INTERNATIONAL FUNDS MONETARY UNIT
 After the storm: economists are assessing
the causes and implications of the crisis (photo: Newscom)
By admin - Posted on May 26th, 2009
May 21, 2009 – Today, Nebraska Senator
Ben Nelson joined a majority of Senators voting to keep additional
funding in the 2009 Supplemental Appropriations bill for the
International Monetary Fund, which supports global financial stability, trade and growth.
An amendment to strip the funding was defeated 64-30.
“We Nebraskans know well that trade and exports provide good jobs and
a healthy state economy, and that
we live in a global economy,” Senator Nelson said. “With a global recession
underway, I can’t imagine why we would back away from the IMF, which
exists to promote economic stability around the world.” » read more »
By admin - Posted on May 19th, 2009
May 18, 2009 -- WASHINGTON – The
U.S. Department of the Treasury
today released a letter from the Bretton Woods Committee, which includes
the bipartisan support of five former secretaries of the Treasury, four
former secretaries of State and America's leading foreign economic
policy and national security
experts to Speaker Pelosi and Majority Leader Reid expressing their
support for the Administration's request for prompt enactment of
additional funding for the International Monetary Fund (IMF), including
the Obama Administration's request for the IMF's New Arrangements to
Borrow (NAB).
Below is the U.S. Treasury Department's Fact Sheet on IMF Reforms and
New Arrangements to Borrow.
FACT SHEET
IMF Reforms and New Arrangements to Borrow » read more »
By admin - Posted on
May 15th, 2009
May 13, 2009 -- Dear Madam Speaker:
Last month, I asked the Congress to
consider changes to the level of borrowing authority for the
International Monetary Fund (IMF). Today, I formally transmit this
request in the accompanying supplemental budget request. I
urge that the Congress expand the resources available to the IMF
through its New Arrangements to Borrow (NAB) and approve a set of other
proposals to strengthen the IMF, including an increase of about $8
billion in the U.S. quota subscription to the IMF. » read more »
By admin - Posted on
March 31st, 2009
Washington, DC, March 30, 2009 --
Gordon Duguid, Acting Deputy Department Spokesman, Office of the
Spokesman, Bureau of Public Affairs, stated: The United States supports
the government of Côte d’Ivoire's (Ivory Coast) commitment to an
International Monetary Fund-supported (IMF) economic reform program and
attainment of the first stage of debt relief under the Enhanced Heavily
Indebted Poor Countries Initiative (HIPC). To achieve economic stability
and make progress toward completing the HIPC debt relief process, we
urge Côte d’Ivoire to fully implement its reform measures, especially
those related to fiscal discipline and transparency.
» read more »
By admin - Posted
on June 10th, 2008
Urges Cooperative Approach To
Global Problems
June 9, 2008 -- International Monetary Fund (IMF) Managing Director
Dominique Strauss-Kahn today urged policy makers around the world to
seek a cooperative approach to global challenges stemming from the rise
in food and fuel prices and a worldwide economic slowdown linked to
spillovers from the U.S. "Policymakers can respond in two ways: they can
take the mercantilist approach, looking only at what is best for their
country.
Or they can look for multilateral solutions. History has shown us the
defects of the first approach and the difficulties of the second," Mr.
Strauss-Kahn said in a speech at the International Economic Forum of the
Americas in Montreal. » read more »
By
admin - Posted on June 4th, 2008
June 3, 2008 -- In remarks presented
at a High-Level Conference on World Food Security in Rome,
International Monetary Fund (IMF) Managing Director Dominique
Strauss-Kahn today warned that high food prices are a serious
humanitarian concern as well as a source of macroeconomic instability
affecting budgets, trade balances,
prices and incomes almost everywhere in the world.
He urged donor governments and agencies to move swiftly to support
appropriate food aid, particularly for the world's poor, calling
effective action a "moral and economic imperative." » read more »
By
admin - Posted on May 27th, 2008
May 23, 2008 -- Mr. Mario Garza, the
International Monetary Fund (IMF) resident representative in Honduras,
issued the following statement yesterday in Tegucigalpa:
"The IMF mission that visited Honduras during May 13-21, 2008
discussed policy responses to the weakening external conditions in the
context of the Government's program supported by the Stand-By
arrangement with the IMF. The mission held policy meetings with the
economic cabinet, congress, the state electricity
company (ENEE), and the private sector. » read more »
By admin - Posted on April 22nd, 2008
Explores Challenges Policymakers
Face in Seeking to Limit the Impact of Financial Turbulence
April 21, 2008 -- Europe is facing slower growth as a result of
protracted financial turbulence, high inflation and spillovers from an
expected mild recession in
the United States.
