{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, March 7, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing/index.md", "summary": "Embargoed until 10:30 a.m. Washington time for this briefing.", "publishDate": "2019-03-07", "sections": [ { "heading": "Press logistics and upcoming events", "content": "- Embargoed until 10:30 a.m. Washington time for this briefing.\n- Contact details listed: Phone: +1 202 623-7100 Email: MEDIA@IMF.org\n- IMF events and travel noted:\n - International Women's Day event: Christine Lagarde and Kristalina Georgieva conversation on leadership; event correction: \"the event starts at 3:00 p.m.\" (originally announced as 3:30 p.m.). Live webcast.\n - David Lipton at CSIS on March 13 to launch an IMF book on the future of China's bond market.\n - Spring Meetings registration noted.\n- Fund emphasis: gender issues permeate programs, surveillance, analysis, research, capacity development; Finance and Development magazine issue focused on women's role in the economy." }, { "heading": "Venezuela: situation and IMF engagement", "content": "- Current situation described as \"one of the most complex situations\" with a combination of:\n - food and nutrition crises,\n - hyperinflation,\n - a destabilized exchange rate,\n - debilitating human capital and physical productive capacity,\n - a very complicated debt situation.\n- IMF position on engagement:\n - Any determination on recognition of Venezuela's government by the IMF has yet to be made.\n - The IMF is \"guided in situations like this by the international community\" and by its membership of \"189 countries\".\n - Prospective engagement is predicated on the determination of official recognition being made.\n- Process and Board considerations:\n - Management would make a recommendation to the Executive Board for discussion.\n - Past practice: decision has rested on a majority of the voting par of the members of the Board.\n - Public/official government recognition can sometimes obviate a formal vote if clear.\n- Outreach and contacts:\n - Mr. Rice: \"I'm not aware\" of recent contact between the IMF and Venezuelan authorities or White House staff over the past month and a half." }, { "heading": "European Central Bank (ECB) announcement reaction", "content": "- IMF view on ECB actions the morning of the briefing:\n - Revised forward guidance and new targeted refinancing operations are \"appropriate steps to maintain strongly accommodative monetary and private sector credit conditions.\"\n - Such measures are warranted \"until inflation is convincingly converging to the objective set by the ECB.\"" }, { "heading": "Zimbabwe: engagements and currency reform", "content": "- Visits and meetings:\n - Finance Minister Ncube met with Managing Director Lagarde and senior Africa Department officials.\n- IMF interaction:\n - No IMF financing program currently with Zimbabwe; the Fund continues discussions to assist implementation of the transitional stabilization program.\n - Preconditions for an IMF financing program include clearance of arrears to other international financial institutions and financing assurances from bilateral creditors, agreement on policies, etc.\n- On recent currency reform:\n - IMF initial evaluation: \"a step in the right direction\" to address distortions that have impaired macroeconomic outcomes.\n - Success hinges on implementation of:\n - an effective overall monetary policy framework,\n - market-determined interest and exchange rates,\n - prudent fiscal policies." }, { "heading": "Argentina: third review and mission activity", "content": "- IMF staff team led by Mission Chief Roberto Cardarelli is in Buenos Aires for the third review of Argentina's economic plan.\n- Expected communications:\n - A staff statement is expected \"relatively soon\" in the coming days; the Board would meet \"within a matter of weeks\" after a staff-level agreement or staff statement.\n- Assessment highlights:\n - \"Important progress continues to be made.\"\n - The plan has been \"effective in addressing the major macro imbalances\" so far.\n- Political engagement:\n - IMF staff met with government, central bank, private sector, academia, civil society, and opposition — described as normal under program conditions.\n - The IMF's mission is to support the country regardless of political changes; elections create uncertainties." }, { "heading": "China: growth target, fiscal measures, and transparency", "content": "- Government work report:\n - New growth goal set \"between 6 and 6.5 percent\" (compared to \"around 6.5 percent\" last year).\n - IMF view: resetting the growth target allows focus on \"improving the quality of growth\" rather than high quantity and helps avoid excessive debt.\n- Tax and fee cuts:\n - Cuts to the relatively high Social Security contribution rate viewed as \"a positive step\" because the rate penalizes employment.\n - Reduction in the dispersion of VAT rates is \"a positive step\" to reduce inefficiencies and tax avoidance.\n - IMF recommendation: accompany these reforms with measures to ensure overall fiscal policy supports consumption, including making the tax system more progressive, expanding health, pensions, education spending, and transferring more to poorer households; ensure fiscal deficit sustainability.\n- Transparency and exchange-rate issues:\n - China has \"come a very long way\" in transparency and openness regarding foreign exchange and currency issues.\n - Further progress under Governor Yi Gang noted.\n - IMF will examine these issues in detail in the upcoming Article IV consultation \"early in the summer this year.\"" }, { "heading": "Greece: post-program monitoring and non-performing loans", "content": "- IMF status:\n - The IMF is in post-program monitoring with Greece; no financing program currently with the IMF.\n - The post-program monitoring report was expected to be published \"next week\" (from the briefing date).