## Transcript of IMF Press Briefing _IMF News, May 11, 2017_ ## Source details **Canonical URL:** [Transcript of IMF Press Briefing](https://www.imf.org/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing) ## Other formats - [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) ## Bibliographic details - Published: May 11, 2017 --- ### Events and travel - 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: - 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. - 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. - May 20: deliver commencement speech at Washington College in Chestertown, Maryland. Media Relations will provide the speech under embargo. - First Deputy Managing Director David Lipton accompanying the Managing Director in Bari. - Deputy Managing Director Tao Zhang travel: - Tanzania: May 13 through May 18. - Malawi: May 18 through May 21. - Deliver a speech at the Central Bank of Tanzania on Wednesday, May 17th (event open to press). - Regional economic outlooks rollout: - Released: regional outlook for Central Eastern and Southeastern Europe (this morning). - Previously released: African regional outlook; Asia-Pacific regional outlook. - 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. ### Greece — policy agreement and debt sustainability discussions - Status summary: - IMF has come to preliminary agreements on economic policies essential for Greece (announced the prior week). - Next phase described as the "second leg of the stool": restoring debt sustainability for Greece. - No change in IMF position since the agreement on policy was achieved last week. - Debt discussions: - Paul Thomsen, Director of the European Department, emphasized that restoring debt sustainability must accompany policy reforms. - Discussions on debt sustainability "are only just getting underway." - The IMF requires a credible strategy to restore debt sustainability to proceed to the Executive Board with a firm proposal. - On specific negotiation points and timelines: - IMF declined to confirm reports of agreement on the primary surplus or on IMF participation in the EU program; stated that discussions are continuing. - 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. - IMF reiterated it will not go to its Board unless there is a credible debt sustainability component included in the package. - Consequences and conditionality: - Completion of the second review and any subsequent disbursement are contingent on a credible debt sustainability strategy being part of the overall package. - IMF will not comment on detailed domestic political preconditions (e.g., commitments from opposition parties) at this stage. ### France — priorities for reform - 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: - 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. - Strengthen job search incentives under the unemployment and welfare benefits system, and adapt education and training to the French labor market. - Ease business regulations and open up access to regulated professions to support a job-rich recovery. - IMF will revisit France in the 2017 Article IV consultation and provide further commentary after the mission. ### Sri Lanka — Inland Revenue Act and program review - 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. ### Press logistics and next briefing - Next regular briefing scheduled in two weeks. - Reminder: current briefing embargoed until 10:30 a.m. Washington time. *Transcript of IMF Press Briefing — May 11, 2017. IMF Communications Department.* --- ## References - [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) _Source: https://www.imf.org/en/news/articles/2017/05/11/tr05112017-transcript-of-imf-press-briefing_