{ "title": "Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations Department, International Monetary Fund", "publication": "IMF News, May 12, 2011", "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr051211", "canonical": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr051211", "overlayPath": "/en/news/articles/2015/09/28/04/54/tr051211/index.md", "summary": "Date and location: May 12, 2011, Washington, DC.", "authors": [ "Arrangements. That" ], "publishDate": "2011-05-12", "sections": [ { "heading": "Context and logistics", "content": "- Date and location: May 12, 2011, Washington, DC.\n- Briefing embargo: embargoed until 10:30 a.m. Washington time or 1430 GMT.\n- Upcoming travel and events mentioned:\n - Managing Director: keynote at the Twelfth Brussels Economic Forum on the 18th; speaking at the Bretton Woods Committee 2011 Annual Meeting on the 19th; remarks to be posted for the Tenth Annual Niarchos Lecture at the Peterson Institute (starts at 5:00 p.m., open to media).\n - First Deputy Managing Director, Mr. Lipsky: in Beijing for the International Forum of Sovereign Wealth Funds; will deliver a speech tomorrow morning, May 13 (to be posted in Chinese and English).\n - IMF co-hosting with Brazilian authorities: conference in Rio on the 26th and 27th of May on management of capital flows (detailed program and media advisory to be issued later).\n - Antonio Borges, Director of the European Department: regional outreach including a press conference in Warsaw at 11:00 a.m. local time (following European Regional Economic Outlook releases)." }, { "heading": "Greece: program, EFF conversion, and debt", "content": "- IMF stance on conversion to an Extended Fund Facility (EFF):\n - IMF has been \"open to the idea of conversion to an EFF\" for some months; an EFF \"would give more time to Greece.\"\n - Conversion discussion is distinguished from judgments about debt sustainability: \"That has nothing to do with whether or not the debt is sustainable. All of our programs and all of our facilities require a judgment that debts are sustainable.\"\n - EFF purpose emphasized: \"to give more time so that if Greece needs more time to get to a position where they are finished with the program, an EFF allows for a longer period of repayment.\"\n- Timing and process:\n - A mission is \"in the field now\" in Greece conducting discussions; IMF will not anticipate or pre-judge outcomes while mission is ongoing.\n - A Board meeting date would be fixed \"once those discussions were concluded.\"\n - Expected mission conclusion: \"around the 18th.\"\n- Repayment terms and rates:\n - Interest rates: \"Our interest rates are the same on those two different facilities.\"\n - Repayment term comparison (as stated): \"instead of being three to five years, it's six to 10 years or something like that.\" (Note: IMF spokesperson cautioned she was not announcing anything definitive.)\n- Position on debt restructuring and Euro exit:\n - Program designed on basis of government's \"firm commitment to honor its debt obligations and guarantees and that still holds.\"\n - IMF will give space to ongoing in-field discussions rather than commenting on speculative scenarios." }, { "heading": "Ireland, Portugal, and European monetary/financial issues", "content": "- Ireland:\n - Ireland has an Extended Fund Facility (EFF).\n - Irish program status: \"The Irish program is on track.\"\n - IMF Executive Board review scheduled: May 16 (review mission recently in the field).\n- Portugal:\n - Programs are country-specific: \"people often group these countries together, but of course they are three different countries with a different focus that their programs seek to address.\"\n - Portugal: \"have had an even more worrying growth problem in the past\"; fiscal problem \"is not quite the same as Greece's\" and \"they have a lot of banking issues.\"\n - Agreement on program expected to be taken to Executive Board soon.\n- European Central Bank and monetary policy:\n - IMF supportive of ECB operations in financial markets to promote financial stability, including refinancing operations and continued use of the Securities Market Program.\n - Monetary policy normalization characterized as gradual." }, { "heading": "Egypt and other country engagements", "content": "- Egypt financing needs and IMF engagement:\n - Egyptian authorities indicated a financing need of \"some $10 to $12 billion from now through June 2012\" from the international community.\n - Egypt has approached bilateral and multilateral partners \"including the IMF\" and \"there has now been an official request\" to multilateral partners; an IMF team is expected to visit Cairo \"shortly\" to begin discussions.\n - No specific IMF-only financing number provided.