 IMF headquarters: Washington,
D.C.
The IMF's Regional Outlook (REO) for Europe released today projects
economic growth in advanced European economies to slow significantly
over the next two years to 1.5 percent in 2008 and 1.4 percent in 2009,
from 2.8 percent in 2007.
In Emerging Europe, growth is also expected to moderate, to 5.5
percent in 2008 and 5.2 percent in 2009, down from 6.9 percent in 2007. » read more »
By admin - Posted on
April 12th, 2008
April 11, 2008 -- Economies in the
Latin American and Caribbean (LAC) region have generally held up well so
far in the face of recent global financial strains, according to the
IMF's latest Regional Economic Outlook: Western Hemisphere, released
today. Many countries in the region are benefiting from stronger fiscal
and external positions and improved credibility of policy frameworks,
said Mr. Anoop Singh, Director of the IMF's Western Hemisphere
Department. » read more »
By admin - Posted on March 13th, 2008
March 12, 2008 -- John Lipsky, First
Deputy Managing Director of International Monetary Fund (IMF), called
today for "decisive policy action" to strengthen the global financial
system, noting that authorities worldwide must also "think the
unthinkable" so that they can better anticipate and react to potential
global economic risks. » read more »
By newsdesk - Posted on November 21st, 2007
21 November 2007 -- The
International Monetary Fund's former chief economist says China is
violating its rules by keeping its currency artificially undervalued.
Michael Mussa says Beijing must revalue its currency for the sake of
global economic stability. » read more »
By newsdesk - Posted on October 18th, 2007
17 October 2007 -- The International
Monetary Fund has released its semi-annual global economic forecast,
marking it down by nearly .5 percent, mainly because of a slowdown in
the United States.
Global growth is expected to slow to 4.8 eight percent in 2008, from
the 5.2 percent advance of this year.
For the first time, says the IMF, fast growing China and
India are the principal contributors to global growth. Those economies
have been growing at a more than nine percent annual rate, a pace
expected to moderate only slightly in 2008. » read more »
By newsdesk - Posted on October 5th, 2007
October 3, 2007 -- Martin Petri,
International Monetary Fund (IMF) Mission Chief to Burkina Faso, made
the following statement today in Ouagadougou:
"An IMF mission team visited Ouagadougou during September 18-October 3
for the 2007 Article IV consultation and first review of the program
supported under the Poverty Reduction and Growth Facility (PRGF).1 » read more »
By newsdesk - Posted on
October 1st, 2007
September 28, 2007 -- Mr. Dominique
Strauss-Kahn issued the following statement today after the Executive
Board of the International Monetary Fund (IMF) selected him as the next
IMF Managing Director:
"The Executive Board of the International Monetary Fund has just
chosen me to succeed Rodrigo de Rato as Managing Director. » read more »
By newsdesk - Posted on October 1st, 2007
WASHINGTON, September 28, 2007 –
World Bank Group President, Robert B. Zoellick, today congratulated
Dominique Strauss-Kahn on his appointment as IMF Managing Director,
issuing the following statement:
“I wish to congratulate Dominique Strauss-Kahn on his appointment and
say how much I look forward to working with him. He is a respected
leader and economist, with distinguished service as the Finance Minister
of France, many years of international experience, and a career of
dedicated public.  Kiev - Ukraine will pay off its most recent outstanding
gas debt to Russia by drawing on a special use International Monetary
Fund (IMF) account, government officials said Friday.
"I hope that by the end of today (Friday), we can inform you of a
successful result in our work," said Valentyn Zemliansky, spokesman for
state-owned Naftohaz Ukrainy, according to an Interfax news agency
report. "Ukrnafta fulfills its obligations."
The International Monetary Fund said the risk of a recession is
higher when financial turmoil is preceded by rising house prices and
rapid expansion of credit, which was the case in the United States.
The United States is set for a sharp economic downturn
or recession judging by the impact of similar banking crises around the
globe over the past 30 years, the International Monetary Fund said on
Thursday. In new research, the IMF said the risk of a recession is
higher when financial turmoil is preceded by rising house prices and
rapid expansion of credit, which was the case in the United States. "The
patterns of asset prices, aggregate credit and house borrowing in the
United States during the current episode of financial stress appear
similar to those of previous episodes that were followed by recessions,"
IMF research found.
