{ "title": "Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations Department, International Monetary Fund", "publication": "IMF News, March 3, 2011", "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr030311", "canonical": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr030311", "overlayPath": "/en/news/articles/2015/09/28/04/54/tr030311/index.md", "summary": "Press briefing date and location: March 3, 2011, Washington, DC; briefing embargoed until 10:30 a.m. Washington time, 1530 GMT.", "publishDate": "2011-03-03", "sections": [ { "heading": "Announcements, schedule, and events", "content": "- Press briefing date and location: March 3, 2011, Washington, DC; briefing embargoed until 10:30 a.m. Washington time, 1530 GMT.\n- Managing Director visit: On a visit in Latin America; will give a press conference in Brazil at 2:00 p.m. local time (later the same day).\n- IMF conference: March 7 and 8 — conference on “Macro and Growth Policies in the Wake of the Crisis”; opening remarks by Managing Director Dominique Strauss-Kahn on Monday, March 7, at 8:45 a.m.; luncheon address by First Deputy Managing Director John Lipsky. Conference will be webcast live on IMF.org.\n- Other travel and events:\n - Managing Director visiting Japan on March 11 to meet senior Japanese officials and discuss G-20 issues.\n - IMF and government of Indonesia jointly holding a one-day high-level conference on capital flows in Bali, Indonesia, on March 11.\n- Publications and meetings:\n - New issue of Finance and Development magazine released today (focus: Latin America’s transformation; interview with former Managing Director Michel Camdessus).\n - Press registration opens today for spring meetings (World Bank and IMF) on April 15 and 16; accreditation available on IMF.org beginning today.\n - World Economic Outlook release: Tuesday, April 12 (morning); Fiscal Monitor released later that day; Global Financial Stability Report released the following day.\n- Greece program timeline: IMF Board meeting scheduled for March 14; documents will be released after the Board meeting (typically may take a day or two)." }, { "heading": "Food prices, inflation, and monetary policy guidance", "content": "- Concern over rising food prices:\n - IMF is “extremely concerned about rising food prices, in particular because of their impact on the poorest and most vulnerable” including low-income countries.\n - Note: some poorest countries with subsistence farming have had good crops in Africa, which may help somewhat.\n- Policy guidance on food-price effects:\n - Protect vulnerable populations via well-targeted support rather than broad product subsidies.\n - Monetary policy response should depend on the importance of food in the consumer price basket and the country’s monetary policy regime.\n - Typical central bank approach: accommodate a first-round impact of food prices while focusing on preventing a longer-term, permanent increase in inflation.\n- Recent central bank actions:\n - Several countries experiencing rapid growth and potential overheating have begun tightening monetary policy; Brazil cited as an example.\n- Advanced-economy inflation assessment:\n - For the U.S.: “inflation is not a worry for the U.S. economy” at present; Federal Reserve actions were appropriate to limit deflation/disinflation risks.\n - On QE2 and inflation risk: priority is achieving sustainable growth; the Fed must balance risks and maintain low inflation as a key objective.\n- Oil price considerations:\n - Uncertainty over whether commodity price increases are demand-driven (longer-term) or supply-driven (short-term); markets expect increases to be relatively short-lived but volatility could change that.\n - A protracted supply-driven oil-price increase would affect both inflation and growth and would need balancing in policy responses." }, { "heading": "Greece: program stance and debt questions", "content": "- IMF position:\n - The Greek authorities have stated that debt restructuring/default is not an option.\n - IMF emphasizes two pillars of the program: structural reforms to promote growth, jobs, and competitiveness; and policies to address public-finance problems.\n - IMF expects the program to be successful but acknowledges it is difficult and may follow different paths to success.\n- Communication:\n - Relations with the Greek government are “very close and strong,” with respect for their policy choices." }, { "heading": "Ireland: program reviews and timing", "content": "- Expectation that first and second reviews may be combined given slippage.