{ "title": "Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund", "publication": "IMF News, May 9, 2013", "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr050913", "canonical": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr050913", "overlayPath": "/en/news/articles/2015/09/28/04/54/tr050913/index.md", "summary": "Date and location: Washington, D.C., Thursday, May 9, 2013.", "publishDate": "2013-05-09", "sections": [ { "heading": "Overview", "content": "- Date and location: Washington, D.C., Thursday, May 9, 2013.\n- Speaker: Gerry Rice, Director of the Communications Department.\n- Briefing embargo: embargoed until 10:30 a.m., Washington time.\n- Format: opening announcements followed by questions from the room and online; webcast available." }, { "heading": "Management travel and events (announcements)", "content": "- Christine Lagarde, Managing Director: speaking at the Global Investment Conference in London \"within the next couple of hours\" (open to media).\n- Managing Director and First Deputy Managing Director, David Lipton: attending the G-7 Ministerial Meeting outside London (tomorrow and Saturday).\n- First Deputy Managing Director, David Lipton: attending Bank of International Settlements meeting in Basel on May 12 and 13.\n- Deputy Managing Director, Min Zhu: in Bishkek on May 20 for the launch of the Caucasus and Central Asia Economic Outlook update; attending the Middle East World Economic Forum in Jordan from May 23 to May 26.\n- Research Department, Monitoring Capital Markets Department, and European Departments conference: \"Financial Structure: The Issues\" on Friday, May 17 (agenda available on IMF website).\n- Middle East Regional Economic Outlook update: presented by Masood Ahmed in Dubai on May 21.\n- Recent launches: Regional Economic Outlooks on Africa, Asia, Latin America, and others published in recent weeks.\n- Recent issuance: joint statement from the European Central Bank, the European Commission, and the IMF concerning the 10th Review in Ireland issued \"in the past few hours.\"" }, { "heading": "Egypt", "content": "- Context: At the Spring Meetings (two weeks prior), the Managing Director and Egyptian authorities issued a joint statement noting further progress and that work would continue to reach agreement on an IMF standby arrangement to support Egypt's national economic program.\n- Current status:\n - IMF is awaiting updated economic data and reform plans from the Egyptian authorities.\n - Staff is working from headquarters, building on work advanced during the April mission.\n - No new mission has been discussed or scheduled at this stage.\n- IMF stance:\n - Stands ready to support a \"home-grown program\" that is socially balanced, has broad ownership, addresses rising fiscal and balance-of-payments imbalances, and restores confidence for implementation." }, { "heading": "Greece", "content": "- Background: Staff Level Agreement on the 3rd Review reached on April 15; statement published then.\n- Status and timing:\n - Progress has been made resolving remaining technical issues and completing prior actions required before review conclusion.\n - IMF Executive Board is expected to meet on May 31 to discuss the completion of the 3rd Review.\n - Contingent on Board approval, the next disbursement is expected to take place shortly after the May 31 meeting.\n- Debt outlook:\n - IMF projections show further debt relief will be needed for Europe to meet its commitment to reduce Greek debt to a sustainable level: \"124 percent by 2020, and to substantially below 110 percent by 2022.\"\n - European partners have committed to provide additional debt relief if Greece meets its fiscal targets and expect to review the case by the end of this year.\n - Possible forms of debt relief include more generous loan terms or outright transfers.\n - IMF does not envision new OSI discussions \"at this juncture.\"" }, { "heading": "Cyprus", "content": "- Background: IMF and European partners reached a Staff Level Agreement with Cypriot authorities on April 3; statement published then.\n- Timing:\n - IMF Executive Board is expected to meet on May 15 to discuss the request for the program.\n - Contingent on Board approval, the first disbursement is expected to take place shortly after that May 15 meeting.\n- IMF message: Working with European partners to support Cyprus in overcoming economic challenges and restoring sustainability, growth, and jobs." }, { "heading": "Italy", "content": "- Government signaled intention to stick to fiscal commitments to the European Union.\n- IMF view:\n - Fiscal policy should target a structural balance that takes into account economic conditions.\n - Fiscal adjustment should be more growth-friendly by rebalancing composition toward expenditure cuts and lower taxes.