{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, May 11, 2017", "sourceUrl": "https://www.imf.org/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing/index.md", "summary": "Press briefing date: May 11, 2017.", "publishDate": "2017-05-11", "sections": [ { "heading": "Events and travel", "content": "- Press briefing date: May 11, 2017.\n- Press Officer: Bruno Pierre Silvestre. Phone: +1 202 623-7100. Email: MEDIA@IMF.org\n- Embargo: briefing embargoed until 10:30 a.m. Washington time.\n- Managing Director Christine Lagarde travel:\n - May 12 and May 13: Bari, Italy for the G7 Finance Ministers and Central Bank Governors meeting. Three main themes: inclusive growth; security as a global public good; international taxation.\n - May 14 and May 15: Beijing for the Belt and Road Forum hosted by Chinese President Xi. Expected remarks at the plenary session on Sunday, May 14th (morning) and at a thematic session on financial connectivity on Sunday afternoon, May 14th. Participation in a leader’s roundtable scheduled for Monday, May 15th. Meetings with Chinese leadership and other senior officials while in Beijing.\n - May 20: deliver commencement speech at Washington College in Chestertown, Maryland. Media Relations will provide the speech under embargo.\n- First Deputy Managing Director David Lipton accompanying the Managing Director in Bari.\n- Deputy Managing Director Tao Zhang travel:\n - Tanzania: May 13 through May 18.\n - Malawi: May 18 through May 21.\n - Deliver a speech at the Central Bank of Tanzania on Wednesday, May 17th (event open to press).\n- Regional economic outlooks rollout:\n - Released: regional outlook for Central Eastern and Southeastern Europe (this morning).\n - Previously released: African regional outlook; Asia-Pacific regional outlook.\n - Upcoming: Western Hemisphere Department’s regional outlook (Latin America and the Caribbean) launch in Sao Paulo, Brazil on Friday May 19th at 9:30 a.m. local time. Western Hemisphere Director Alejandro Werner to present; event to be webcast live on IMF.org." }, { "heading": "Greece — policy agreement and debt sustainability discussions", "content": "- Status summary:\n - IMF has come to preliminary agreements on economic policies essential for Greece (announced the prior week).\n - Next phase described as the \"second leg of the stool\": restoring debt sustainability for Greece.\n - No change in IMF position since the agreement on policy was achieved last week.\n- Debt discussions:\n - Paul Thomsen, Director of the European Department, emphasized that restoring debt sustainability must accompany policy reforms.\n - Discussions on debt sustainability \"are only just getting underway.\"\n - The IMF requires a credible strategy to restore debt sustainability to proceed to the Executive Board with a firm proposal.\n- On specific negotiation points and timelines:\n - IMF declined to confirm reports of agreement on the primary surplus or on IMF participation in the EU program; stated that discussions are continuing.\n - When asked directly whether discussions have started: response was that they \"have started in a fashion\" but no precise details on locations or timing were provided.\n - IMF reiterated it will not go to its Board unless there is a credible debt sustainability component included in the package.\n- Consequences and conditionality:\n - Completion of the second review and any subsequent disbursement are contingent on a credible debt sustainability strategy being part of the overall package.\n - IMF will not comment on detailed domestic political preconditions (e.g., commitments from opposition parties) at this stage." }, { "heading": "France — priorities for reform", "content": "- Managing Director congratulated Emmanuel Macron and indicated intention to continue collaboration with France.\n- IMF identified three main reform priorities from the 2016 Article IV review:\n - Reverse the trend of rising public debt by limiting the growth of government spending via various reforms, potentially creating room to alleviate France’s heavy tax burden.\n - Strengthen job search incentives under the unemployment and welfare benefits system, and adapt education and training to the French labor market.\n - Ease business regulations and open up access to regulated professions to support a job-rich recovery.\n- IMF will revisit France in the 2017 Article IV consultation and provide further commentary after the mission." }, { "heading": "Sri Lanka — Inland Revenue Act and program review", "content": "- Staff-level agreement in Sri Lanka reached on May 3rd (last week).\n- Agreement is subject to completion of a prior action: submission of the Inland Revenue Act to Parliament (agreed earlier this year).\n- IMF legal experts are analyzing the content of the new draft bill and are in discussions with the Sri Lankan authorities.\n- The likelihood and timing of completing the second loan review and authorizing a third disbursement depend on resolution of the prior action and legal analysis." }, { "heading": "Press logistics and next briefing", "content": "- Next regular briefing scheduled in two weeks.\n- Reminder: current briefing embargoed until 10:30 a.m. Washington time.\n\nTranscript of IMF Press Briefing — May 11, 2017. IMF Communications Department.\n\n---\n\n\n References\n\n- People's Republic of China and the IMF\n- France and the IMF\n- Greece and the IMF\n- Sri Lanka and the IMF\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: May 11, 2017", "Press briefing date: May 11, 2017.", "Press Officer: Bruno Pierre Silvestre. Phone: +1 202 623-7100. Email: MEDIA@IMF.org", "Embargo: briefing embargoed until 10:30 a.m. Washington time.", "Managing Director Christine Lagarde travel:", "First Deputy Managing Director David Lipton accompanying the Managing Director in Bari.", "Deputy Managing Director Tao Zhang travel:", "Regional economic outlooks rollout:", "Status summary:", "Debt discussions:", "On specific negotiation points and timelines:", "Consequences and conditionality:", "Managing Director congratulated Emmanuel Macron and indicated intention to continue collaboration with France.", "IMF identified three main reform priorities from the 2016 Article IV review:", "IMF will revisit France in the 2017 Article IV consultation and provide further commentary after the mission.", "Staff-level agreement in Sri Lanka reached on May 3rd (last week).", "Agreement is subject to completion of a prior action: submission of the Inland Revenue Act to Parliament (agreed earlier this year).", "IMF legal experts are analyzing the content of the new draft bill and are in discussions with the Sri Lankan authorities.", "The likelihood and timing of completing the second loan review and authorizing a third disbursement depend on resolution of the prior action and legal analysis.", "Next regular briefing scheduled in two weeks.", "Reminder: current briefing embargoed until 10:30 a.m. Washington time.", "[People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)", "[France and the IMF](http://www.imf.org/external/country/FRA/index.htm)", "[Greece and the IMF](http://www.imf.org/external/country/GRC/index.htm)", "[Sri Lanka and the IMF](http://www.imf.org/external/country/LKA/index.htm)", "[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/2017/05/11/tr05112017-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T20:49:16.998Z" }