{
  "title": "Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund",
  "publication": "IMF News, July 11, 2013",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr071113",
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  "summary": "Date and location of briefing: July 11, 2013, Washington, D.C.",
  "publishDate": "2013-07-11",
  "sections": [
    {
      "heading": "Announcements and Management Travel",
      "content": "- Date and location of briefing: July 11, 2013, Washington, D.C.\n- Embargo: briefing embargoed until 10:30 a.m., Washington time.\n- Managing Director Christine Lagarde travel schedule:\n  - Visit Romania on July 15 and 16.\n  - Visit Lithuania on July 17 and 18.\n  - In Bucharest on July 16, Madame Lagarde will deliver a speech open to the media on Romania and Eastern Europe.\n  - In Vilnius on July 18, she will participate in a panel discussion open to the media on the challenges and opportunities of European economic integration; this event marks the beginning of Lithuania's presidency of the European Union.\n  - After Romania and Lithuania, Madame Lagarde will travel to Moscow to participate, along with First Deputy Managing Director David Lipton, in the G-20 ministerial meeting on July 18 to 20.\n- David Lipton participation:\n  - Will participate in a panel discussion in Washington on the outlook for the G-20 meeting in St. Petersburg, organized by the Center for Strategic and International Studies; event takes place the day after the briefing (tomorrow), understood to be in the morning and open to the press.\n- Executive Board schedule for Article IV consultation reports for \"systemic\" countries:\n  - China: starting tomorrow (relative to July 11, 2013).\n  - U.K.: on Monday (relative to July 11, 2013).\n  - Euro area, the United States, and Japan: all before the end of July.\n- Publication: IMF will publish all related country reports."
    },
    {
      "heading": "Egypt — Current engagement and implications",
      "content": "- Status of contacts:\n  - IMF has not been in touch with the interim government.\n  - IMF is in regular contact with counterparts at the technical level.\n- Guidance for future engagement:\n  - Determinations on how to deal with the interim government will be guided by the views of the international community and the Fund's membership.\n- Financing and program implications:\n  - The last cited IMF-related amount was \"4.8 billion\" (December), but the IMF stated it is premature to assess whether that figure remains adequate given developments.\n  - IMF has no details on proposed regional pledges of support and therefore cannot assess their economic implications.\n- Policy stance:\n  - IMF supports financial and other forms of support for the people of Egypt to help address difficult economic challenges, pending details and further assessment."
    },
    {
      "heading": "Greece — Program status, reviews, and financing concerns",
      "content": "- Expected timing:\n  - IMF Board meeting on the Greek program expected toward the end of July; Board calendar dates are announced seven days ahead.\n- Staff-level agreement summary:\n  - Statement: \"the program is broadly on track, and significant progress has been made, but there are a number of issues still needing to be resolved.\"\n  - Staff-level agreement \"does not assume a temporary reduction in the VAT rate on restaurants and catering,\" though the issue remains under discussion with the European Commission and European Central Bank and the IMF.\n- Financing gap and outlook:\n  - \"There is no financing gap through July 2014.\"\n  - \"A gap is projected for after July 2014.\"\n  - European partners have made commitments to provide adequate future financing for Greece, \"provided that the program is implemented.\"\n  - IMF continues to expect growth to turn positive in 2014, while noting uncertainties related to internal and external factors.\n- Implementation emphasis:\n  - Completion of the current review is contingent on implementation of outstanding actions, including tax administration and public administration reforms.\n  - Final IMF disbursement contingent on Board approval following satisfactory implementation."
    },
    {
      "heading": "Cyprus — First review visit",
      "content": "- Timing and scope:\n  - IMF, European Commission, and European Central Bank staff team to start discussions with Cypriot authorities on the first review of the country's economic program on July 17th; visit expected to last about two weeks.\n  - Outcome expected to be communicated at the end of the visit.\n- Focus areas for the first review:\n  - Financial sector reform.\n  - Macroeconomic and fiscal performance and outlook.\n  - Status of other structural reforms.\n- Correspondence:\n  - Managing Director responded to a letter from President Anastasiades, welcoming the President's determination to continue on the path of sustainable growth and reassured him of IMF support for the government's efforts to implement the program."
    },
    {
      "heading": "Portugal — Review timing and implementation record",
      "content": "- Next review:\n  - Exact timing of the next IMF visit under discussion with authorities.\n- Assessment:\n  - Portugal \"has made solid progress under the joint ECB-EC-IMF program, with great determination and sacrifices of the Portuguese people.\"\n  - Importance stressed that strong implementation continues so that recovery can take hold."
    },
    {
      "heading": "Ukraine — Standby arrangement discussions",
      "content": "- Recent engagement:\n  - IMF visit on June 26 and 27 by Mr. Gueorguiev and Mr. Jarvis (outgoing mission chief and incoming mission chief).\n  - Meetings held with presidential administration, government, and national bank officials.\n- Status:\n  - Authorities have requested a standby arrangement.\n  - Discussions are ongoing on outstanding policy issues and further technical work; aim is to arrive at a consistent package of measures."
    },
    {
      "heading": "Pakistan — Staff-level agreement and prior actions",
      "content": "- Next steps and timing:\n  - Staff-level agreement reached; next steps are implementation of agreed prior actions by authorities to prepare for Executive Board consideration of the loan request, \"tentatively scheduled for early September\" provided prior actions are met.\n- Prior actions include:\n  - The fiscal package.\n  - Electricity price adjustments.\n  - Launching of a tax reform initiative.\n  - Certain central bank actions.\n  - Approval of the fiscal commitments by the Council of Common Interest.\n- Conditionality:\n  - Board consideration and program disbursement contingent on implementation of these prior actions and commitments made by the government."
    },
    {
      "heading": "IMF credibility and transparency",
      "content": "- IMF position on criticisms:\n  - IMF described as having \"straightforward, candid analysis\" and being accountable to its shareholders.\n  - Quarterly reviews and published reports cited as mechanisms ensuring rigorous assessment and objective analysis are conveyed regularly to authorities and the public.\n- Distinction between programs:\n  - Ex post evaluation referenced pertains to the first Greek program (initiated in 2010, completed in 2012) and should be kept distinct from the current program that began in 2012.\n\nTranscript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund — July 11, 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- Republic of Lithuania and the IMF\n- Pakistan and the IMF\n- Portugal and the IMF\n- Romania and the IMF\n- Ukraine and the IMF\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/tr071113"
    }
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    "Published: July 11, 2013",
    "Date and location of briefing: July 11, 2013, Washington, D.C.",
    "Embargo: briefing embargoed until 10:30 a.m., Washington time.",
    "Managing Director Christine Lagarde travel schedule:",
    "David Lipton participation:",
    "Executive Board schedule for Article IV consultation reports for \"systemic\" countries:",
    "Publication: IMF will publish all related country reports.",
    "Status of contacts:",
    "Guidance for future engagement:",
    "Financing and program implications:",
    "Policy stance:",
    "Expected timing:",
    "Staff-level agreement summary:",
    "Financing gap and outlook:",
    "Implementation emphasis:",
    "Timing and scope:",
    "Focus areas for the first review:",
    "Correspondence:",
    "Next review:",
    "Assessment:",
    "Recent engagement:",
    "Status:",
    "Next steps and timing:",
    "Prior actions include:",
    "Conditionality:",
    "IMF position on criticisms:",
    "Distinction between 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)",
    "[Republic of Lithuania and the IMF](http://www.imf.org/external/country/LTU/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)",
    "[Romania and the IMF](http://www.imf.org/external/country/ROU/index.htm)",
    "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)",
    "[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=2540192221001)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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