Transcript of a Press Briefing with William Murray, Deputy Spokesman, IMF Communications Department
IMF News, July 28, 2016
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Bibliographic details
- Published: July 28, 2016
Press contact
- PRESS OFFICER: Lucie Mboto Fouda
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
Overview and logistics
- Briefing held under embargo until 10:30 a.m. Washington Time, 14:30 GMT.
- This was one of the regular Biweekly Press Briefings.
- The IMF Executive Board goes into recess for two weeks each August; this was the last press briefing before that recess.
- No press briefings will be held until early September during the Board recess.
- Independent Evaluation Office report on the IMF and the crises in Greece, Ireland, Portugal to be released today at 11:00 a.m. Washington Time; 15:00 GMT. The report and supporting documents are posted in the online Media Briefing Center and are under embargo until 11:00 a.m., 15:00 GMT.
Gender budgeting study — scope, aims, and data tools
- Study surveys and assesses gender budgeting efforts in some 80 countries.
- Gender budgeting defined: “an approach to budgeting that uses fiscal policy and administration to promote gender equality and women's advancement.”
- Key focus areas by country development level:
- Low-income countries: education, health care, and vital infrastructure; efforts to equalize growth, school enrolment, provide better maternal care, install time-saving infrastructure to reduce unpaid labor, and address violence against women.
- Revenue-side: adjustments to the structure of the income tax considered to improve women's labor supply and labor market participation.
- Data mapper and datasets:
- Qualitative analysis converted into tabular data for combination with other analytical datasets to explore correlations and causal relationships.
- Data derived in part from responses to an IMF questionnaire sent to ministries of finance; about one-third of IMF members responded.
- 23 countries with prominent gender budgeting initiatives are highlighted in dark-blue on the study’s map.
- Created a unique variation on the UNDP indices, extending those indices backwards in a time-consistent manner for more than 20 years; indices incorporate education, health, and women's economic and political empowerment.
- Links to working papers and datasets provided at the bottom of the data mapper.
- Findings on successful gender budgeting initiatives:
- Most successful efforts had leadership from the Ministry of Finance.
- Goals were often based on national development strategies tied to the Millennium Development Goals.
- Establishing a legal basis for gender budgeting and securing support from parliaments and NGOs were important.
- Related event:
- IMF is hosting a conference on November 7th on gender equality and fiscal policies; the Managing Director and the U.N. Women's Executive Director, among others, will participate.
Country highlights and examples from the study
- Rwanda:
- Integrated gender-related goals throughout the budget and into its public financial management system.
- Put in place an effective monitoring system and mechanisms for independent scholarly monitoring.
- Incorporated gender budgeting into program-based budgeting and public financial management reforms.
- Austria and Belgium:
- Notable for incorporation of gender budgeting into basic finance laws.
IMF engagement and country-specific updates conveyed in the briefing
- Egypt:
- Egyptian authorities requested IMF financial support on July 26th.
- IMF goals: help Egypt return economic stability and support strong, sustainable job-rich growth.
- IMF mission led by Chris Jarvis, Mission Chief for Egypt, to visit Cairo starting July 30th; visit expected to last about two weeks.
- The scale of IMF financing will depend on the mission team's assessment of financing needs and the strength of the authorities' reform program; no specific financing numbers provided at time of briefing.
- Egypt's current quota in the IMF is about 2.08 billion SDRs. IMF lending is based on quota levels.
- Press references to cited amounts: about $12 billion over three years (as reported by the Finance Minister) and at least $2 billion (as reported by the Finance Ministry); IMF did not confirm specific amounts.
- Multiple-years financing can be multiples of quota, but no specific program size was announced.
- Japan:
- Article IV discussions and Executive Board review ongoing; Article IV staff report expected to be published next Tuesday, August 2nd.
- IMF staff recommended a comprehensive package of reforms including income policy, labor market reforms, and credible measures for fiscal consolidation over the medium term.
- In that context, a fiscal stimulus would be welcome to support growth and inflation.
- On unconventional monetary policy: such measures “have merit, but are riskier” than a comprehensive coordinated package (incomes policy, coordinated fiscal-monetary support, and structural reforms to address labor market duality).
- Caution flagged: monetized fiscal expansion entails tail risk of severe adverse market reaction through a jump in inflation premiums, could affect global markets given Japan’s large net foreign assets position, and raises the risk of fiscal dominance.
- Korea:
- Article IV consultations before the Executive Board tomorrow; Korea Article IV Staff Report to be published “at some point thereafter” (no precise date provided).
- China:
- China Article IV was concluded by the Executive Board yesterday; precise publication date for the China Article IV Staff Report not available but expected within the next few weeks.
- Ukraine:
- No Executive Board review expected before the August recess.
- Board review expected sometime after the recess — possibly August or September; no precise Board date available.
- Zimbabwe:
- No financing program under discussion at this point.
- Authorities announced a plan to clear arrears with the IMF and other international financial institutions as part of reengagement.
- Once arrears are cleared and the IMF Executive Board approves normalization of relations, a financing request could be considered.
- IMF confirmation: until arrears are paid, IMF financing is not possible. No specific payment plans or evidence of arrears clearance were detailed.
Announcements and upcoming engagements noted by IMF
- Management activity:
- Deputy Managing Director Mitsuhiro Furusawa to be in Jakarta on Monday, August 1st for a seminar jointly organized by the Bank of Indonesia and the Federal Reserve Bank of New York; the Indonesian Central Bank is handling media access.
- Recent and forthcoming publications:
- Latest Article IV Consultation with Ireland published at 10:00 a.m., 14:00 GMT (same morning as the briefing); Ireland mission team held a briefing earlier that morning.
- China Article IV concluded by the Executive Board; staff report publication date expected in the next few weeks.
- Japan Article IV staff report expected next Tuesday, August 2nd.
- Independent Evaluation Office report on IMF and the crises in Greece, Ireland, Portugal released today at 11:00 a.m. Washington Time; 15:00 GMT — report and supporting documents posted and embargoed until 11:00 a.m., 15:00 GMT.
Transcript of a Press Briefing with William Murray, Deputy Spokesman, IMF Communications Department, July 28, 2016