## Transcript of a Press Briefing by Thomas C. Dawson, Director, External Relations Department, IMF

_IMF News, April 12, 2002_

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## Bibliographic details
- Published: April 12, 2002

---

### Spring Meetings schedule and logistics
- Briefing intended to assist preparation for the April 20-21 meetings of the IMFC (International Monetary and Financial Committee) and the Development Committee.
- Key dates and events:
  - April 12, 2002: date of this briefing.
  - April 17: luncheon address by the Managing Director at approximately 1:00 p.m. at the National Press Club; he will take questions after the address.
  - April 18: World Economic Outlook will be released; Ken Rogoff will brief the press on the Outlook on Thursday morning. An embargoed access note has been circulated.
  - April 20: IMFC meeting starts at the lunch hour on Saturday; anticipated conclusion in the early evening with a press conference by Managing Director Kohler and Gordon Brown.
  - April 21: Development Committee meets on Sunday; a joint dinner of the IMFC and the Development Committee is anticipated.
- Logistics and media contact:
  - Media Relations briefed television networks; print media logistical questions should be directed to the Media Relations Division.
  - The tentative schedule of events is posted on the IMF website and should be consulted regularly.
- Embargo procedures:
  - Briefing embargoed until about 15 minutes after conclusion; embargo to be lifted at 10 minutes after 3:00.

### IMFC agenda and institutional priorities
- Broad IMFC discussion items:
  - World Economic Outlook.
  - Crisis prevention issues and crisis resolution mechanisms.
  - Ongoing efforts to address poverty in the world's poorest countries.
  - Anti-money laundering and combating the financing of terrorism.
- Institutional character:
  - The meetings are described as the semi-annual opportunity for membership to give a "report card" and guidance to the Fund; not expected to produce radical reform but to guide evolution of the institution.
- Membership and consultation:
  - Weekend meetings are part of ongoing efforts by the Fund and the Bank to consult with the Fund's 183 member countries on issues of interest and evolving operational matters.

### Sovereign debt restructuring and the SDRM
- SDRM (Sovereign Debt Restructuring Mechanism) status:
  - Crisis resolution is on the IMFC agenda; the SDRM is one of the elements of crisis resolution and is "certain to be a discussion item."
  - No expectation that decisions on the SDRM will be made at these meetings; expectation is to get guidance on how to proceed with sovereign debt restructuring issues.
- Rationale:
  - First Deputy Managing Director Ms. Krueger has presented that there is a "hole in the system" for sovereign debt restructuring and that additional work/mechanism is needed.
- Process expectations:
  - The IMFC will likely provide guidance to the Fund on further steps regarding crisis resolution and sovereign debt restructuring.

### Argentina: missions, negotiations, and possible next steps
- Current posture:
  - A mission was in Argentina and was anticipated to return shortly before the Spring Meetings to allow discussion during the meetings.
  - The mission is characterized as a negotiating mission.
- Potential next steps:
  - If things go well at the Spring Meetings, a follow-on negotiating mission could go down "shortly after the Spring Meetings" to start working on an actual draft letter of intent.
  - No commitment that such a mission will produce a signed agreement; sequence described: mission → consultations during Spring Meetings →, if favorable, another negotiating mission to draft a letter of intent.
- Public communications:
  - No plan announced for a Managing Director statement on Argentina during the meetings, though it is expected that journalists will ask questions and that Argentina will be discussed by Ministers.
  - Reference to a statement by Anoop Singh issued on Wednesday night and expectation of a concluding mission statement from Mr. Singh before he leaves Argentina (anticipated "sometime around the middle of next week").
- External commentary:
  - Mike Mussa's report criticizing the IMF's handling of Argentina—particularly the August 2001 tranche—was read by IMF staff; the IMF views it as part of a range of responsible opinion and notes he was consulted in academic sessions on Argentina.

### Country program reviews: Turkey, Indonesia, Venezuela
- Turkey:
  - The Board will meet on Monday for the review of the Turkish program.
  - Assessment in briefing: "performance objectives criteria appears to have gone really rather well" with evidence of declines in interest rates and relative strength of the Turkish currency.
  - Growth figures for 2001 were disappointing: referenced "last year's negative growth rate" of "minus 9.4" and noted that targets will be discussed at the next review; some end-2001 data remain preliminary.
  - A release on the Board review expected "late Monday or early Tuesday."
- Indonesia:
  - Questions raised on whether an additional tranche or new loan negotiations were underway; no specific update available at the briefing ("We'll get back to you. I'm not sure I have any more on that.").
  - Paris Club action referenced as a "lagging indicator" relative to Fund actions.
- Venezuela:
  - IMF concerned about human developments and loss of life.
  - No Fund-supported program; recent relations mainly involve surveillance.
  - Fund missions visited Caracas in December of the previous year; a small team was conducting annual reviews at the time of the briefing.
  - IMF stands ready to assist the new administration as appropriate.

### Protests and security around the Spring Meetings
- Protest risk:
  - Given events at recent meetings, IMF is prudently aware of the possibility of protests and taking precautions.
  - Current assessment: while demonstrations are planned in the Washington area around the meetings, there is no sense of the level of interest specifically regarding the Fund and Bank; expectations are for a lower level of activity compared to "the events of two years ago" and probably not even like "last year."
  - Many demonstrations reportedly focus on issues other than the Fund/Bank (for example, anti-war issues).
- Security posture:
  - IMF will not disclose detailed security measures.
  - Expectation of heightened security compared to three years ago, but not of the same nature as two years ago or possibly last year.
- Meeting format:
  - Meetings have been compressed (IMFC and G-7/G-8 sessions now meeting on the same day); compression could sharpen focus and shorten interventions.

### Media access and practical notes
- Press Center:
  - The IMF Press Center is a password-protected site for working journalists.
- Contacts provided in transcript header:
  - IMF EXTERNAL RELATIONS DEPARTMENT — Public Affairs — Media Relations.
  - E-mail: publicaffairs@imf.org and media@imf.org
  - Fax: 202-623-6278
  - Phone: 202-623-7100
- Embargo and availability:
  - The briefing was embargoed until about 15 minutes after conclusion; embargo to be lifted at 10 minutes after 3:00.

*Transcript of a Press Briefing by Thomas C. Dawson, Director, External Relations Department, International Monetary Fund — April 12, 2002*

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## References

- [Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)
- [Indonesia and the IMF](http://www.imf.org/external/country/IDN/index.htm)
- [Republic of Türkiye and the IMF](http://www.imf.org/external/country/TUR/index.htm)
- [República Bolivariana de Venezuela and the IMF](http://www.imf.org/external/country/VEN/index.htm)
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- [Thomas C. Dawson](https://www.imf.org/external/np/bio/eng/td.htm)
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_Source: https://www.imf.org/en/news/articles/2015/09/28/04/54/tr020412_