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SDNY COURTHOUSE, April 21 – 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 21 amid the Coronavirus crisis on Sao Tome the IMF has announced, "the Executive Board of the International Monetary Fund (IMF) today approved a disbursement of SDR 9.028 million (about US$12.29 million or 61 percent of its SDR quota) for São Tomé and Príncipe under the Rapid Credit Facility (RCF). The financing provided under the RCF will help address Sao Tome and Principe’s urgent external and fiscal financing needs as a result of the outbreak of the COVID-19 pandemic.  The COVID-19 pandemic is taking a heavy toll on Sao Tome and Principe, with tourism and externally financed projects halted and international supply chains disrupted. The challenging circumstances are further affected by the fragility of the economy and a weak health care system.  São Tomé and Príncipe has also benefited from the IMF Executive Board decision of April 13, 2020 to provide debt service relief to all countries eligible for support from the International Development Association (IDA) in the form of grant assistance under the Catastrophe Containment (CC) window of the Catastrophe Containment and Relief Trust (CCRT). As a result, the country will receive relief from the CCRT on debt service falling due to the IMF in the next 6 months (about US$0.15 million). This relief could be extended for up-to 2 years, subject to the availability of resources under the CCRT.  The IMF continues to monitor São Tomé and Príncipe’s situation closely and stands ready to provide policy advice and further support as needed. In particular, the IMF will work with the authorities to complete the first review of the program supported by the IMF’s Extended Credit Facility once the current crisis stabilizes." This as there is still no disclosure of the San Tome and other business of  Pedro Guimarães e Melo De Oliveira Guterres, the son of Antonio Guterres whose UN is now spreading COVID-19 in South Sudan with a UN bus with no social distancing.

   On April 15 to the IMF and World Bank's Annual Meetings Inner City Press posed these questions, after it got an IMF answer on Morocco, here: "On the IMF's CCRT debt service relief, please explain why Tanzania is not among the 19 African countries on the list. Also, please comment on public reports Kenya is not on because over-income, and the Zambia is off due to "corruption" issues. What about Cameroon's Paul Biya, not seen in public for weeks? Does the IMF have a view on how countries should address their prison systems as the Coronavirus spreads in them?"

  The Director of the IMF's Africa Department Abebe Aemro Selassie replied, diplomatically as ever, that thirty two countries have made requests, and that the IMF envisions $11.5 billion, with an initial focus on the poorest 25 or so, more if more money comes in, citing the UK and Japan and the IMF's speed on Madagascar. More to follow.

  The other issues were not addressed, nor have some of Inner City Press' other pending questions been answered. But we remain hopeful.

 For now, the IMF has said, "the countries that will receive debt service relief today are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen."

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.

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