After several years of a housing boom, the U.S. economy has been
shaken by a banking crisis that began with a spike in defaults among the
riskiest mortgages and spread to Wall Street, marking the worst
financial crisis since the Great Depression. "It is now all too clear we
are seeing the most dangerous shock to mature financial markets since
the 1930s, posing a major threat to global growth," Charles Collyns,
deputy director in the IMF's research department, told reporters.
He said so far the U.S. economy has slowed but not entered into
recession, at least through the second quarter, butr isks identified in
the research showed it could still. The research, published in chapters
of the IMF's bi-annual World Economic Outlook report, was compiled from
113 periods of financial stress in 17 advanced economies over three
decades.
The IMF compared the U.S. turmoil to six banking-related crises that
affected Finland, Norway, Sweden, Britain and the U.S. in the early
1990s, and Japan throughout that decade. Half of these crises involved
the banking sector and the remainder were in securities or foreign
exchange markets. "Based on this metric, the current episode of
financial stress ranks as one of the most intense for the United States
and one of the most widespread affecting virtually all countries in the
sample," the IMF said.
Banking stresses
It said when a slowdown or recession follows a period of financial
stress, and especially when the stress is in the banking sector,
typically it is more severe. "Economies like the United States, with
more arms-length or market-based financial systems, seem to be
particularly vulnerable to sharp contractions in activity in the face of
financial stress," Collyns said.
In particular, slowdowns or recessions preceded by bank-related
stress tend to involve two to three times greater cumulative output
losses and tend to last two to four times as long, the IMF said.
Recapitalizing banks and responding quickly to the crisis were critical
to alleviating such downturns. "To limit the fallout on the real economy
it is therefore paramount that the damage to the banking systems in the
United States and Europe is swiftly contained by far-reaching and
comprehensive measures," Collyns said, welcoming actions by central
banks to pump capital into the financial system.
Still, the IMF said the severity of a U.S. downturn could be
cushioned by the strong corporate balance sheets at the outset of the
crisis and aggressive interest rate cuts by the Federal Reserve soon
after the turbulence began a year ago. "One area of support, until now,
has been the quite strong position of the non-financial corporate
sector." Collyns said. "That has been one of the factors that have
helped buttress the U.S. economy over the past year," he said.
In Europe, relatively strong household balance sheets offer some
protection against a sharp downturn, the report added.
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Director (Payment Approval)
Treasury Department – Ministry Of Finance
Pretoria Head Quarters, Republic of South Africa
The Treasury Department of the Ministry of Finance here in the Republic of South Africa investigated your fund which has been on transfer process for some time now.
During the second quarter of the general Financial Auditing in the Reserve Bank, and the office of the auditing and funds recovery unit, (IMF) has recovered your fund at the tune of US$3, 500 000 000.00, (Three Million Five Hundred Thousand United States Dollars), which was to be paid to you through bank to bank transfer to your bank account. It has been understood by our investigation team that this funds was acquired by you as a result of the initial inheritance of funds, which your partner was supposed to remit to your bank account from South Africa in the past but you have not received the money due to the fact that the South African Revenue Service Department demanded for their Inland Revenue Tax. But now the South African Government has removed this Inland Revenue Tax from your fund, and you do not have to make such payment during your payment any longer.
After auditing, the SARB decided that the entire recovered and returned funds should be paid to their various owners within 8 working days. This decision was taking by the Board of the auditors in the Department of Finance (Office of the Treasury), and at present the fund is in escrow account of the Bank of England waiting for remittance to your bank account. The Ministry of Finance has signed the released of your funds, and it has also decided that your funds should be transferred to without any further delay.
For your full identification and completion of your payment, you are hereby advised to send our agent (Mr. Joseph Omar, the Correspondence & Enquiry Unit Corporation South Africa), your full information as stated below:
Note that the Department of Finance has ordered and assigned our accredited agent (Mr. Joseph Omar, the Correspondence & Enquiry Unit Corporation South Africa) to carry out this payment to you, therefore you should urgently contact them on the following details;
The Correspondence & Enquiry Unit
National Treasury
3 Horse Guards Road
South Africa
Name: Mr. Joseph Omar
Tell: Tel: +27 731690631
Alternative E-mail: Joseph.omar@consultant.com
PAYOUT AMOUNT: US$3, 500 000 000.00,
IN WORDS: (Three Million Five Hundred Thousand United States Dollars)
Please contact the above person and request them to give you more information on how you will receive your fund. As soon as our agent (Mr. Joseph Omar, the Correspondence & Enquiry Unit Corporation South Africa) confirm to us that you have contacted them, the Department of Finance will authorize your payment with immediate effect.
Waiting for your further proceedings,
Regards,
Department of Treasury
Ministry of Finance
Republic of South Africa
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