{ "title": "Transcript of a Press Briefing with Gerry Rice, Director of the IMF Communications Department and IMF Spokesman", "publication": "IMF News, September 1, 2016", "sourceUrl": "https://www.imf.org/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications", "canonical": "https://www.imf.org/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications", "overlayPath": "/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications/index.md", "summary": "Main messages", "publishDate": "2016-09-01", "sections": [ { "heading": "Global outlook and G-20 note (Helge Berger)", "content": "- Main messages\n - Concern about low growth and low growth persisting for a long time.\n - Current policies appear insufficient to change the low-growth trajectory.\n - Combination of low growth and inequality increases policy challenges.\n - Call for an ambitious growth strategy that lifts growth and makes it more widely shared.\n- Short- and long-term drivers of weak growth\n - Short-term: continued weakness in a number of countries (notably advanced economies); U.S. first-half growth much lower than expected leading to a planned downgrade of the U.S. outlook.\n - Long-term: negative dynamics including weak investment ↔ slower trade ↔ lower productivity; high corporate debt and impaired bank balance sheets reduce investment incentives; aging populations and low productivity growth (especially in advanced economies).\n - Political risks: concern that political climate and inward-looking policies could stall reforms and worsen growth.\n- Policy strategy recommended\n - Short-term support where demand is lacking, with fiscal policy playing a more prominent role where there is fiscal space (monetary policy stretched thin in many countries).\n - Fast implementation of G-20 commitments on structural reforms and infrastructure investment; additional measures in many countries needed to meet the G-20 commitment to increase GDP in 2018 by 2 percent.\n - Policies to ensure inclusive growth: skill building, fostering mobility, well-designed tax-benefit systems, and promotion of trade with attention to distributional outcomes.\n- Forecast process and timing\n - IMF preparing new forecasts for the October World Economic Outlook (WEO).\n - For the U.S., given first two quarters’ developments, a downgrade of the outlook is expected.\n - Global forecast adjustments remain contingent on mixed data across countries; formal updates planned in October." }, { "heading": "Country-specific updates, missions, and operational matters", "content": "- Ukraine\n - Existing IMF program approved last year in the amount of about 17.5 billion.\n - Second review discussions are very close to being finalized; Board meeting expected to be announced shortly once technical timing issues are resolved.\n - Staff welcomed contacts between Ukraine and Russia on Eurobond issue but is not party to those negotiations; Board will assess good-faith requirements under the Fund’s lending-into-arrears policy when it meets.\n- Greece\n - IMF will conduct a regular Article IV consultation with Greece in the second half of September.\n - Last Article IV concluded in June 2013.\n - Article IV mission typically lasts a couple of weeks; staff concluding statement expected at mission end.\n - Article IV findings and data feed into sequencing of any IMF participation in programs and the DSA; timing will be sequenced with program discussions.\n - IMF has implemented changes since the 2010 program and continues to incorporate lessons from the Independent Evaluation Office (IEO) assessment; IMF stance remains that future IMF participation requires both reforms and debt relief.\n - On ELSTAT and allegations regarding Mr. Georgiou: IMF does not comment on individual legal proceedings; Mr. Georgiou is a former IMF staff member; IMF will engage Greek authorities to ascertain the accuracy of reported data.\n- Egypt\n - Staff-level agreement reached on August 11 for a program in the amount of $12 billion, pending IMF Board approval.\n - IMF financing portion noted as $4 billion; Egyptian authorities seeking to mobilize five to six billion from others to complete the financing plan.\n - Board date expected in the coming weeks.\n- Mongolia\n - Mission on the ground August 16 -19 met with newly elected government officials; discussions productive; IMF monitoring and stands ready to support.\n- Mozambique\n - One IMF staff member has been appointed Governor of the Central Bank of Mozambique; status regarding IMF resignation not specified in briefing.\n - IMF staff team scheduled to be in Maputo on September 22 to review economic developments, the 2016 budget, monetary policy measures, and to take into account the fact-finding linked to previously undisclosed borrowing; visit expected to last about one week.