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By Matthew Russell Lee, CJR PFT NY Post

NEW YORK CITY, Dec 19 – When the International Monetary Fund held its biweekly embargoed media briefing on November 7, Inner City Press submitted questions including on Equatorial Guinea, see below.

On December 19, the Executive Board of the International Monetary Fund (IMF) met then this was issued on Ecuador: "The Executive Board of the International Monetary Fund (IMF) today completed the combined second and third reviews of Ecuador’s performance under its economic program supported by the Extended Arrangement under the Extended Fund Facility (EFF). The completion of both reviews allows the authorities to draw the equivalent of SDR 361.3 million (about US$498.4 million). The 36-month Extended Arrangement with a total access of SDR 3.035 billion (about US$4.2 billion), the equivalent of 435 percent of Ecuador’s quota in the IMF, was approved by the IMF’s Executive Board on March 11, 2019 (see Press Release 19/72 ).  Following the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, summarized the Board’s findings:  “The Ecuadorian authorities have continued to make progress in strengthening the country’s fiscal and external positions and have appropriately recalibrated their economic program to include a more moderate fiscal consolidation and international reserves’ paths... The reform of the central bank aimed at strengthening central bank autonomy, accountability, and governance will be instrumental in supporting the dollarization regime." Yes, regime - but not as bad as UNSG Antonio Guterres' on Sutton Place in Manhattan while he bans Press from the UN and benefits from immunity despite links to convicted UN briber CEFC China Energy. The UN's failure to live up to the principles it preaches to others will bring it low.

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 under Guterres doesn't care.

More here.

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