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

_IMF News, October 10, 2002_

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## Bibliographic details
- Authors: Thomas C. Dawson
- Published: October 10, 2002

---

### Overview of the briefing
- Date and setting: October 10, 2002; Washington, D.C.
- Speaker: Thomas C. Dawson, Director, External Relations Department, International Monetary Fund.
- Procedural notes:
  - The briefing was embargoed until approximately 15 minutes after conclusion; embargo lifted at 10:00 a.m.
  - The briefing occurred about ten days after the Annual Meetings in Washington.

### Managing Director's Maghreb trip
- Purpose:
  - First Managing Director trip to the Maghreb region since he became Managing Director in May 2000.
  - Opportunity to explore and discuss issues with President Taya of Mauritania, President Bouteflika of Algeria, and President Ben Ali of Tunisia.
  - 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.
- Delegation:
  - George Abed, new Director of the Middle East Department, will accompany the Managing Director.
  - Mr. Hawley will be representing (role unspecified in transcript).

### East Africa AfriTAC opening (Dar es Salaam, Tanzania)
- 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:
  - Eduardo Aninat, Deputy Managing Director, will give an address at the opening ceremony.
  - Lucie Mboto Fouda (External Relations Media Relations office) will attend and serve as a contact for regional colleagues.

### Japan — banking sector and policy stance
- Topic: Interaction between major workouts of bad loans in the banking sector and broader policy stance.
- Key points:
  - Appropriate monetary policy supportive of restructuring is an IMF position that has been restated.
  - Reference made to Mr. Rogoff's comments as clarifying the Fund position.

### Turkey — fourth review and timing relative to elections
- 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:
  - IMF is continuing talks with the outgoing government rather than waiting for the new government from the November 3rd elections.
  - 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.
  - Completion of the fourth review “is certainly a possibility” with the new government, but not certain.

### Argentina — negotiations, outstanding issues, and multilateral debt default risk
- Status of discussions:
  - Argentine economic team had been in Washington for two weeks; discussions ongoing and progress made but not concluded.
  - No numbers have been discussed yet, per First Deputy Managing Director Anne Krueger.
- Issues under discussion:
  - Overall fiscal stance — some progress achieved.
  - Need to develop a monetary anchor and issues related to the emparo program — not completely resolved.
  - Legal-side problems.
- Multilateral debt/default:
  - Recent development noted: Argentina in default on some World Bank debt (specifically a Bank-guaranteed bond), described as unfortunate.
  - 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.
  - 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.

### Ecuador — negotiations and elections
- Status:
  - Authorities are in a pause in negotiations in light of approaching elections on October 20th.
  - IMF’s operating presumption: negotiations would go forward with a new government.
  - IMF remains in close contact with authorities.

### Italy — Article IV timing
- Article IV consultation: Scheduled for Board discussion on the 21st of October.

### Brazil — post-election engagement
- Context:
  - Presidential election advanced to a runoff (second round).
  - IMF position: looks forward to working with any government committed to policies that have served Brazil well; both runoff candidates made supportive statements.
  - IMF will engage with the government that wins in slightly more than two weeks (from the date of the briefing).

### Procedural and ancillary points
- 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.

*Transcript of a Press Briefing By Thomas C. Dawson, Director, External Relations Department, International Monetary Fund — October 10, 2002*

---


## References

- [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)
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_Source: https://www.imf.org/en/news/articles/2015/09/28/04/54/tr021010_