\n- A full review mission is anticipated “early next month” (relative to March 3, 2011)." }, { "heading": "Ukraine and banking recapitalization", "content": "- Recapitalization update:\n - Some banks have not yet had capital brought to satisfactory levels; authorities expect completion of recapitalization “in coming months.”\n - IMF mission undertook talks; discussions are continuing and IMF remains in dialogue." }, { "heading": "Pakistan and mission confidentiality", "content": "- Ongoing dialogue between Pakistani officials and IMF team in Islamabad; IMF does not comment on ongoing field discussions." }, { "heading": "New Zealand: earthquake impact and forecasts", "content": "- Article IV Consultation Mission scheduled at end of next week.\n- January forecast for New Zealand growth this year: 3 percent.\n- Mission expects the earthquake(s) in Christchurch will reduce the growth forecast somewhat but will analyze disruption versus subsequent rebuilding effects in the field." }, { "heading": "Cote d’Ivoire and regional spillovers (WAEMU)", "content": "- Cote d’Ivoire is large enough to have regional implications via:\n - Financial linkages (regional bond market).\n - Migration/immigration (e.g., refugees to Liberia).\n - Trade links.\n- IMF will discuss regional spillovers in the context of a Board discussion on West African Economic and Monetary Union (WAEMU) states; no numeric estimates provided yet.\n- IMF stands ready to assist countries with balance-of-payments needs; support for low-income and African countries was ramped up after the global financial crisis." }, { "heading": "Egypt: uncertainty and financial indicators", "content": "- IMF remains in close contact with Egyptian authorities.\n- Significant uncertainty about short-term economic effects; potential long-term opportunity to pursue inclusive growth and job-creating policies.\n- Financial indicators: some banking-system issues noted but basic commerce appears to be continuing; no evidence provided of a major financial crash or of major capital-movement restrictions." }, { "heading": "Libya and the Middle East: broader policy implications", "content": "- IMF not involved in asset-freezing operations (does not hold bank accounts for people).\n- Events in the Middle East highlight importance of inclusive growth, equity, and job creation for economic and political stability." }, { "heading": "Nigeria and exchange-rate/monetary policy advice", "content": "- IMF is not advocating a specific exchange-rate level or devaluation of the naira.\n- IMF has encouraged monetary policy to focus more directly on inflation and suggested some scope for exchange-rate flexibility." }, { "heading": "Argentina: technical assistance and consultations", "content": "- Technical-assistance discussions with INDEC (Argentina’s statistics agency) are ongoing; no dates given for a planned technical mission to Buenos Aires.\n- IMF noted there has been one trip and likely more will be needed; no speculations offered on sequencing relative to IMF reporting on national inflation index." }, { "heading": "United States fiscal outlook and debt-to-GDP", "content": "- On U.S. fiscal policy: IMF emphasizes the importance of a credible medium-term strategy to address long-term fiscal pressures from entitlements and other medium-term factors.\n- Administration statement referenced: goal to stabilize the debt-to-GDP ratio in 2013; IMF underscores stabilizing and then reducing debt-to-GDP as important objectives." }, { "heading": "European Union and sovereign debt concerns", "content": "- IMF expresses confidence that EU and Eurozone members have shown the ability to come together to resolve problems and are likely to do so again; awaits the substance of agreed policies.\n- No confirmation of recent requests for financial aid from Portugal to IMF in the past few days.\n\nTranscript of a Press Briefing by Caroline Atkinson, Director, External Relations Department, International Monetary Fund — March 3, 2011\n\n---\n\n\n References\n\n- Arab Republic of Egypt and the IMF\n- Greece and the IMF\n- Indonesia and the IMF\n- Ireland and the IMF\n- Nigeria and the IMF\n- New Zealand and the IMF\n- Pakistan and the IMF\n- Transcripts\n- Caroline Atkinson\n- PRESS CENTER\n- Webcast\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/54/tr030311" } ], "bullets": [ "[Markdown version](/en/news/articles/2015/09/28/04/54/tr030311/index.md)", "[Structured JSON version](/en/news/articles/2015/09/28/04/54/tr030311/index.json)", "[Bundle manifest](/en/news/articles/2015/09/28/04/54/tr030311/bundle-manifest.json)", "Published: March 3, 2011", "Press briefing date and location: March 3, 2011, Washington, DC; briefing embargoed until 10:30 a.m. Washington time, 1530 GMT.", "Managing Director visit: On a visit in Latin America; will give a press conference