Press Release No. 12/421

Press Release: Statement by IMF Managing Director Christine Lagarde on the Joint Recovery Action Plan for Central, Eastern, and Southeastern Europe of the EIB, World Bank Group, and EBRD

November 8, 2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

“The IMF welcomes the Joint Recovery Action Plan for 2013–14 for Central, Eastern, and Southeastern Europe launched today by of the European Investment Bank (EIB), the World Bank Group,¹ and the European Bank for Reconstruction and Development (EBRD). The plan, which builds on the successful experience of a similar initiative implemented in 2009, will help countries in Eastern Europe address the economic challenges they face and restart durable growth.

“The Joint Recovery Action Plan will assist the financial and corporate sectors, as well as finance infrastructure projects, while IMF surveillance and lending will continue to support countries at the macroeconomic level. Both aspects are important building blocks in the broader multilateral and bilateral efforts to support the region.

“The International Financial Institutions will continue to cooperate closely in their activities in the region.”

¹ The International Bank for Reconstruction and Development, the International Finance Corp, and the Multilateral Investment Guarantee Agency.