Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund

IMF News, February 17, 2011

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Canonical URL: Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund

Date: February 17, 2011
Location: Washington, DC
Embargo: briefing is under embargo until 10:30 Washington time. That's 15:30 GMT.
IMF EXTERNAL RELATIONS DEPARTMENT — Public Affairs — Media Relations
- E-mail: publicaffairs@imf.org
- E-mail: media@imf.org
- Fax: 202-623-6220
- Phone: 202-623-7100
Webcast: Webcast of the press conference

Managing Director Dominique Strauss-Kahn:
- Will take part in a conference in Paris (today and tomorrow from the briefing date).
- Will attend the G-20 Meeting of Finance Ministers and Central Bank Governors on Saturday following the briefing.
- Will visit Latin America with public events and press availability:
- Panama on February 28
- Uruguay on March 2
- Brazil on March 3
Press availability: anticipated following G-20 participation and for Latin America visit; details to be provided by media relations.

Communication:
- IMF position: "Communication is important and it should be effective. We are not prescriptive as to the manner in which it takes place."
Privatization and public assets:
- Greek government has "designed a program to maximize returns from Greece’s large portfolio of public enterprise and public property."
- IMF and European partners: providing support through offering technical advice to the government on how to design such a plan.
- IMF stance: supportive and ready to offer advice; respect for prerogatives and initiatives of the Greek authorities in decision-making.
Program assessment:
- IMF current view: the program is assessed "to be broadly on track."

IMF staff expectations:
- Staff expects to make further visits to Argentina in the context of its technical assistance work.
- Goal: present final conclusions on the issue and recommendations to the authorities sometime in April.
- No date has been set for the second mission; therefore IMF does not characterize the situation as a delay.

IMF comment on U.S. budget:
- Authorities are "continuing to work towards stabilizing the fiscal situation."
- Fiscal adjustment will require "spending cuts as well as revenue increases."
- Given the "size of the fiscal task ahead," it "would be helpful if the budget targeted some additional fiscal consolidation in [2011]."
No further detailed comment provided at the briefing on the 2012 budget or specifics on entitlement reform.

Ukraine:
- IMF: referred to statement made on February 15; "I haven't got anything to add to that statement. There have been no further developments."
- Timing and resolution: IMF had no comment on whether matters would be resolved before a forthcoming bond repayment; mission schedule to be clarified later.
Cote d’Ivoire:
- IMF: "I don’t have anything specific on Cote d’Ivoire. Naturally, we follow events closely."
- Noted reports of runs on banks and closure of international banks’ facilities in Abidjan; regional stock exchange in Abidjan was also closed.

IMF readiness:
- IMF "look[s] forward to be in contact with the authorities as they define their programs going forward."
- IMF "stands ready to support them in ways that they would see fit."

G-20 and SDR/Yuan:
- IMF did not anticipate the G-20 outcome at the briefing; Managing Director will speak to the press after the G-20 meeting.
Capital flows:
- IMF deferred comment pending G-20 outcomes: "I’m going to leave G-20 until the weekend."
EFSF and European bailout fund:
- IMF: "We have said nothing fresh in the last couple of days."
- IMF welcomes "efforts towards a comprehensive plan" regarding EFSF resources; no fresh comment provided at the briefing.

Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund, February 17, 2011.