IMF Answers Inner City Press on Bitcoin El Salvador and COVID-19 Theft in Cameroon & Woman Leaders' Letter
IMF again threw shade on crypto; Inner City Press asked if institutions like the Fed and IMF only like innovation if they remain relevant. Also, Cameroon and UN collusion in corruption
By Matthew Russell Lee, PatreonVideo Podcast here
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SDNY COURTHOUSE, June 24 – When the International Monetary Fund held its biweekly embargoed press briefing on June 24, Inner City Press asked about crypto-currency and El Salvador, and institutions' attempts to stay relevant, and about COVID-19 lack of transparency in Cameroon, and the letter to the IMF by civil society (not Biya government) representatives there. IMF video and transcript forthcoming. Spokesperson Gerry Rice responded on each.
Inner City Press asked, "what is the IMF's comment or response to analysts saying that the adoption of BTC might stop El Salvador from accessing a $1 billion program from the IMF. "The IMF expressed legal and economic concerns about the adoption. The president of El Salvador countered that his government had not only made its plan more than clear but said outside support would have been “nice” to have but “we really don’t need it."
For the IMF, Rice reiterated legal and financial concerns about crypto, and said that discussions with El Salvador about a program continue.
Inner City Press followed up, beyond El Salvador, on the critique that institutions like the IMF, and the Federal Reserve, are all for innovation as long as they would remain relevant. This one, Rice deftly sidestepped. More to follow. Podcast here
Inner City Press on Cameroon asked, among other things, "On Cameroon, what is the IMF's response to calls by human rights groups that the program(s) be specifically conditioned on ending corruption in COVID-19 procurement? The audit found, for example, that the government had bought 16 ambulances from the company for US$1,6 million and none had been delivered. In light of these findings, 20 prominent Cameroonian women also urged the IMF not to approve any additional funding until those complicit in the corruption and mismanagement of the loans were held accountable." Will the $335 million just disappear into the ether?
The IMF's Rice noted the investigation, and said that beneficial owners of those given procurement contracts should be disclosed. He said the letter has been received and the IMF wants to meet with the women leaders. There was no direct response on accountability. Again, more to follow.
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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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