in Brazil at 2:00 p.m. local time (later the same day).", "IMF conference: March 7 and 8 — conference on “Macro and Growth Policies in the Wake of the Crisis”; opening remarks by Managing Director Dominique Strauss-Kahn on Monday, March 7, at 8:45 a.m.; luncheon address by First Deputy Managing Director John Lipsky. Conference will be webcast live on IMF.org.", "Other travel and events:", "Publications and meetings:", "Greece program timeline: IMF Board meeting scheduled for March 14; documents will be released after the Board meeting (typically may take a day or two).", "Concern over rising food prices:", "Policy guidance on food-price effects:", "Recent central bank actions:", "Advanced-economy inflation assessment:", "Oil price considerations:", "IMF position:", "Communication:", "Expectation that first and second reviews may be combined given slippage.", "A full review mission is anticipated “early next month” (relative to March 3, 2011).", "Recapitalization update:", "Ongoing dialogue between Pakistani officials and IMF team in Islamabad; IMF does not comment on ongoing field discussions.", "Article IV Consultation Mission scheduled at end of next week.", "January forecast for New Zealand growth this year: 3 percent.", "Mission expects the earthquake(s) in Christchurch will reduce the growth forecast somewhat but will analyze disruption versus subsequent rebuilding effects in the field.", "Cote d’Ivoire is large enough to have regional implications via:", "IMF will discuss regional spillovers in the context of a Board discussion on West African Economic and Monetary Union (WAEMU) states; no numeric estimates provided yet.", "IMF stands ready to assist countries with balance-of-payments needs; support for low-income and African countries was ramped up after the global financial crisis.", "IMF remains in close contact with Egyptian authorities.", "Significant uncertainty about short-term economic effects; potential long-term opportunity to pursue inclusive growth and job-creating policies.", "Financial indicators: some banking-system issues noted but basic commerce appears to be continuing; no evidence provided of a major financial crash or of major capital-movement restrictions.", "IMF not involved in asset-freezing operations (does not hold bank accounts for people).", "Events in the Middle East highlight importance of inclusive growth, equity, and job creation for economic and political stability.", "IMF is not advocating a specific exchange-rate level or devaluation of the naira.", "IMF has encouraged monetary policy to focus more directly on inflation and suggested some scope for exchange-rate flexibility.", "Technical-assistance discussions with INDEC (Argentina’s statistics agency) are ongoing; no dates given for a planned technical mission to Buenos Aires.", "IMF noted there has been one trip and likely more will be needed; no speculations offered on sequencing relative to IMF reporting on national inflation index.", "On U.S. fiscal policy: IMF emphasizes the importance of a credible medium-term strategy to address long-term fiscal pressures from entitlements and other medium-term factors.", "Administration statement referenced: goal to stabilize the debt-to-GDP ratio in 2013; IMF underscores stabilizing and then reducing debt-to-GDP as important objectives.", "IMF expresses confidence that EU and Eurozone members have shown the ability to come together to resolve problems and are likely to do so again; awaits the substance of agreed policies.", "No confirmation of recent requests for financial aid from Portugal to IMF in the past few days.", "[Arab Republic of Egypt and the IMF](http://www.imf.org/external/country/EGY/index.htm)", "[Greece and the IMF](http://www.imf.org/external/country/GRC/index.htm)", "[Indonesia and the IMF](http://www.imf.org/external/country/IDN/index.htm)", "[Ireland and the IMF](http://www.imf.org/external/country/IRL/index.htm)", "[Nigeria and the IMF](http://www.imf.org/external/country/NGA/index.htm)", "[New Zealand and the IMF](http://www.imf.org/external/country/NZL/index.htm)", "[Pakistan and the IMF](http://www.imf.org/external/country/PAK/index.htm)", "[Transcripts](https://www.imf.org/en/news/searchnews)", "[Caroline Atkinson](https://www.imf.org/external/np/bio/eng/ca.htm)", "[PRESS CENTER](http://presscenter.imf.org/)", "[Webcast](https://www.imf.org/external/mmedia/view.aspx?vid=812508352001)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2015/09/28/04/54/tr030311/index.md", "json": "/en/news/articles/2015/09/28/04/54/tr030311/index.json", "bundleManifest": "/en/news/articles/2015/09/28/04/54/tr030311/bundle-manifest.json" }, "generatedAtUtc": "2026-09-27T11:41:40.970Z" }