At G20, IMF’s Lagarde Talks Up Quota Reform and Expansion of SDR Basket, ICP’s Qs to IMF

UNITED NATIONS, September 5 ( -- After the Group of 20 Summit in Hangzhou, China, the International Monetary Fund's Christine Lagarde said that "G20 leaders welcomed the entry-into-effect of the IMF's 14th review of quota reforms [and] also welcomed the inclusion of the Renminbi into the SDR (Special Drawing Right) currency basket as of October 1st--an important milestone that will help strengthen the international monetary system as well as China's role in the global economy. More generally, the G20 supported the ongoing exploration of broader use of the SDR. Finally, I would again like to thank our Chinese hosts for their truly wonderful hospitality. The IMF looks forward to working closely with the German Presidency of the G20 in 2017. "


When the International Monetary Fund held its biweekly briefing on September 1, Inner City Press asked five questions including:

"On Yemen, IMF Mission Chief Albert Jaeger has urged the Central Bank and the government to cooperate. What is the IMF's view of President Hadi's proposal to move the Central Bank to Aden, and his complaints against the Central Bank and its Governor?" IMF video here, from Min 41:54.

IMF Spokesperson Gerry Rice read out the question -- without the name of Albert Jaeger or Inner City Press -- and offered praise of the Central Bank governor, citing the Bank's public letter. (Click here for UN envoy's in-person answer to Inner City Press on August 31.)

Inner City Press asked, about Mozambique: "On Mozambique, outgoing IMF Representative Alex Segura has been quoted that IMF insists on international audit of Mozambique’s public debt. Please confirm, and describe the goals of this month's IMF mission to Mozambique."

Rice said there will be a mission in Maputo on September 22.

Inner City Press also asked, "On Zimbabwe, what is the status of the government's moves to clear its arrears to the IMF?"

Rice said there is NO financial program under discussion and can't be until arrears are cleared.

UNanswered were these two:

In Serbia, Energy Minister Aleksandar Antic said the 3.8 percent electricity price increase to comply with conditions set by the IMF in return for a $1.34 billion loan was the “smallest possible increase, half the amount the IMF asked for.” Is that the case?

In South Sudan, the government has adopted a budget for the 2016/17 fiscal year which nearly tripled spending at $520 million; Finance Minister Stephen Dau said “it contains reform measures that were advised by the IMF in their consultation when they came here last May.” Is that the case? Please describe the IMF's work with South Sudan, as the UN Security Council prepares to visit there."

At the September 1 briefing, IMF Spokesperson Gerry Rice said the IMF board expects to take up Ukraine in the second half of September. He confirmed that an IMF staff member was just named the governor of the Central Bank of Mozambique -- shades of the film "Our Brand Is Crisis" -- while saying he'd look into whether the ex-IMF staffer in Greece worked for the Fund in 2010 or after.

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