\n - Any tax reforms should be part of a comprehensive strategy to make the tax system more efficient and fair." }, { "heading": "Euro area cooperation and the troika", "content": "- IMF enjoys \"excellent cooperation\" with the European Commission and the European Central Bank.\n- Executive Board oversight: IMF actions are overseen by its Executive Board, which is independent; European institutions are similarly accountable to their stakeholders.\n- On the troika: reports indicate Mr. Asmussen (ECB) did not advise changing the troika system \"right now.\"\n- Banking union:\n - IMF has consistently said progress on the banking union agenda is essential to address financial market fragmentation in the euro area.\n - A single-resolution mechanism is a critical element.\n - IMF looks forward to the European Commission proposal on the single-resolution mechanism \"by the summer,\" as indicated by recent EU Council decisions." }, { "heading": "Pakistan", "content": "- Context: Pakistani delegation met Fund at the Spring Meetings to discuss difficult economic challenges.\n- Status and timetable:\n - No formal request for a program has been made by Pakistan.\n - IMF remains closely engaged.\n - A staff team is planning to visit Islamabad in late June to continue policy discussions on mitigating economic vulnerabilities." }, { "heading": "Slovenia", "content": "- Government pursuing an ambitious agenda: fiscal consolidation, financial sector restructuring, privatization, pension and labor market reforms.\n- Economic situation:\n - Economy remains in deep recession due to a severe credit crunch and widespread corporate insolvency.\n - Priority: recapitalizing the three largest banks and cleaning up their balance sheets.\n- IMF view: It is important the government follows through on the agenda to build confidence and resume growth." }, { "heading": "Portugal", "content": "- Recent successful bond issuance: an important step toward regaining complete market access.\n- Next steps:\n - A joint IMF-EU-ECB mission is in Lisbon for the 7th Review of the program.\n - The mission will assess measures recently announced by the government to complement the medium-term fiscal strategy and to replace measures previously rejected by the Constitutional Court." }, { "heading": "Yemen and energy subsidies", "content": "- No specific response on Yemen in the briefing.\n- IMF reference: broader IMF policy paper on energy subsidies issued \"a number of weeks ago\" outlines the IMF's broad position on energy subsidy issues." }, { "heading": "Fiscal policy stance and research debate", "content": "- IMF position on fiscal policy mix and pace:\n - With growth and employment weak in many countries, \"getting the pace of fiscal consolidation right is of the essence.\"\n - Countries with material market constraints need to sustain consolidation; elsewhere adjustment should be at an underlying pace that balances deficit reduction and support for growth.\n - Fiscal targets should focus on structural measures rather than nominal deficits.\n - Importance of the right mix of fiscal, monetary, and structural policies.\n- On the debate over the \"90 percent redline\" of debt-to-GDP (referring to recent research critique): IMF emphasizes balancing pace and mix rather than adopting a single mechanical rule.\n- Article IV missions:\n - Example: The U.K. Article IV mission had just begun; Concluding Statement will be issued after about two weeks of work.\n - General practice: IMF does not comment on discussions underway during Article IV missions." }, { "heading": "Communications and next steps", "content": "- Concluding Statements and Article IV Staff Reports:\n - The Article IV Concluding Statement for Greece contains detailed policy measures and actions; the full Article IV Staff Report will be published after it goes to the Board.\n- Follow-up:\n - Media relations team may follow up on specific country questions (e.g., Yemen) after the press conference.\n- Closing: Gerry Rice thanked participants and noted he looked forward to seeing them \"in a couple of weeks' time.\"\n\nTranscript of a Press Briefing by Gerry Rice, May 9, 2013.