{ "title": "Transcript of a Press Conference by IMF Managing Director Christine Lagarde at the end of a G-20 Meeting of Finance Ministers and Central Bank Governor Meeting", "publication": "IMF News, February 23, 2014", "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr022314", "canonical": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr022314", "overlayPath": "/en/news/articles/2015/09/28/04/54/tr022314/index.md", "summary": "Date and place: Sydney, February 23, 2014.", "publishDate": "2014-02-23", "sections": [ { "heading": "Context and setting", "content": "- Date and place: Sydney, February 23, 2014.\n- Occasion: Press conference at the end of a G-20 meeting of Finance Ministers and Central Bank Governors hosted by the Australian Presidency.\n- Acknowledgements: Prime Minister Abbott, Treasurer Joe Hockey, and Governor of the Central Bank Glenn Stevens singled out for hospitality and hosting." }, { "heading": "Global growth outlook and IMF forecasts", "content": "- IMF growth forecasts cited:\n - 2014: 3.7\n - 2015: 4 percent\n- IMF assessment: \"a global economy that is picking up.\"" }, { "heading": "G-20 focus and consensus on growth", "content": "- The Australian Presidency placed growth as the rallying factor for both advanced economies and emerging market economies.\n- Meeting dynamics:\n - Initial expectations of adversarial discussions between advanced economies and emerging markets — particularly over tapering by the U.S. Federal Reserve — did not materialize.\n - Participants displayed \"solid, consistent exchange of views\" and \"respect for each other's necessary policies.\"\n - Growth served as a unifying objective." }, { "heading": "IMF analysis and reform agenda to boost growth", "content": "- IMF delivered an analysis at the request of the Australian Presidency on reforms required to achieve \"more and better growth.\"\n- Reform channels identified: fiscal reforms, structural reforms, and monetary policy mindful of domestic effects and spillovers.\n- Projected impact of reforms:\n - A 0.5 increase of GDP over a period of five years which totaled 2 percent additional GDP over that period of five years.\n - Equivalent stated outcome: \"this 2 percent GDP increase with this 2 trillion additional that could be delivered.\"\n- Implementation notes:\n - Endorsement of the IMF paper and modelization was reported.\n - G-20 members are to identify specific actions and deliver country-specific reforms.\n - The IMF believes the 2 percent objective \"can be achieved and possibly exceeded\" if identified reforms are adhered to and delivered." }, { "heading": "Country ownership and specificity", "content": "- Reform implementation must be country specific.\n- Examples referenced: China, Japan, Mexico cited as indicating parts of their plans that respond to the four broad reform categories (including labor market reform, fiscal reform, etc.)." }, { "heading": "Ukraine: IMF readiness and conditions for engagement", "content": "- Status: Ukraine is a member of the IMF.\n- IMF stance:\n - \"If the Ukrainian authorities were to ask for IMF support... we stand ready to do that.\"\n - Support types: policy advice, financial support, diagnostic assessment, and catalytic role in partnership with other international actors.\n- Preconditions and process for IMF engagement:\n - Need for counterparties and dialogue: \"we need to have somebody to talk to.\"\n - Economic program must be owned by the authorities and the people.\n - IMF must operate \"under the rules\" and require initial economic reforms to be started for international financial support to follow.\n- Operational capability concerns:\n - The IMF can provide help when requested but needs reliable, long-term resources and a representative institution to face future risks and crises.\n - Reference to quota reform: the 2010 reform needs to be delivered upon by the membership to ensure the IMF remains representative and resourced." }, { "heading": "Institutional effectiveness and resources", "content": "- Concern raised about stalemate in IMF reforms (quota changes and funds available).\n- Managing Director's response:\n - Commitment to continue striving for effectiveness regardless of obstacles.\n - Emphasis on the need for reliable, long-term resources and delivery of the 2010 reform to maintain IMF representativeness and capacity." }, { "heading": "Meeting tone and facilitation", "content": "- Credit given to the Australian authorities, including Joe Hockey, for facilitating constructive dialogue.\n- Observed attitude: open-mindedness among participants to consider domestic requirements, spillover consequences, and the reality of volatility associated with monetary policy changes.\n- Final assessment: the debate \"certainly was not the difficult debate that was portrayed in advance of the meeting.\"\n\nTranscript of a Press Conference by IMF Managing Director Christine Lagarde, February 23, 2014.\n\n---\n\n\n References\n\n- Ukraine and the IMF\n- Transcripts\n- Press Release: IMF Managing Director Christine Lagarde Applauds G20 Growth Agenda\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/54/tr022314" } ], "bullets": [ "[Markdown version](/en/news/articles/2015/09/28/04/54/tr022314/index.md)", "[Structured JSON version](/en/news/articles/2015/09/28/04/54/tr022314/index.json)", "[Bundle manifest](/en/news/articles/2015/09/28/04/54/tr022314/bundle-manifest.json)", "Published: February 23, 2014", "Date and place: Sydney, February 23, 2014.", "Occasion: Press conference at the end of a G-20 meeting of Finance Ministers and Central Bank Governors hosted by the Australian Presidency.", "Acknowledgements: Prime Minister Abbott, Treasurer Joe Hockey, and Governor of the Central Bank Glenn Stevens singled out for hospitality and hosting.", "IMF growth forecasts cited:", "IMF assessment: \"a global economy that is picking up.\"", "The Australian Presidency placed growth as the rallying factor for both advanced economies and emerging market economies.", "Meeting dynamics:", "IMF delivered an analysis at the request of the Australian Presidency on reforms required to achieve \"more and better growth.\"", "Reform channels identified: fiscal reforms, structural reforms, and monetary policy mindful of domestic effects and spillovers.", "Projected impact of reforms:", "Implementation notes:", "Reform implementation must be country specific.", "Examples referenced: China, Japan, Mexico cited as indicating parts of their plans that respond to the four broad reform categories (including labor market reform, fiscal reform, etc.).", "Status: Ukraine is a member of the IMF.", "IMF stance:", "Preconditions and process for IMF engagement:", "Operational capability concerns:", "Concern raised about stalemate in IMF reforms (quota changes and funds available).", "Managing Director's response:", "Credit given to the Australian authorities, including Joe Hockey, for facilitating constructive dialogue.", "Observed attitude: open-mindedness among participants to consider domestic requirements, spillover consequences, and the reality of volatility associated with monetary policy changes.", "Final assessment: the debate \"certainly was not the difficult debate that was portrayed in advance of the meeting.\"", "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)", "[Transcripts](https://www.imf.org/en/news/searchnews)", "[Press Release: IMF Managing Director Christine Lagarde Applauds G20 Growth Agenda](http://www.imf.org/external/np/sec/pr/2014/pr1465.htm)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2015/09/28/04/54/tr022314/index.md", "json": "/en/news/articles/2015/09/28/04/54/tr022314/index.json", "bundleManifest": "/en/news/articles/2015/09/28/04/54/tr022314/bundle-manifest.json" }, "generatedAtUtc": "2026-09-27T11:39:53.169Z" }