Transcript of IMF Press Briefing
IMF News, June 13, 2019
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- Authors: Arrangement.
- Published: June 13, 2019
Announcements and IMF engagements
- Date of briefing: June 13, 2019.
- Embargo: briefing embargoed until 10:30 a.m., Washington Time.
- Press officer: Andreas Adriano. Phone: +1 202 623-7100. Email: MEDIA@IMF.org.
- Recent and near-term Managing Director engagements:
- Christine Lagarde completed a press briefing in Luxemburg presenting results of the Euro Area Article IV Consultation; Staff Concluding Statement published.
- Tomorrow: Managing Director will be in Geneva for the Centenary of the International Labor Organization and will launch the paper formally titled: A Strategy for IMF Engagement on Social Spending.
- Tuesday at 8:30 a.m.: Managing Director will be in New York City for the opening of the Forbes Women's Summit and will speak with Moira Forbes; event open to the media.
- About five or six days after the Forbes Summit: Managing Director will visit Malaysia, Kuala Lumpur, to meet authorities, students, civil society, and others.
- Recent Article IV consultations referenced: China, United States, Euro Area.
Argentina — program status and outlook
- IMF focus: on economics and Argentina's program rather than political developments.
- Recent meetings: Christine Lagarde met with Finance Minister Mr. Dujovne and Central Bank Governor Mr. Sandleris on the sidelines of the G20 meeting in Japan.
- IMF assessment communicated by Managing Director:
- Continued policy efforts have led to important progress on the fiscal and current accounts.
- The IMF continues to work on the Fourth Review of the Stand-By Arrangement.
- The Fund reiterates its commitment to support Argentina's program and policy efforts and encourages steadfast implementation.
- Outlook and risks:
- Signs that the recession may be easing; a gradual recovery is expected to take hold in the coming quarters.
- Inflation remains a persistent challenge; expectation that inflation will continue to decline as authorities' strong monetary policy yields results.
- No specific date provided for the Board meeting on the Fourth Review.
Greece — prepayment and Article IV timing
- Prepayment of IMF obligations: IMF has no update beyond previous statements; understanding is that Greece needs agreement of European partners before prepayment can advance.
- Article IV timing: IMF will await the July 7 elections in Greece before scheduling the next Article IV mission; no specific date provided.
Egypt — fifth economic review
- The IMF expects the Executive Board to meet on Egypt's fifth economic review "in the next couple of months." This is the final review under the supporting program.
Pakistan — program discussions and social spending
- Status: Pakistan requested a program; last month the IMF reached a staff level agreement on that program and discussions are now under way.
- Policy focus highlighted by IMF discussions:
- Restore stronger, more balanced growth by reducing domestic and external imbalances.
- Improve the business environment and strengthen institutions.
- Increase transparency.
- Protect social spending — protecting social spending is explicitly an important part of the discussion.
Kenya — negotiations on a Fund-supported program
- Status: Negotiations are ongoing on a Fund-supported program; no timetable provided.
Liberia — request and mission
- Status: Liberian government requested a financial program from the IMF in April; an IMF team is on the ground in Monrovia.
- Monitoring: IMF has a resident representative in Monrovia and is monitoring protests and public unrest as negotiations proceed.
Haiti — reassessment required before program proposal
- Context: Protests and violence have occurred; IMF expressed condolences for loss of life in demonstrations.
- Status of program discussions:
- A staff level agreement was reached in March, but given changes in Haiti's economic situation since then, a reassessment of the economic framework and measures needed to stabilize and support the economy is required before proposing a program to the Executive Board.
- IMF looks forward to engaging with Haiti's new government to protect vulnerable groups, improve governance, and secure macroeconomic stability.
Ukraine — potential new program contingent on elections
- Reports referenced about a possible new three or four year program.
- Status: IMF had a staff visit and initial discussions; further steps await completion of Ukraine's elections before moving forward.
Press logistics and access
- The IMF Press Center is a password-protected site for working journalists.
- Email notification sign-up available for updates when new series and/or country items are posted on the IMF website.
Transcript of IMF Press Briefing — June 13, 2019. IMF Communications Department.