Britten Wood’s IMF & WB :- Woyane needs Euthanasia Not comma

How the institution of Britten Wood keeps a dead regime alive …

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IMF commits crime against Humanity  by keeping Woyane regime  in Comma by prolonging   Ethiopians agony.

Woyane owns s the IMF not Ethiopia in 17 years from December  1992  to September 30 2009  the sum of   106,960,000 SDR Now is asking the sum of SDR 153.755 million (about USD 240 million) which is more than  the sum its has sepnt in the last 17 years.

(The SDR is an international reserve asset created by the IMF in 1969 and serves as its unit of account. The currency value of the SDR is determined by summing the values in U.S. dollars of a basket of major currencies.)

IMF committing  crime against humanity  by keeping a regime in comma for almost two decades in  power in Ethiopia. IMF shares the responsibility for starving  and killing Ethiopians  by directly financing  a regime  responsible for genocide and ethnic cleansing. Recently IMF  has been duped to believe and recognize the economic performance of  Woyane regime in Addis Ababa .  They believed the following Woyane conclusion being acceptable  it reads in the following wise : CONCLUSION “Ethiopia remains at moderate risk of debt distress, though the level of risk is higher now than a year ago. This assessment highlights the importance for Ethiopia of keeping a close tab on debt vulnerabilities and of making every effort to secure grant and concessional financing for its ambitious public enterprise investment plans. At the same time, there is considerable scope to attract large FDI and increase export growth by means of structural reforms. In addition, emphasis should be placed on strengthening debt management capacity as well as sharing detailed information on future borrowings—both external and domestic—with relevant stakeholders, such as the IMF and the Bank. Finally, given the size of borrowing by public enterprises, it is imperative to expand the current debt strategy and monitoring exercise to include the largest public enterprises and assess potential contingent liabilities. ” A complete manuplation of  Woyane just to get money from IMF for their structural adjustment of Woyane which means throwing out of job the opposition and  to use it as an arm of  Ethnic purification by starving the un wanted population.” “—————-  ———- bbbbbbbbbbbbbb bbbbbbbbbbbb

Strauss-Kahn in Istanbul: “It no longer makes sense for global economic policy to be the concern of just a small group of countries” (IMF photo)

‘Istanbul Decisions’ to Guide IMF as Countries Shape Post-Crisis World

IMF Managing Director Dominique Strauss-Kahn tells policymakers from 186 countries gathered in Istanbul that global cooperation has saved the world from a far worse crisis and leaders should now seize the opportunity to shape a post-crisis world. click for more The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world’s major industrial states in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. Preparing to rebuild the international economic system as World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel inBretton Woods, New HampshireUnited States, for the United Nations Monetary and Financial Conference. The delegates deliberated upon and signed the Bretton Woods Agreements during the first three weeks of July 1944. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold and the ability of the IMF to bridge temporary imbalances of payments. In the face of increasing financial strain, the system collapsed in 1971, after the United States unilaterally terminated convertibility of the dollars to gold. This action caused considerable financial stress in the world economy and created the unique situation whereby the United States dollar became the “reserve currency” for the states which had signed the agreement. mmmmm mmmmmm

The “Ethiopian” Sham full  beggar  continues to make money on the name development listen to this  shame letter

THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA

LETTER OF INTENT

Addis Ababa, August 7, 2009

Mr. Dominique Strauss-Kahn

Managing Director

International Monetary Fund

700 19th

Street, N.W.

Washington, D.C. 20431

U.S.A.

Dear Mr. Strauss-Kahn: The government of Ethiopia requests support from the International Monetary Fund (IMF) for its 2009/10 economic program through a 14-month arrangement under the High-Access Component of the Exogenous Shocks Facility (ESF). We request access of 115 percent of quota, the equivalent of SDR 153.755 million (about USD 240 million). Macroeconomic performance has improved substantially under the policy package supported by the IMF with a drawing under the Rapid Access Component of the ESF, approved by the IMF Executive Board in January 2009. Given the still-low level of foreign exchange reserves, the requested arrangement will greatly assist with our efforts to steer the Ethiopian economy through the global economic crisis, sending a positive signal to domestic stakeholders and our development partners about our resolve to maintain a stable macroeconomic environment. In the attached Memorandum of Economic and Financial Policies (MEFP), we describe policy implementation in 2008/09 and set out our macroeconomic objectives and policies for 2009/10. Our program focuses on entrenching low inflation and building international reserves through appropriately tight fiscal and monetary policies supported by the necessary exchange rate flexibility. We also intend to enhance monitoring and control of borrowings by the public enterprise sector, develop the central bank’s liquidity forecasting and control capacity, and flesh out, with IMF technical assistance, a comprehensive time-bound tax reform strategy to improve domestic revenue mobilization. The MEFP and Technical Memorandum of Understanding (TMU) present quantitative performance criteria and indicative targets as well as structural benchmarks through the period of the arrangement. We believe that the policies set forth in the MEFP are adequate to achieve the objectives of the program, but we will take additional measures as needed to reach these goals. We will consult with IMF staff on the adoption of these measures, and in advance of revisions to the policies contained in the MEFP, in accordance with the agreed IMF policies on such consultation. The government of Ethiopia authorizes the IMF to publish the contents of this letter, and the attached MEFP and TMU, on its website after consideration of our request by the Executive Board. Sincerely yours, Sufian Ahmed        Teklewold Atnafu Minister        Governor The Ministry of Finance and Economic Development  The National Bank of Ethiopia mmmmmmmmmmm mmmmmmmmmmmmmm

The Ethiopian debt has raised to 160,960 million now he is asking for more of  153,755 million

The SDR is an international reserve asset created by the IMF in 1969 and serves as its unit of account. The currency value of the SDR is determined by summing the values in U.S. dollars of a basket of major currencies.

