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)
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.
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.
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 date
Nov 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 member
45.12
Interim assistance
10.28
Completion point balance
34.84
Additional disbursement of interest income 2/
1.54
Total disbursements
46.66
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 Trust
79.66
Remaining HIPC resources
32.41
II. Debt Relief by Facility (SDR Million)
Eligible Debt
Delivery Date
GRA
PRGF
Total
January 2006
N/A
112.07
112.07
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.
Prof. Muse Tegegne has lectured sociology Change & Liberation in Europe, Africa, Asia, and Americas. He has obtained Doctorat es Science from the University of Geneva. A PhD in Developmental Studies & ND in Natural Therapies. He wrote on the problematic of the Horn of Africa extensively. And Lecture at Mobile University..
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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 Hampshire, United 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