Shybaby:  IMF: Philippines performing exceptionally well

DAVOS – The chief of the International Monetary Fund (IMF) has praised the Philippines for being an “exceptionally well-performing country” despite its challenges and has expressed willingness to help the country attain sustainable growth, Malacañang said yesterday.

President Marcos met with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum (WEF) in this Swiss city last Tuesday and discussed issues affecting the world economy.

Presidential Communications Secretary Cheloy Garafil said Georgieva had commended Marcos for his leadership as the country faced “more immune and more complex challenges.”

 “We found the Philippines to be an exceptionally well-performing country… what you have done in the last year of turbulence to sustain growth… is quite commendable,” Garafil quoted Georgieva as saying.

Georgieva said the IMF is ready to help its member-countries, including the Philippines, achieve sustainable growth and push for economic policies that would benefit more Filipinos.

“We have been really interested to engage more deeply with our members to recognize the traditional challenges… they are still there,” the IMF chief said.

Marcos said there is a need to “go back to the basics” as the Philippines is still addressing a number of challenges.

He also reiterated his resolve to step up the government’s digitalization initiatives, saying they are important in making the bureaucracy more efficient and effective.

“I hold a lot of hope and confidence in the new technologies… if you are adept with new technologies, you are already at (the) forefront… so that’s basically how we are approaching the problem,” said Marcos.

The IMF is a special agency of the United Nations that provides financial assistance and debt service relief to member-countries. It has $28 billion in outstanding loans to 74 nations. The Philippines joined the agency on Dec. 27, 1945.



Frank26  [Iraq boots-on-the-ground report]  FIREFLY: It’s gone from bad to worse on the streets.  The markets are calling for something to be done.  A lot of pointing at the CBI and their failure of handling the exchange rate.  More and more hate is coming at the CBI.  FRANK:  Unfortunately…you have to suffer right now in order to prosper very soon…

Sandy Ingram  Iraqi banks have had to comply with certain criteria of the SWIFT International Transfer System in order to access their foreign reserves.  This foreign reserve is $100 billion is held at the U.S. federal reserve.  You can see the U.S. is playing a part in helping Iraq to grow stronger financially.



Henig:  The President of the Republic: The importance of strengthening relations with the European Bank regarding the diversification of the economy

Economy News – Baghdad

President of the Republic Abdel Latif Jamal Rashid received, on Wednesday, the President of the European Bank for Reconstruction and Development, Odile Renaud Basso, in the World Economic Forum building.

The President of the Republic stressed, according to a statement by his office, “the importance of strengthening relations with the European Bank, especially with regard to diversifying the economy and enhancing its stability, as well as creating appropriate conditions for achieving sustainable economic development that focuses on facilitating business implementation and providing an attractive environment for effective investment.”

He added, “Iraq possesses the will, and has the capabilities and energies to support a comprehensive national development,” noting that “the Iraqi government confirms that the promotion of sustainable local development takes place through building strategic regional and international partnerships, and encouraging the private sector in Iraq.”

The President of the Republic called for “international cooperation to preserve the movement of global food trade and prevent disruption in its supply chain, in a way that enhances global food security.”

In turn, the President of the European Bank for Reconstruction and Development expressed the bank’s pride in the close relations with Iraq, praising the success of the Iraqi efforts to achieve economic reform, and stressing the European Bank’s keenness to develop joint cooperation at various levels. LINK

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