## Transcript on the October 2018 International Monetary and Finance Committee Press Briefing

_IMF News, October 13, 2018_

## Source details

**Canonical URL:** [Transcript on the October 2018 International Monetary and Finance Committee Press Briefing](https://www.imf.org/en/news/articles/2018/10/13/tr101318-transcript-on-the-october-2018-international-monetary-and-finance-committee-press-briefing)

## Other formats

- [Markdown version](/en/news/articles/2018/10/13/tr101318-transcript-on-the-october-2018-international-monetary-and-finance-committee-press-briefing/index.md)
- [Structured JSON version](/en/news/articles/2018/10/13/tr101318-transcript-on-the-october-2018-international-monetary-and-finance-committee-press-briefing/index.json)
- [Bundle manifest](/en/news/articles/2018/10/13/tr101318-transcript-on-the-october-2018-international-monetary-and-finance-committee-press-briefing/bundle-manifest.json)

## Bibliographic details
- Published: October 13, 2018

---

### Global outlook and growth assessment
- The global expansion "remains strong; however, the recovery is increasingly uneven."
- Global growth level cited: "3.7 percent" and described as "way above the average growth that we have had in the last 10 years" but "plateauing."
- Identified downside risks and factors:
  - "heightened trade tensions"
  - "ongoing geopolitical concerns"
  - "tighter financial conditions particularly affecting many emerging markets and developing countries"
  - "policy uncertainty"
  - "historically high debt levels"
  - "rising financial vulnerabilities"
- Implication: These risks "could further undermine confidence and growth prospects."

### Policy recommendations and priorities
- Fiscal policy:
  - "ensuring growth-friendly, flexible fiscal policies and rebuilding buffers where needed"
- Monetary policy:
  - "having data-dependent, well-communicated monetary policies"
- Financial and structural policy:
  - "advancing financial and structural reforms"
- Trade and international cooperation:
  - "step up dialogue and actions to mitigate risks and enhance confidence in international trade"
  - Message to deescalate trade tensions and "please, dialogue"
- Exchange rates:
  - Commit to "refrain from competitive devaluations or otherwise target exchange rates for competitive purposes"
- Debt and financing:
  - "working together to enhance debt transparency and sustainable financing practices by debtors and creditors, both public and private"
  - "strengthen creditor coordination in debt-structuring situations"
- Sustainable Development:
  - "continue to support efforts to achieve the 2030 Sustainable Development Goals"

### Institutional commitments and timelines
- Governance review:
  - Reaffirmed commitment to concluding "the 15th General Review of Quotas" and agreeing on "a new quota formula"
  - Called on the Executive Board to "work expeditiously towards its completion by the Spring Meetings of 2019 and no later than the Annual Meetings of 2019"

### Fintech: Bali Fintech Agenda, opportunities, and risks
- Bali Fintech Agenda:
  - Highlights "the 12 key principles that we want the membership to address"
  - Purpose: ensure technological developments "are actually for the benefit of people and do not shake the financial stability of the world"
- Opportunities emphasized:
  - Financial inclusion: "Fintech offers incredible opportunities for financial inclusion"
  - Mobile payments: "more than half of the mobile payment users are set to be on the African continent"
  - Cross-border remittances and regional payment systems: example of "SADC (Southern African Development Community) RTGS (real-time gross settlement)" facilitating movement of money within SADC and addressing correspondent banking deadlines
  - Distributed ledger technology pilot: "Project Khokha" — pilot settled the normal daily volume "in 1-1/2 hours"
- Risks and regulatory considerations:
  - Need to ensure regulators "are geared to be able to make sure that the users of financial services are adequately protected with fintech"
  - Bali Agenda stresses addressing associated risks while "strengthen collaboration to liberate financial technology"

### Regional focus: Africa
- Africa Rising narrative:
  - Assertion: "Africa continues to rise" though noting caveats
  - Commodities dependence: "Africa is a commodities play" which affects the narrative
  - Diversification: "lots of countries have also begun to diversify"; "South Africa... is one of the more diversified economies"
  - Conditional observation: "if you were to take Nigeria and South Africa out of Sub-Saharan Africa, Sub-Saharan Africa is still growing very strongly"
- IMF programs and assistance:
  - Statement: "lots of African countries... are waiting for assistance and have approached the IMF" (no program-specific numbers or timelines provided in the transcript)

### Communication and conduct
- Leadership remarks:
  - Praise for President Joko Widodo's presentation and Indonesia's hospitality during the Annual Meetings in Bali
  - Emphasis on cooperation: "steer the boat. Do not drift, and sail together" — policy focus on staying the course and cooperating internationally
- Human rights and country engagement:
  - Managing Director's stance: "human rights, freedom of information, are essential rights" and she will "speak my mind" when visiting countries while continuing IMF engagement

*Transcript on the October 2018 International Monetary and Finance Committee Press Briefing — October 13, 2018. IMF Communications Department*

---


## References

- [Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)
- [Indonesia and the IMF](http://www.imf.org/external/country/IDN/index.htm)
- [South Africa and the IMF](http://www.imf.org/external/country/ZAF/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/2018/10/13/tr101318-transcript-on-the-october-2018-international-monetary-and-finance-committee-press-briefing_