{
  "title": "Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund",
  "publication": "IMF News, June 6, 2013",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr060613",
  "canonical": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr060613",
  "overlayPath": "/en/news/articles/2015/09/28/04/54/tr060613/index.md",
  "summary": "Transcript date and location: June 6, 2013 — Washington, D.C.",
  "publishDate": "2013-06-06",
  "sections": [
    {
      "heading": "Announcements and Schedule",
      "content": "- Transcript date and location: June 6, 2013 — Washington, D.C.\n- Briefing embargo: embargoed until 10:30 a.m., Washington time.\n- Managing Director Christine Lagarde:\n  - Attending the G-8 summit on June 17 and 18 in Northern Ireland.\n  - Participating in the press conference for the Concluding Statement of the Article IV Consultation with the United States on June 14th at 11 a.m. at the Fund.\n- First Deputy Managing Director David Lipton:\n  - Attending the St. Petersburg International Economic Forum starting June 20th.\n- IMF publication:\n  - IMF's Biannual Work Program published today at 10:30 a.m.\n- Press Center: reference to IMF Press Center (password-protected) and e-mail notification sign-up."
    },
    {
      "heading": "Evaluation Report on the First Greek Program (2010) — Context and Overall Message",
      "content": "- Scope and timing:\n  - Evaluation refers to the previous Greek program which began in 2010, not the current program which began in 2012.\n- Purpose:\n  - The evaluation is presented as a rigorous self-assessment intended to learn and integrate lessons into future operations.\n- Context emphasized by IMF:\n  - The 2010 crisis was described as \"in many ways unprecedented\" and required quick response.\n  - Subsequent factors affecting outcomes included the depth of the global recession, the depth of the European recession, political uncertainties in Greece, and implementation problems.\n- IMF position on decision-making hindsight:\n  - \"The evaluation report ... concludes ... that, in the same situation, with the same information, we would probably have made the same decision today.\"\n- Current program status:\n  - The current program \"has already internalized the core lessons from the previous program.\"\n  - Article IV Consultation and program review reports indicate Greece \"has made major strides in the fiscal area, in the financial area, in some areas of structural reform.\""
    },
    {
      "heading": "Troika and Institutional Relations",
      "content": "- Troika composition and assessment:\n  - Troika = European Commission, European Central Bank, and the IMF.\n  - The report noted areas for improvement but concluded \"the Troika has worked well, and the Troika is working well.\"\n- Differences with European Commission:\n  - The European Commission \"fundamentally disagreed with the key findings of the report.\"\n  - IMF response: reiteration of contextual points and that \"there is broad agreement\" on some issues; IMF defers to each institution to make its own assessment."
    },
    {
      "heading": "Debt Relief, Projections, and Timing",
      "content": "- IMF stance on new debt relief discussions:\n  - \"We do not envision any new debt relief discussions on Greece at this juncture.\"\n- Projections and programmed debt targets:\n  - Further debt relief will be needed for Europe to meet its commitment to reduce Greek debt to:\n    - \"124 percent of GDP by 2020\"\n    - \"substantially below 110 percent of GDP by 2022\"\n- European partners' timetable:\n  - They \"expect to review the country's case by the beginning of 2014 and 2015\" and decide once fiscal outcomes are known."
    },
    {
      "heading": "Specific Country Program Updates and Timelines",
      "content": "- Egypt:\n  - Technical discussions making \"good progress.\"\n  - IMF receiving data and information \"all the time\"; awaiting resolution of remaining technical issues to conclude negotiations successfully.\n- Ukraine:\n  - Mission to Kiev ended in mid-April to discuss policies for a Stand-By Arrangement; technical discussions continue; no specific dates for next negotiating mission provided.\n- Democratic Republic of Congo:\n  - Reviews completed under the Extended Credit Facility: three reviews completed, three did not take place owing to lack of progress on governance and transparency.\n  - Further update to be provided later.\n- Portugal:\n  - Expectation: Board discussion of the 7th Review \"around mid-June.\"\n- Cyprus:\n  - First review mission scheduled for late July; mission chief will participate in the mission.\n  - IMF view on Cyprus program:\n    - Macroeconomic assumptions take account of factors expected to affect growth in the short and medium run, including fiscal adjustment and recent policy actions in the financial sector.\n    - Expectation: \"growth to resume in 2015\" — conditional on \"a favorable international tax regime, progress on structural reforms, institutional reforms, etc.\"\n    - Risks: \"macroeconomic uncertainties and risks ... remain significant\" and will be monitored closely."
    },
    {
      "heading": "Data Quality, Misreporting, and Conditionality",
      "content": "- Importance of data:\n  - \"The accuracy of data is a fundamental aspect of an effective program.\"\n  - IMF makes extensive efforts to ensure data accuracy; outcomes depend on what authorities can provide.\n- Misreporting case in Greece:\n  - Board reviewed a case of misreporting by Greece related to a prior action for the first and second reviews last January.\n  - The Board \"granted a waiver, given that there was prompt corrective action taken by the authorities\" (area: tax administration).\n- Implementation and ownership:\n  - Noted evolution between first and second Greek programs: greater \"ownership of the program and the implementation of the program\" by Greek authorities."
    },
    {
      "heading": "Lessons Learned — Working in a Monetary Union and Program Design",
      "content": "- Lessons documented in the report highlighted by IMF:\n  - Importance of the \"right pace and the right mix on the fiscal side.\"\n  - Importance of \"ownership and the importance of implementation by the respective authorities.\"\n- Application to other euro-area programs:\n  - IMF declined to draw direct parallels between Greek lessons and specific cases such as Cyprus to avoid confusion, but indicated these general lessons are relevant when working in a monetary union.\n\nTranscript of a press briefing by Gerry Rice, Director, Communications Department, International Monetary Fund — June 6, 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- 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/tr060613"
    }
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    "Published: June 6, 2013",
    "Transcript date and location: June 6, 2013 — Washington, D.C.",
    "Briefing embargo: embargoed until 10:30 a.m., Washington time.",
    "Managing Director Christine Lagarde:",
    "First Deputy Managing Director David Lipton:",
    "IMF publication:",
    "Press Center: reference to IMF Press Center (password-protected) and e-mail notification sign-up.",
    "Scope and timing:",
    "Purpose:",
    "Context emphasized by IMF:",
    "IMF position on decision-making hindsight:",
    "Current program status:",
    "Troika composition and assessment:",
    "Differences with European Commission:",
    "IMF stance on new debt relief discussions:",
    "Projections and programmed debt targets:",
    "European partners' timetable:",
    "Egypt:",
    "Ukraine:",
    "Democratic Republic of Congo:",
    "Portugal:",
    "Cyprus:",
    "Importance of data:",
    "Misreporting case in Greece:",
    "Implementation and ownership:",
    "Lessons documented in the report highlighted by IMF:",
    "Application to other euro-area programs:",
    "[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)",
    "[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=2439283435001)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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