## Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund

_IMF News, February 17, 2011_

## Source details

**Canonical URL:** [Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund](https://www.imf.org/en/news/articles/2015/09/28/04/54/tr021711)

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## Bibliographic details
- Published: February 17, 2011

---

### Event details and contact information
- Date: February 17, 2011
- Location: Washington, DC
- Embargo: briefing is under embargo until 10:30 Washington time. That's 15:30 GMT.
- IMF EXTERNAL RELATIONS DEPARTMENT — Public Affairs — Media Relations
  - E-mail: publicaffairs@imf.org
  - E-mail: media@imf.org
  - Fax: 202-623-6220
  - Phone: 202-623-7100
- Webcast: Webcast of the press conference

### Housekeeping and Managing Director travel schedule
- Managing Director Dominique Strauss-Kahn:
  - Will take part in a conference in Paris (today and tomorrow from the briefing date).
  - Will attend the G-20 Meeting of Finance Ministers and Central Bank Governors on Saturday following the briefing.
  - Will visit Latin America with public events and press availability:
    - Panama on February 28
    - Uruguay on March 2
    - Brazil on March 3
- Press availability: anticipated following G-20 participation and for Latin America visit; details to be provided by media relations.

### Greece — communication, privatization, and program status
- Communication:
  - IMF position: "Communication is important and it should be effective. We are not prescriptive as to the manner in which it takes place."
- Privatization and public assets:
  - Greek government has "designed a program to maximize returns from Greece’s large portfolio of public enterprise and public property."
  - IMF and European partners: providing support through offering technical advice to the government on how to design such a plan.
  - IMF stance: supportive and ready to offer advice; respect for prerogatives and initiatives of the Greek authorities in decision-making.
- Program assessment:
  - IMF current view: the program is assessed "to be broadly on track."

### Argentina — technical assistance mission timing
- IMF staff expectations:
  - Staff expects to make further visits to Argentina in the context of its technical assistance work.
  - Goal: present final conclusions on the issue and recommendations to the authorities sometime in April.
  - No date has been set for the second mission; therefore IMF does not characterize the situation as a delay.

### United States — budget and fiscal consolidation
- IMF comment on U.S. budget:
  - Authorities are "continuing to work towards stabilizing the fiscal situation."
  - Fiscal adjustment will require "spending cuts as well as revenue increases."
  - Given the "size of the fiscal task ahead," it "would be helpful if the budget targeted some additional fiscal consolidation in [2011]."
- No further detailed comment provided at the briefing on the 2012 budget or specifics on entitlement reform.

### Ukraine and Cote d’Ivoire developments
- Ukraine:
  - IMF: referred to statement made on February 15; "I haven't got anything to add to that statement. There have been no further developments."
  - Timing and resolution: IMF had no comment on whether matters would be resolved before a forthcoming bond repayment; mission schedule to be clarified later.
- Cote d’Ivoire:
  - IMF: "I don’t have anything specific on Cote d’Ivoire. Naturally, we follow events closely."
  - Noted reports of runs on banks and closure of international banks’ facilities in Abidjan; regional stock exchange in Abidjan was also closed.

### Middle East and North Africa outreach
- IMF readiness:
  - IMF "look[s] forward to be in contact with the authorities as they define their programs going forward."
  - IMF "stands ready to support them in ways that they would see fit."

### G-20, SDR reform, capital flows, and European Financial Stability Facility (EFSF)
- G-20 and SDR/Yuan:
  - IMF did not anticipate the G-20 outcome at the briefing; Managing Director will speak to the press after the G-20 meeting.
- Capital flows:
  - IMF deferred comment pending G-20 outcomes: "I’m going to leave G-20 until the weekend."
- EFSF and European bailout fund:
  - IMF: "We have said nothing fresh in the last couple of days."
  - IMF welcomes "efforts towards a comprehensive plan" regarding EFSF resources; no fresh comment provided at the briefing.

*Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund, February 17, 2011.*

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## References

- [Greece and the IMF](http://www.imf.org/external/country/GRC/index.htm)
- [Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)
- [Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)
- [Transcripts](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Webcast](https://www.imf.org/external/mmedia/view.aspx?vid=775461530001)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/28/04/54/tr021711_