| Amid Coronavirus Pandemic
IMF Releases $192M to North Macedonia
By Matthew
Russell Lee, Patreon
BBC
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Source
SDNY COURTHOUSE,
April 10 –
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 10 amid the Coronavirus
crisis the IMF on North
Macedonia, which the UN for
years insisted on calling
FYROM, announced that "The IMF
approved the disbursement of
EUR 176.53 million in
emergency financial assistance
to North Macedonia to help it
cope with the COVID-19
pandemic. · COVID-19 has
taken a major toll on the
North Macedonia economy. The
authorities quickly responded
with targeted and temporary
fiscal policy support to limit
the social and economic impact
of the health
emergency.
Washington, DC – April 10,
2020 - The Executive Board of
the International Monetary
Fund (IMF) today approved a
disbursement of SDR 140.3
million (about EUR 176.53
million, US$191.83 million,
100 percent quota) for the
Republic of North Macedonia
under the Rapid Financing
Instrument (RFI). This
financial support will help
finance the health and
macroeconomic stabilization
measures, meet the urgent
balance of payments needs
arising from the COVID-19
pandemic and catalyze support
from the international
community. The RFI
provides rapid financial
assistance to member countries
facing an urgent balance of
payments need, without the
need for a full-fledged
economic program or reviews.
Financial assistance under the
RFI is provided in the form of
immediate disbursements.
Following the Executive
Board’s discussion of the
Republic of North Macedonia,
Mr. Tao Zhang, Deputy Managing
Director and Acting Chair,
issued the following
statement: “North
Macedonia’s economic outlook
has deteriorated substantially
due to the COVID-19 pandemic."
Other issues were not
addressed, nor have several of
Inner City Press pending
question been answered. But we
remain hopeful.
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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