\n\n---\n\n\n References\n\n- Cyprus and the IMF\n- Arab Republic of Egypt and the IMF\n- Greece and the IMF\n- Pakistan and the IMF\n- Portugal and the IMF\n- Republic of Yemen and the IMF\n- IMF Policy Advice -- A Factsheet\n- Transcripts\n- Gerry Rice\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/tr050913" } ], "bullets": [ "[Markdown version](/en/news/articles/2015/09/28/04/54/tr050913/index.md)", "[Structured JSON version](/en/news/articles/2015/09/28/04/54/tr050913/index.json)", "[Bundle manifest](/en/news/articles/2015/09/28/04/54/tr050913/bundle-manifest.json)", "Published: May 9, 2013", "Date and location: Washington, D.C., Thursday, May 9, 2013.", "Speaker: Gerry Rice, Director of the Communications Department.", "Briefing embargo: embargoed until 10:30 a.m., Washington time.", "Format: opening announcements followed by questions from the room and online; webcast available.", "Christine Lagarde, Managing Director: speaking at the Global Investment Conference in London \"within the next couple of hours\" (open to media).", "Managing Director and First Deputy Managing Director, David Lipton: attending the G-7 Ministerial Meeting outside London (tomorrow and Saturday).", "First Deputy Managing Director, David Lipton: attending Bank of International Settlements meeting in Basel on May 12 and 13.", "Deputy Managing Director, Min Zhu: in Bishkek on May 20 for the launch of the Caucasus and Central Asia Economic Outlook update; attending the Middle East World Economic Forum in Jordan from May 23 to May 26.", "Research Department, Monitoring Capital Markets Department, and European Departments conference: \"Financial Structure: The Issues\" on Friday, May 17 (agenda available on IMF website).", "Middle East Regional Economic Outlook update: presented by Masood Ahmed in Dubai on May 21.", "Recent launches: Regional Economic Outlooks on Africa, Asia, Latin America, and others published in recent weeks.", "Recent issuance: joint statement from the European Central Bank, the European Commission, and the IMF concerning the 10th Review in Ireland issued \"in the past few hours.\"", "Context: At the Spring Meetings (two weeks prior), the Managing Director and Egyptian authorities issued a joint statement noting further progress and that work would continue to reach agreement on an IMF standby arrangement to support Egypt's national economic program.", "Current status:", "IMF stance:", "Background: Staff Level Agreement on the 3rd Review reached on April 15; statement published then.", "Status and timing:", "Debt outlook:", "Background: IMF and European partners reached a Staff Level Agreement with Cypriot authorities on April 3; statement published then.", "Timing:", "IMF message: Working with European partners to support Cyprus in overcoming economic challenges and restoring sustainability, growth, and jobs.", "Government signaled intention to stick to fiscal commitments to the European Union.", "IMF view:", "IMF enjoys \"excellent cooperation\" with the European Commission and the European Central Bank.", "Executive Board oversight: IMF actions are overseen by its Executive Board, which is independent; European institutions are similarly accountable to their stakeholders.", "On the troika: reports indicate Mr. Asmussen (ECB) did not advise changing the troika system \"right now.\"", "Banking union:", "Context: Pakistani delegation met Fund at the Spring Meetings to discuss difficult economic challenges.", "Status and timetable:", "Government pursuing an ambitious agenda: fiscal consolidation, financial sector restructuring, privatization, pension and labor market reforms.", "Economic situation:", "IMF view: It is important the government follows through on the agenda to build confidence and resume growth.", "Recent successful bond issuance: an important step toward regaining complete market access.", "Next steps:", "No specific response on Yemen in the briefing.", "IMF reference: broader IMF policy paper on energy subsidies issued \"a number of weeks ago\" outlines the IMF's broad position on energy subsidy issues.", "IMF position on fiscal policy mix and pace:", "On the debate over the \"90 percent redline\" of debt-to-GDP (referring to recent research critique): IMF emphasizes balancing pace and mix rather than adopting a single mechanical rule.", "Article IV missions:", "Concluding Statements and Article IV Staff Reports:", "Follow-up:", "Closing: Gerry Rice thanked participants and noted he looked forward to seeing them \"in a couple of weeks' time.\"", "[Cyprus and the IMF](http://www.imf.org/external/country/CYP/index.htm)", "[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)", "[Pakistan and the IMF](http://www.imf.org/external/country/PAK/index.htm)", "[Portugal and the IMF](http://www.imf.org/external/country/PRT/index.htm)", "[Republic of Yemen and the IMF](http://www.imf.org/external/country/YEM/index.htm)", "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)", "[Transcripts](https://www.imf.org/en/news/searchnews)", "[Gerry Rice](https://www.imf.org/external/np/bio/eng/gr.htm)", "[PRESS CENTER](http://presscenter.imf.org/)", "[Webcast](https://www.imf.org/external/mmedia/view.aspx?vid=2368533107001)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2015/09/28/04/54/tr050913/index.md", "json": "/en/news/articles/2015/09/28/04/54/tr050913/index.json", "bundleManifest": "/en/news/articles/2015/09/28/04/54/tr050913/bundle-manifest.json" }, "generatedAtUtc": "2026-09-27T12:18:36.536Z" }