IMF Giving Honduras $143M For Coronavirus Aid Despite JOH Mask Diversion and Drug Role – Inner City Press


IMF Giving Honduras $143M
For Coronavirus Aid Despite JOH Mask Diversion
and Drug Role

By Matthew
Russell Lee,
Patreon
BBC
Decrypt
LightRead
Honduras

Source



SDNY COURTHOUSE,
March 31 –


Even amid evidence that
Honduras president Juan
Orlando Hernandez took money
from El Chapo to fund his
campaign, and is now diverting
all masks to his Army rather
than health professionals, the
International Monetary Fund on
March 31 announced it is
giving the country money for
Coronavirus response. This
after Inner City Press, which
covered the trial of JOH’s
brother, asked the IMF for
comment on the verdict and
corruption.

March 31: “IMF
disburses US$143 million to
Honduras to fight Covid-19
Pandemic March 31, 2020 
Like many other countries
around the world, Honduras is
expected to face significant
challenges associated with the
dramatic impact of the
COVID-19 pandemic. Amid
heightened needs for
healthcare and social spending
to protect the well-being of
Hondurans, the authorities
will access resources in the
amount of SDR104.92 million
(US$143 million) currently
available under the
International Monetary Fund
(IMF) SBA/SCF arrangement
approved in July 2019 for a
total of SDR224.82 million
(US$312 million).  The
impact of the COVID-19
pandemic will take place
through a number of channels.
Economic activity will be
affected by the prudent
decision to lock down the
economy early in the expansion
phase of the virus in order to
save lives and contain
pressures on the country’s
health system. Economic growth
and the external position will
be affected as well by global
spillovers, through the impact
of external demand, lower
remittances flows, tighter
external financial conditions,
and the contraction in
tourism.    
The authorities have
maintained a steadfast
commitment to sound
macroeconomic policies over
the last years. They have also
reacted adequately to the
pandemic with targeted fiscal
actions to respond to the
healthcare and humanitarian
crisis, and with monetary and
macro-financial measures to
mitigate the impact on
economic activity. The
disbursement under the SBA/SCF
will support the authorities’
policy response, helping to
shore up the external position
of the economy.”

  Inner City
Press has asked the IMF: “on
corruption, what are the IMF’s
thoughts on Honduras in light
of the conviction of the
President’s brother for drug
trafficking, evidence of
campaign contributions from El
Chapo, and assassination of
witnesses and evidence-givers
since?”

 At the
IMF’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.”

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. See below.

On February 28
the IMF on a delay issued a
report on Malaysia, ending
with money laundering:
“February 28, 2020:  On
February 7, 2020, the
Executive Board of the IMF
concluded the Article IV
consultation with
Malaysia.  Malaysia’s
economy is stable despite
domestic and external
challenges. Growth has
averaged just under 5 percent
over the past 5 years, leading
to higher per capita income.
Economic growth has held up,
and is estimated at 4.5
percent in 2019, driven by
domestic demand… Directors
commended the authorities’
progress in developing and
implementing governance
reforms. They stressed the
importance of sustaining the
momentum and anchoring the
reforms in legislation,
particularly to help secure
the independence of
anti-corruption institutions,
freedom of information, and to
establish an asset declaration
system. Further strengthening
the AML/CFT framework will
also be important.”

  On
February 13,  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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