Inner City Press -- Investigative Reporting From the United Nations to Wall Street to the Inner City

By Matthew Russell Lee

UNITED NATIONS, March 27 -- It was 4:25 am in New York and Washington when the International Monetary Fund announced its preliminary agreement for a $14 - $18 billion loan program with Ukraine.

  Twelve hours before, Inner City Press asked a number of IMF spokespeople to confirm or comment on reports that the Ukrainian "increase the price of natural gas for household consumers by an average of 50%" is attributable to the IMF.

 Receipt of the question was acknowledged; perhaps it will be answered at the IMF's 9:30 am briefing, embargoed until 10:30 am (when the UN General Assembly will be considering a resolution on Ukraine).

  Later on March 27 the US Congress is expected to act on a $1 billion loan guarantee to Ukraine, but not on the IMF changes the Obama administration requested. Obama Press Secretary Jay Carney issued a statement welcoming the IMF preliminary deal, concluding that "We also remain committed to providing the IMF with the resources it needs – in partnership with Congress – to provide strong support to countries like Ukraine as well as reinforcing the Fund’s governance to reflect the global economy."
  
  Two weeks ago on March 13, the day after several US Senators argued that International Monetary Fund quota reform would have to be approved by Congress to enable the IMF to meaningfully assist Ukraine, Inner City Press asked IMF spokesperson Gerry Rice if this is true. Video here, from Minute 12:05.

  Rice genially said several times that the question couldn't or wouldn't be answered while the IMF mission is “in the field” in Ukraine. He initially gave the same answer to Inner City Press' question that had nothing to do with Ukraine: is it true, as Russia reportedly argued at the most recent G-20 meeting, that quota reform could be accomplished without US approval, under some set of rule changes?

  Rice during the briefing repeated this could not be answered while the mission is in Ukraine. Later it was conveyed that the reform is not possible without US approval. The answer is appreciated: a benefit of asking in person. But Inner City Press (and the Free UN Coalition for Access) hope to make the online asking of questions work better from now on. We'll see.

  In another non-Ukraine question, Inner City Press asked Rice about a book published earlier this week in Hungary, that the then-economy minister in 2011 told Goldman Sachs that the government would be going to the IMF for a program. Since much currency trading ensued, Inner City Press asked if the IMF has any rules limiting its government interlocutors from trading on or sharing insider information.Video here, from Minute 31:12.

  Rice said there are confidential provisions. But are those only for the contents of communication and not the existence of communications or negotiations? We'll see.