DateGRA PurchasesSAF, TF, ESAF/PRGF LoansTotals
September 30, 2009 0 106,960,000 106,960,000
December 31, 20050112,073,000112,073,000
December 31, 20040117,971,000117,971,000
December 31, 20030105,835,000105,835,000
December 31, 20020105,415,000105,415,000
December 31, 2001084,020,00084,020,000
December 31, 2000059,142,00059,142,000
December 31, 1999069,026,00069,026,000
December 31, 1998076,086,00076,086,000
December 31, 1997064,165,00064,165,000
December 31, 1996064,165,00064,165,000
December 31, 1995049,420,00049,420,000
December 31, 1994049,420,00049,420,000
December 31, 1993035,300,00035,300,000
December 31, 1992 0 14,120,000 14,120,000
December 31, 1991000
December 31, 19904,412,500101,9464,514,446
December 31, 198922,062,500922,74622,985,246
December 31, 198836,902,2773,941,34640,843,623
December 31, 198744,172,1639,198,10553,370,268
December 31, 198654,305,68014,454,86768,760,547
December 31, 198545,053,97019,711,62964,765,599
December 31, 198476,068,18024,147,591100,215,771

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Ethiopia: Financial Position in the Fund as of September 30, 2009 according to IMF

Summary of IMF members’ quota, reserve position, SDR holdings, outstanding credit, recent lending arrangements, projected payments due to the IMF, and monthly historical transactions with the Fund.
I. Membership Status: Joined: December 27, 1945;Article XIV
II. General Resources Account:SDR Million%Quota
Quota133.70100.00
Fund holdings of currency126.2294.41
Reserve Tranche Position7.515.62
Lending to the Fund
Notes Issuance
Holdings Exchange Rate
III. SDR Department:SDR Million%Allocation
Net cumulative allocation127.93100.00
Holdings17.6913.83
IV. Outstanding Purchases and Loans:SDR Million%Quota
ESF Arrangements73.5455.00
ESF RAC Loan33.4325.00
V. Latest Financial Arrangements:
Date ofExpirationAmount ApprovedAmount Drawn
TypeArrangementDate(SDR Million)(SDR Million)
ESF Aug 26, 2009 Oct 25, 2010153.76 73.54
PRGF Mar 22, 2001 Oct 31, 2004100.28 100.28
PRGF Oct 11, 1996 Oct 22, 199988.47 29.49
VI. Projected Payments to Fund  1/
(SDR Million; based on existing use of resources and present holdings of SDRs):
Forthcoming
2009 2010 2011 2012 2013
Principal
Charges/Interest0.230.820.820.820.82
Total0.230.820.820.820.82
1/ When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
VII. Implementation of HIPC Initiative:
Enhanced
I.   Commitment of HIPC assistance Framework
Decision point dateNov 2001
Assistance committed
by all creditors (US$ Million) 1/1,982.20
Of which: IMF assistance (US$ million)60.85
(SDR equivalent in millions) 45.12
Completion point date Apr 2004
II.  Disbursement of IMF assistance (SDR Million)
Assistance disbursed to the member45.12
Interim assistance10.28
Completion point balance34.84
Additional disbursement of interest income 2/1.54
Total disbursements46.66
1/ Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.
2/ Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):
I.       MDRI-eligible debt (SDR Million)1/112.07
Financed by: MDRI Trust79.66
Remaining HIPC resources32.41
II.       Debt Relief by Facility (SDR Million)
Eligible Debt
Delivery Date GRA PRGF Total
January 2006N/A112.07112.07
1/ The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
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Decision point – point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance – amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point – point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
Prepared by Finance Department

The end of the Bretton Woods System (1972–81)

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By the early 1960s, the U.S. dollar’s fixed value against gold, under the Bretton Woods system of fixed exchange rates, was seen as overvalued. A sizable increase in domestic spending on President Lyndon Johnson’s Great Society programs and a rise in military spending caused by the Vietnam War gradually worsened the overvaluation of the dollar. End of Bretton Woods system The system dissolved between 1968 and 1973. In August 1971, U.S. President Richard Nixon announced the “temporary” suspension of the dollar’s convertibility into gold. While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods, this crisis marked the breakdown of the system. An attempt to revive the fixed exchange rates failed, and by March 1973 the major currencies began to float against each other. Since the collapse of the Bretton Woods system, IMF members have been free to choose any form of exchange arrangement they wish (except pegging their currency to gold): allowing the currency to float freely, pegging it to another currency or a basket of currencies, adopting the currency of another country, participating in a currency bloc, or forming part of a monetary union.
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© 2009 – 2010, Prof. Muse Tegegne. All rights reserved.

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