\n- Zimbabwe\n - No financing program under discussion at this point.\n - Authorities announced plans to clear arrears with the Fund and other institutions as part of reengagement; IMF financial support could only begin after arrears are cleared and the Board meets to approve normalization.\n- Venezuela\n - No change reported; no new contacts to announce." }, { "heading": "Financial markets, Brexit, and commodities", "content": "- Brexit\n - Financial markets have largely taken the UK vote in stride; much of the initial slowdown in affected sectors has been undone.\n - IMF’s July update incorporated some short- and medium-term impacts of the UK vote; longer-term UK trajectory depends on exit terms and tradeoffs to be negotiated.\n- Commodities and risk management\n - IMF continues bilateral surveillance and country-level work on commodity shocks and related vulnerabilities.\n - No specific new IMF policy product for the annual meetings was announced in this briefing." }, { "heading": "Operational notes and timing", "content": "- Embargo and publications\n - The G-20 note and a blog from the Managing Director were embargoed until 10:00 a.m. (Washington time) and scheduled for release that morning.\n- SDR and RNB inclusion\n - IMF noted that inclusion of the RNB in the SDR basket is on track; Gerry Rice subsequently noted October 1st is the date of inclusion of the RNB in the SDR basket.\n- Personnel and travel\n - Christine Lagarde and David Lipton to attend the G-20 Leader Summit in Hangzhou, with related travel to Laos for ASEAN and a visit to Canada the week of September 12 for meetings and lectures." }, { "heading": "Key dates and numeric figures (as stated in the briefing)", "content": "- Embargo lift: 10:00 a.m. (Washington time).\n- IMF program amounts and financing\n - Ukraine program amount: about 17.5 billion.\n - Egypt staff-level agreement: $12 billion.\n - IMF financing portion for Egypt: $4 billion.\n - Additional financing sought by Egyptian authorities: five to six billion.\n- Missions and meetings\n - Mongolia mission: August 16 -19.\n - Mozambique IMF staff visit to Maputo: September 22 (expected to last about one week).\n - Greece Article IV consultation: second half of September.\n - Ukraine Board date: expected in the second half of September (targeted).\n- Forecasts and shares\n - U.S. share of global output noted as about 15 percent.\n - G-20 commitment referenced to increase GDP in 2018 by 2 percent.\n- SDR inclusion\n - RNB inclusion in the SDR basket: October 1st (noted by MR. Rice following the briefing).\n- Historical references\n - Last Greece Article IV concluded: June 2013.\n - First review of Ukraine program concluded: end of July, 2015.\n - Staff-level agreement with Egypt reached: August 11.\n\nItalicized attribution line provided by the pipeline.\n\n---\n\n\n References\n\n- Arab Republic of Egypt and the IMF\n- Greece and the IMF\n- Republic of Mozambique and the IMF\n- Russian Federation and the IMF\n- Ukraine and the IMF\n- Zimbabwe and the IMF\n- IMF Policy Advice -- A Factsheet\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications" } ], "bullets": [ "[Markdown version](/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications/index.md)", "[Structured JSON version](/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications/index.json)", "[Bundle manifest](/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications/bundle-manifest.json)", "Published: September 1, 2016", "Main messages", "Short- and long-term drivers of weak growth", "Policy strategy recommended", "Forecast process and timing", "Ukraine", "Greece", "Egypt", "Mongolia", "Mozambique", "Zimbabwe", "Venezuela", "Brexit", "Commodities and risk management", "Embargo and publications", "SDR and RNB inclusion", "Personnel and travel", "Embargo lift: 10:00 a.m. (Washington time).", "IMF program amounts and financing", "Missions and meetings", "Forecasts and shares", "SDR inclusion", "Historical references", "[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 Mozambique and the IMF](http://www.imf.org/external/country/MOZ/index.htm)", "[Russian Federation and the IMF](http://www.imf.org/external/country/RUS/index.htm)", "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)", "[Zimbabwe and the IMF](http://www.imf.org/external/country/ZWE/index.htm)", "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)", "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)", "[Transcripts](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications/index.md", "json": "/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications/index.json", "bundleManifest": "/en/news/articles/2016/09/06/tr01092016-transcript-of-a-press-briefing-with-gerry-rice-director-of-the-imf-communications/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T20:08:49.453Z" }