\n- Early repayment of IMF loans:\n - Decision rests with the Greek government, in consultation with other creditors where appropriate.\n - Early repayment would reduce the overall interest rate for Greece but \"would not affect the post program monitoring process.\"\n- Non-performing loans:\n - Strengthening bank balance sheets to improve credit provision is an important issue; staff preliminary views referenced in the first post-program monitoring mission.\n - More detailed assessment to appear in the forthcoming post-program monitoring report." }, { "heading": "Haiti: Article IV and proposed financial arrangement", "content": "- IMF mission currently in Port-au-Prince to complete the Article IV consultation and discuss a possible IMF financial arrangement.\n- Proposed financing:\n - Described as \"highly concessional, on the most concessional terms we can offer for Haiti.\"\n - Will highlight social protection and the fight against corruption.\n - Any fuel price adjustments would be deferred \"until the government is able to guarantee that the most vulnerable will be protected.\"" }, { "heading": "Ghana: program conclusion and post-program monitoring", "content": "- IMF Board expected to consider the combined 7th and 8th reviews of the program by the end of the month, which \"would indeed successfully conclude the program.\"\n- Post-program engagement:\n - Regular Article IV surveillance, capacity development, and a post-program monitoring arrangement as is normal." }, { "heading": "Egypt: fourth review publication", "content": "- Egyptian authorities have agreed to publish the staff report and related document for the 4th review; IMF expects these documents \"to be posted very soon.\"" }, { "heading": "Jordan: donor conference and financing needs", "content": "- London Donors Conference:\n - IMF Managing Director Lagarde attended; IMF strongly supports increased external financial support for Jordan.\n- Economic challenges:\n - Growth is low; unemployment high especially for youth and women; high public deficit and debt levels; the refugee crisis places extraordinary strain.\n- IMF stance:\n - Jordan \"needs additional financial support, particularly in the form of budgetary grants\" to help reform and build resilience and self-reliance; IMF will push for the right kind of external support." }, { "heading": "IMF governance and recognition procedures (as applied to country authorities)", "content": "- Recognition process overview:\n - Management discusses the issue and makes a recommendation to the Executive Board.\n - Decisions have rested on a majority of the voting par of the Board members in the past.\n - If public and official statements by governments make recognition clear, a formal vote may not always be necessary.\n- Other international organizations:\n - The situation for Venezuela was noted as fluid; other organizations, including the United Nations, \"have not made this determination as yet.\"\n\nIMF Communications Department — March 7, 2019.\n\n---\n\n\n References\n\n- Arab Republic of Egypt and the IMF\n- Argentina and the IMF\n- Ghana and the IMF\n- Greece and the IMF\n- Haiti and the IMF\n- Jordan and the IMF\n- República Bolivariana de Venezuela and the IMF\n- Zimbabwe and the IMF\n- IMF Policy Advice -- A Factsheet\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: March 7, 2019", "Embargoed until 10:30 a.m. Washington time for this briefing.", "Contact details listed: Phone: +1 202 623-7100 Email: MEDIA@IMF.org", "IMF events and travel noted:", "Fund emphasis: gender issues permeate programs, surveillance, analysis, research, capacity development; Finance and Development magazine issue focused on women's role in the economy.", "Current situation described as \"one of the most complex situations\" with a combination of:", "IMF position on engagement:", "Process and Board considerations:", "Outreach and contacts:", "IMF view on ECB actions the morning of the briefing:", "Visits and meetings:", "IMF interaction:", "On recent currency reform:", "IMF staff team led by Mission Chief Roberto Cardarelli is in Buenos Aires for the third review of Argentina's economic plan.", "Expected communications:", "Assessment highlights:", "Political engagement:", "Government work report:", "Tax and fee cuts:", "Transparency and exchange-rate issues:", "IMF status:", "Early repayment of IMF loans:", "Non-performing loans:", "IMF mission currently in Port-au-Prince to complete the Article IV consultation and discuss a possible IMF financial arrangement.", "Proposed financing:", "IMF Board expected to consider the combined 7th and 8th reviews of the program by the end of the month, which \"would indeed successfully conclude the program.\"", "Post-program engagement:", "Egyptian authorities have agreed to publish the staff report and related document for the 4th review; IMF expects these documents \"to be posted very soon.\"", "London Donors Conference:", "Economic challenges:", "IMF stance:", "Recognition process overview:", "Other international organizations:", "[Arab Republic of Egypt and the IMF](http://www.imf.org/external/country/EGY/index.htm)", "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)", "[Ghana and the IMF](http://www.imf.org/external/country/GHA/index.htm)", "[Greece and the IMF](http://www.imf.org/external/country/GRC/index.htm)", "[Haiti and the IMF](http://www.imf.org/external/country/HTI/index.htm)", "[Jordan and the IMF](http://www.imf.org/external/country/JOR/index.htm)", "[República Bolivariana de Venezuela and the IMF](http://www.imf.org/external/country/VEN/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)", "[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/2019/03/07/tr03072019-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2019/03/07/tr03072019-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T22:34:33.710Z" }