{
  "title": "Transcript of a Press Briefing By Thomas C. Dawson, Director, External Relations Department, IMF",
  "publication": "IMF News, October 10, 2002",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr021010",
  "canonical": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr021010",
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  "summary": "Date and setting: October 10, 2002; Washington, D.C.",
  "authors": [
    "Thomas C. Dawson"
  ],
  "publishDate": "2002-10-10",
  "sections": [
    {
      "heading": "Overview of the briefing",
      "content": "- Date and setting: October 10, 2002; Washington, D.C.\n- Speaker: Thomas C. Dawson, Director, External Relations Department, International Monetary Fund.\n- Procedural notes:\n  - The briefing was embargoed until approximately 15 minutes after conclusion; embargo lifted at 10:00 a.m.\n  - The briefing occurred about ten days after the Annual Meetings in Washington."
    },
    {
      "heading": "Managing Director's Maghreb trip",
      "content": "- Purpose:\n  - First Managing Director trip to the Maghreb region since he became Managing Director in May 2000.\n  - Opportunity to explore and discuss issues with President Taya of Mauritania, President Bouteflika of Algeria, and President Ben Ali of Tunisia.\n  - Roles to be discussed include recent developments, issues confronting these countries and the region, and the role and readiness of the Fund to assist with reform and liberalization.\n- Delegation:\n  - George Abed, new Director of the Middle East Department, will accompany the Managing Director.\n  - Mr. Hawley will be representing (role unspecified in transcript)."
    },
    {
      "heading": "East Africa AfriTAC opening (Dar es Salaam, Tanzania)",
      "content": "- Dates: 23rd and 24th (month not restated in transcript).\n- Event: Opening ceremony of the East Africa AfriTAC, one of the first two African Technical Assistance Centers established to assist the region by providing technical assistance from the Fund.\n- IMF participation:\n  - Eduardo Aninat, Deputy Managing Director, will give an address at the opening ceremony.\n  - Lucie Mboto Fouda (External Relations Media Relations office) will attend and serve as a contact for regional colleagues."
    },
    {
      "heading": "Japan — banking sector and policy stance",
      "content": "- Topic: Interaction between major workouts of bad loans in the banking sector and broader policy stance.\n- Key points:\n  - Appropriate monetary policy supportive of restructuring is an IMF position that has been restated.\n  - Reference made to Mr. Rogoff's comments as clarifying the Fund position."
    },
    {
      "heading": "Turkey — fourth review and timing relative to elections",
      "content": "- Program context: Completion of the fourth review of Turkey's program is tied to release of the next tranche of around $1.6 billion.\n- Preconditions: The Turkish Government needs to fulfill all pre-actions; one cited prior action not completed is the tax reform bill.\n- Timing and engagement:\n  - IMF is continuing talks with the outgoing government rather than waiting for the new government from the November 3rd elections.\n  - Rationale: IMF does not always have the luxury to wait for a new government and considers it productive to continue discussions; if talks cannot be concluded prior to November 3rd, they will be continued thereafter.\n  - Completion of the fourth review “is certainly a possibility” with the new government, but not certain."
    },
    {
      "heading": "Argentina — negotiations, outstanding issues, and multilateral debt default risk",
      "content": "- Status of discussions:\n  - Argentine economic team had been in Washington for two weeks; discussions ongoing and progress made but not concluded.\n  - No numbers have been discussed yet, per First Deputy Managing Director Anne Krueger.\n- Issues under discussion:\n  - Overall fiscal stance — some progress achieved.\n  - Need to develop a monetary anchor and issues related to the emparo program — not completely resolved.\n  - Legal-side problems.\n- Multilateral debt/default:\n  - Recent development noted: Argentina in default on some World Bank debt (specifically a Bank-guaranteed bond), described as unfortunate.\n  - Date cited in press questions: November 9th mentioned as a drop-dead date related to the grace period of the Bank; Mr. Dawson had “nothing to say” on that specific timing but noted it relates to the Bank’s grace period.\n  - IMF stance if Argentina misses a grace period: IMF would continue trying to work with authorities to resolve problems; further missed obligations would be “a further unfortunate development” but would not change IMF intention to assist."
    },
    {
      "heading": "Ecuador — negotiations and elections",
      "content": "- Status:\n  - Authorities are in a pause in negotiations in light of approaching elections on October 20th.\n  - IMF’s operating presumption: negotiations would go forward with a new government.\n  - IMF remains in close contact with authorities."
    },
    {
      "heading": "Italy — Article IV timing",
      "content": "- Article IV consultation: Scheduled for Board discussion on the 21st of October."
    },
    {
      "heading": "Brazil — post-election engagement",
      "content": "- Context:\n  - Presidential election advanced to a runoff (second round).\n  - IMF position: looks forward to working with any government committed to policies that have served Brazil well; both runoff candidates made supportive statements.\n  - IMF will engage with the government that wins in slightly more than two weeks (from the date of the briefing)."
    },
    {
      "heading": "Procedural and ancillary points",
      "content": "- Press protocols: Good decorum requested in identifying oneself and institution.\n- Media: Press briefing made available via Media Player.\n- Contacts: Lucie Mboto Fouda available for regional liaison regarding AfriTAC opening.\n\nTranscript of a Press Briefing By Thomas C. Dawson, Director, External Relations Department, International Monetary Fund — October 10, 2002\n\n---\n\n\n References\n\n- Argentina and the IMF\n- Republic of Türkiye and the IMF\n- Brazil and the IMF\n- Transcripts\n- Thomas C. Dawson\n- PRESS CENTER\n- View\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/54/tr021010"
    }
  ],
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    "Authors: Thomas C. Dawson",
    "Published: October 10, 2002",
    "Date and setting: October 10, 2002; Washington, D.C.",
    "Speaker: Thomas C. Dawson, Director, External Relations Department, International Monetary Fund.",
    "Procedural notes:",
    "Purpose:",
    "Delegation:",
    "Dates: 23rd and 24th (month not restated in transcript).",
    "Event: Opening ceremony of the East Africa AfriTAC, one of the first two African Technical Assistance Centers established to assist the region by providing technical assistance from the Fund.",
    "IMF participation:",
    "Topic: Interaction between major workouts of bad loans in the banking sector and broader policy stance.",
    "Key points:",
    "Program context: Completion of the fourth review of Turkey's program is tied to release of the next tranche of around $1.6 billion.",
    "Preconditions: The Turkish Government needs to fulfill all pre-actions; one cited prior action not completed is the tax reform bill.",
    "Timing and engagement:",
    "Status of discussions:",
    "Issues under discussion:",
    "Multilateral debt/default:",
    "Status:",
    "Article IV consultation: Scheduled for Board discussion on the 21st of October.",
    "Context:",
    "Press protocols: Good decorum requested in identifying oneself and institution.",
    "Media: Press briefing made available via Media Player.",
    "Contacts: Lucie Mboto Fouda available for regional liaison regarding AfriTAC opening.",
    "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)",
    "[Republic of Türkiye and the IMF](http://www.imf.org/external/country/TUR/index.htm)",
    "[Brazil and the IMF](http://www.imf.org/external/country/BRA/index.htm)",
    "[Transcripts](https://www.imf.org/en/news/searchnews)",
    "[Thomas C. Dawson](https://www.imf.org/external/np/bio/eng/td.htm)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[View](https://www.imf.org/external/mmedia/view.asp?eventID=141)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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