By Matthew Russell Lee, Audio
UNITED NATIONS, April 20 – When the International Monetary Fund held its Middle East press conference at its Spring Meetings on April 20, Inner City Press submitted this question: "On Yemen, what are the IMF's predictions and what are its current actions, for example in ensuring the payment of public servants? Relatedly, what is the impact of the war on Yemen on the Saudi economy? -Matthew Russell Lee, Inner City Press." Spokesperson Wafa Amr read the question, from Matthew Lee, to Jihad Azour, the Director of the IMF's Middle East and Central Asia Department, who said (full audio here), "The situation in Yemen has inflicted a big humanitarian toll. The Fund is helping the Yemeni authorities, the Central Bank, in designing and managing the financial framework to distribute salaries... and import goods and medicines. With the government, we try to help them preserve the Central Bank and the ministry of finance. We are in dialogue with global community, providing assessment of the challenges and the best instruments that could help." It's appreciated, but there was no answerabout the impact on the Saudi economy. Watch this site. When the IMF held its biweekly embargoed briefing on March 29, Inner City Press submitted questions about South Korea, Myanmar and Jamaica, see below. Spokesman Gerry Rice read out Inner City Press' South Korea question. From the IMF transcript: "on South Korea. This is from Matthew Lee. The U.S. says it's Treasury Department is finalizing an understanding with South Korea to avoid practices that provide an unfair competitive advantage. What does the IMF think of such bilateral forex arrangements? There are other questions on trade, so let me just take that. On the U.S.-Korea discussions on trade, I don't have the details of that. So, you know, I wouldn't speculate on that. What I would say more generally is that we believe bilateral and regional agreements can bring important benefits by building on a strong multilateral trade system that promotes transparency and includes well-enforced trade rules that promote even-handed competition, is what I would say on that one." Rice spent much of the briefing trying to correct "commentary" - that is, coverage - of Madame Lagarde's CFC proposal; he added as the final online question that an IMF team will be in Brazzaville in early April. This comes after the IMF praised another long time family run government in Gabon. He promised very "products and events" for the upcoming Spring meetings. Inner City Press asked: 1) "In the IMF's Myanmar statement it is said that “the direct economic impacts of the humanitarian crisis in Rakhine state have been largely localized.” Can you explain? How local? 2) In Jamaica, the Tourism Enhancement Fund (TEF) says it was following the orders of the IMF when it cut off funding to the Nuh Dutty Up Jamaica Campaign implemented by the Jamaica Environment Trust (JET), leaving its future in doubt. What is the IMF's response?" Watch this site - the IMF has yet to respond on some previous questions. On Cameroon, with the government continuing to cut and/or slow the Internet in the Anglophone parts of the country amid border incursions into Nigeria and "refoulement" of refugees there, what is the IMF's estimate of the costs, and comment on continuing to support and this government and its actions? On March 7 Inner City Press asked an IMF press conference about the Nigerian economy this question: "What does the IMF think the economic impact will be of CITES' inquiry into the irregular export of endangered rosewood to China, and new restrictions imposed on such exports from Nigeria?" We'll have more on this. (Inner City Press also asked Amine Mati, Senior Resident Representative and Mission Chief for Nigeria and Lucie Mboto Fouda, "On the Nigerian banking sector, did the IMF consider the allegations of fraud, from the account in First Bank Nigeria Plc of NNPC and Agip, to the non-payment of interest by Standard Chartered Bank, Fidelity Bank, Stanbic IBTC, Access Bank, FCMB, Skye Bank, Sterling Bank, Zenith Bank and Unity Bank after the sale of Power Holding Company of Nigeria? Separately, what about Nigerian banks' service to SMEs?" Back in February, Inner City Press asked the IMF of Zimbabwe, Iraq, Sierra Leone, Cameroon and Hungary. Spokesman Gerry Rice took Inner City Press' Zimbabwe question, including the word usurious, then provided assurances that Madame Lagarde met the new president in Davos and the IMF stands ready to help - when other arrears are paid off. The IMF did not (yet?) answer these Inner City Press questions: On Iraq, please comment and clarify: MP Abbas Bayati has rejected reports that the IMF has said loans to the central government will be issued on the condition Baghdad guarantees a minimum portion of the national budget for the Kurdistan Region. He said IMF does “not investigate the details of the loans [spent] by Iraq.” True? In Hungary, Norbert Maxin and Bela Bukta have been cleared of handing over damaging information to, or spying for, the IMF. What is the IMF's comment, and its interactions with the two, now that the case is over and the IMF can (and should) speak? Follow up on Sierra Leone, where it's said the IMF instead of using the word “stop” used a softer diplomatic word “delay” of payments... what the Minister of Finance and Baratay are doing is spin the fact. If they win the elections, they will now begin to implement the IMF conditions at the detriment of the ordinary people. In the first place, they agreed on the conditions at the detriment of the ordinary people of this country; their only motive was to receive the money for themselves and use the remainder to fund the elections so that they can stay in power." Back on February 1 on Sierra Leone, Inner City Press asked: "please specify the status of IMF's payments under the $224 million program to the government as relates to the upcoming elections and conditions such as cutting subsidies on rice and fuel." Deputy IMF Spokesman William Murray replied that a review that had been slated to be concluded in December has not been; he dodged on the relation to the election but it definitely calls into question the denials of Sierra Leone's finance minister and his demand that Africa Confidential get fact checkers. On Zimbabwe, Inner City Press asked, "On Zimbabwe, please specify the IMF's advice for clearing foreign debt. Is it, as reported, cuts to public sector wages, reducing farm subsidies, improving transparency in the mining sector & reaching an agreement on compensating farmers?" Murray talked up Managing Director Lagarde's meeting(s) in Davos but said the country still has a ways to go. Transcript and video soon.Back on January 18, Inner City Press asked the IMF about Yemen, Somalia, Tunisia and Cameroon. On Yemen, it asked "With continuing holes in the Yemeni Central Bank, what if anything is the IMF doing?" IMF Spokesperson Gerry Rice read out Inner City Press' question and then said that the IMF is helping to build the Central Bank's capacity amid the humanitarian crisis. Transcript to come. On Somalia, Inner City Press asked of reports that “Somalia owes around $4bn making it almost impossible for Mogadishu to access new funds from the IMF.” The IMF puts the figure at $5.1 billion. What explains the difference, and how could Somalia access new IMF funds?" Rice replied that records were lost in the war and are being reconstructed; for now $5.1 billion is the figure. Again, transcript to come, - and more on Cameroon and the continued undermining of the Internet and the economy by this big IMF recipient, Paul Biya's government. Before Rice's long Tunisia answer, Inner City Press had asked: "On Tunisia, what is the IMF's comments on its role in imposing austerity on the country since the popular uprising of January 2011? Did the IMF exerted sustained pressure on the Tunisian Central Bank to stop intervening in the currency markets to defend the value of the Tunisian dinar, increasing imports?" The IMF was prepared for this, emphasizing for example that cooking oil will not be subject to the VAT, but sweets and alcohol will.