\n- Pakistan:\n - Discussions ongoing between IMF staff and Pakistani staff focused on \"recent economic developments and in particular the upcoming budget.\"\n- Argentina:\n - Second technical assistance mission with Statistics and Western Hemisphere staff occurred on April 4 through 11.\n - \"There is no request yet for the Article IV.\"\n- South Sudan:\n - Question about IMF membership consideration and a Program Trust Fund for South Sudan: IMF to provide an update later (no specific answer at the briefing)." }, { "heading": "IMF governance, legitimacy, and quota reform", "content": "- Legitimacy and leadership:\n - Question on legitimacy if next IMF head is another European: IMF declined to speculate on future leadership.\n - Quota reform cited as strengthening legitimacy: quota reform \"agreed in the G-20 and then in the IMF Executive Board and by governors last year\" will \"deliver a big shift in quota to emerging markets\" and \"put all of the BRIC countries for example in the top 10 shareholders.\"\n - Legitimacy also tied to interactions with member countries and conduct of the Board." }, { "heading": "Definitions, terminology, and clarifications", "content": "- \"Restructure\" ambiguity:\n - IMF does not have a formal or official definition of \"restructure\"; meaning varies by context and should be examined case by case.\n- Funding split historical expectation:\n - IMF referenced a historical average expectation of a \"2-to-1 split\" (two-thirds from the EU, one-third from the IMF) but emphasized that \"every program is reviewed on a case-by-case basis\" and the Executive Board is independent." }, { "heading": "Key statistics, dates, and procedural notes", "content": "- Embargo lift time: 10:30 a.m. Washington time or 1430 GMT.\n- Dates and durations cited:\n - Press briefing: May 12, 2011.\n - Managing Director engagements: 18th (Brussels Economic Forum), 19th (Bretton Woods Committee), Niarchos Lecture at 5:00 p.m.\n - First Deputy Managing Director speech: May 13 (Beijing time; \"tomorrow morning\").\n - Rio conference: 26th and 27th of May.\n - Irish program Executive Board discussion: May 16.\n - Egypt financing horizon: \"from now through June 2012.\"\n - Argentina technical assistance mission: April 4 through 11.\n - Expected mission conclusion in Greece: \"around the 18th.\"\n- Financing figures:\n - Egypt: \"some $10 to $12 billion from now through June 2012.\"\n- Facility repayment terms referenced:\n - Stand-By Arrangements: repayment \"three to five years\" (as contextually referenced).\n - Extended Fund Facility example: repayment \"six to 10 years\" (as described during briefing).\n\nTranscript of a Press Briefing by Caroline Atkinson, Director, External Relations Department, International Monetary Fund — May 12, 2011.\n\n---\n\n\n References\n\n- Arab Republic of Egypt and the IMF\n- Greece and the IMF\n- Ireland and the IMF\n- Portugal and the IMF\n- Republic of South Sudan 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/tr051211" } ], "bullets": [ "[Markdown version](/en/news/articles/2015/09/28/04/54/tr051211/index.md)", "[Structured JSON version](/en/news/articles/2015/09/28/04/54/tr051211/index.json)", "[Bundle manifest](/en/news/articles/2015/09/28/04/54/tr051211/bundle-manifest.json)", "Authors: Arrangements. That", "Published: May 12, 2011", "Date and location: May 12, 2011, Washington, DC.", "Briefing embargo: embargoed until 10:30 a.m. Washington time or 1430 GMT.", "Upcoming travel and events mentioned:", "IMF stance on conversion to an Extended Fund Facility (EFF):", "Timing and process:", "Repayment terms and rates:", "Position on debt restructuring and Euro exit:", "Ireland:", "Portugal:", "European Central Bank and monetary policy:", "Egypt financing needs and IMF engagement:", "Pakistan:", "Argentina:", "South Sudan:", "Legitimacy and leadership:", "\"Restructure\" ambiguity:", "Funding split historical expectation:", "Embargo lift time: 10:30 a.m. Washington time or 1430 GMT.", "Dates and durations cited:", "Financing figures:", "Facility repayment terms referenced:", "[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)", "[Ireland and the IMF](http://www.imf.org/external/country/IRL/index.htm)", "[Portugal and the IMF](http://www.imf.org/external/country/PRT/index.htm)", "[Republic of South Sudan and the IMF](http://www.imf.org/external/country/SSD/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=941236726001)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2015/09/28/04/54/tr051211/index.md", "json": "/en/news/articles/2015/09/28/04/54/tr051211/index.json", "bundleManifest": "/en/news/articles/2015/09/28/04/54/tr051211/bundle-manifest.json" }, "generatedAtUtc": "2026-09-27T12:21:31.999Z" }