, Mission
Chief, about China's so-called
Belt and Road Initiative:
"Your Article IV report cites
China's "overseas lending
projects" amid "rising
geopolitical tensions and
economic and trade frictions."
How does the IMF think that
rising debt levels among
African countries, and
increased skepticism about the
"Belt and Road" will impact or
be addressed going forward?
-Matthew Russell Lee, Inner
City Press. Video here.
(An aside: Inner
City Press has
reported on
the CEFC China
Energy Fund
Committee's
activities in
Chad and
Uganda and in
the UN, on
which the UN is
UNresponsive.)
Other questions
included
China's digital
currency (Inner
City Press also reports
on
crypto-currency
cases in the
U.S. District
Court for the
Southern
District of
New York and
elsewhere).
Berger said
when used
overseas an
issue is that
residents
could start
using another
country's
currency, if
it is easier.
We'll have more
on this.
***
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