{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, March 21, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing/index.md", "summary": "Transcript date: March 21, 2019.", "publishDate": "2019-03-21", "sections": [ { "heading": "Briefing logistics and announcements", "content": "- Transcript date: March 21, 2019.\n- Press officer: Gediminas Vilkas. Phone: +1 202 623-7100. Email: MEDIA@IMF.org.\n- Briefing embargo: embargoed until 10:30 a.m., that's Washington time.\n- Spring Meetings schedule and IMF release timeline:\n - April 2: Managing Director Christine Lagarde to deliver curtain raiser speech at the U.S. Chamber of Commerce at 9:30 in the morning, Tuesday, April 2.\n - April 3: Release of Analytical Chapters (issue-focused chapters) of the World Economic Outlook, including chapters on trade and the concentration of corporate power in some sectors.\n - April 4: Release of Analytical Chapters for the Global Financial Stability Report (including a chapter on housing prices) and the Analytical Chapter of the Fiscal Monitor on the fiscal costs of corruption.\n - April 9: Release of the World Economic Outlook; presented by Economic Counselor and Director of Research Gita Gopinath.\n - April 10: Release of the Global Financial Stability Report with Tobias Adrian and the Fiscal Monitor led by Vitor Gaspar.\n- Additional upcoming speeches and missions:\n - Christine Lagarde: opening remarks at the Peterson Institute next Monday (on international tax); keynote at Banque de France Symposium marking the 20th anniversary of the euro on March 28; visit to University Paris-Dauphine on March 28.\n - David Lipton (First Deputy MD): speech in Lisbon at the Bank of Portugal IMF Conference on March 25 (on Euro Area reform).\n - Tao Zhang (Deputy MD): in China from March 26 to 31 to represent the Fund at the Boao Forum and participate in Chengdu for the Inter-American Development Bank Annual Meeting.\n- Access: Analytical Chapters will be accompanied by briefing materials, webinars, and access to authors; registration for Spring Meetings available on IMF website." }, { "heading": "Humanitarian and emergency engagement", "content": "- Cyclone Idai: Christine Lagarde expressed solidarity with the people of Mozambique, Zimbabwe, and Malawi in the aftermath of Cyclone Idai; condolences to affected families and friends.\n- Operational response: An IMF staff team is now in Maputo to evaluate options for possible IMF support." }, { "heading": "Country assessments, program status, and policy guidance", "content": "- India\n - Growth: India has been \"one of the world's fastest growing large economies,\" with growth averaging about 7 percent over the past 5 years.\n - Policy priorities and IMF recommendations:\n - Accelerate the cleanup of banks and corporate balance sheets.\n - Continue fiscal consolidation, both at center and state levels.\n - Maintain reform momentum on structural reforms in factor markets (labor, land) and enhance the business climate to achieve faster and more inclusive growth.\n - Forthcoming analysis: More detail to be provided in the World Economic Outlook released on April 9.\n\n- Venezuela\n - Situation: The country faces a very difficult situation with enormous economic and humanitarian tolls.\n - IMF stance: The IMF \"stands ready to help once the question of official recognition of the government there has been clarified.\"\n - Governance and process considerations:\n - Prospective engagement would be predicated on guidance from the international community and IMF membership of 189 countries.\n - At the time of the briefing there was \"not yet clarity on that guidance.\"\n - No schedule or date for an IMF Executive Board meeting on the issue was available; no confirmation of specific consultations referenced by journalists.\n\n- United States\n - Federal Reserve policy: IMF supports the Fed's decision \"to be patient in determining future changes to the Federal funds rate\" given global uncertainties; emphasizes data dependence and clear communication to minimize market disruptions.\n - Macroeconomic outlook: The U.S. outlook described as \"strong\" with historically low unemployment, high consumer and business confidence, and aided by the fiscal expansion underway.\n - Further details: To be updated in the World Economic Outlook.\n\n- Argentina\n - Program status: Staff-level agreement on the program reached; Board approval expected \"in the next few weeks\" following standard sequencing; full staff report to be published at that time.\n - Fiscal assessment:\n - Authorities met the 2018 primary deficit target.\n - IMF view: \"Achieving the zero primary deficit this year will require a tight control of primary spending\" and will place Argentina's debt to GDP on a decisive downward path.\n - Clarification: The zero primary deficit target is \"not a new requirement or a new target\" but aligns with the authorities' stated objective for 2019.\n - Social protection: IMF emphasizes it is \"critical that the high-impact, social spending programs are preserved\" during fiscal consolidation.\n - Political context: IMF states it supports member countries regardless of political complexion and \"stands ready to work with any Argentine government.\"\n\n- Turkey\n - Economic assessment: Turkey’s economy is \"slowing sharply\" with underlying vulnerabilities remaining.\n - IMF advice: Authorities are urged \"to pursue a comprehensive set of policies to credibly and consistently address the key underlying imbalances.\"\n - Recent actions: IMF staff assessing the possible impact of recently announced tax changes.\n\n- Greece\n - Progress: Reforms implemented have put Greece \"on a much better path in terms of sustainability of the economy and growth\"; credit given to Greek authorities and people for perseverance.\n - IMF engagement: No financing program currently with Greece, but the Fund will support through analysis, research, and capacity development.\n - Early repayment of IMF loans: Decision is for Greek authorities to make in consultation with other official creditors \"where appropriate\"; early repayment would reduce interest costs but is a sovereign choice.\n\n- Haiti\n - Program status: A staff-level agreement on a potential program exists but IMF cannot bring it forward to the Board until there is clarity on formation of a new government and the introduction of a budget.\n - IMF request: Resolution of policy and political uncertainties is needed for program processing to resume.\n\n- Tunisia\n - Mission: IMF staff team to be in Tunisia next week for the fifth review of Tunisia’s economic reform program.\n - Assessment: Tunisia has made important progress and is experiencing a modest recovery, but vulnerabilities remain: deficits and debt are large, inflation is high, and foreign exchange reserves are low.\n - IMF recommendations: Strengthen macroeconomic policies and reforms in support of job creation and growth; prioritize social protection for the vulnerable. IMF encourages the international community to step up support to Tunisia.\n\n- Pakistan\n - Negotiations: IMF and Pakistan are \"closely engaged\" in ongoing discussions; Madame Lagarde has met with Pakistan’s Prime Minister.\n - Missions: A mission to Pakistan is expected \"shortly\" though no exact date was provided.\n - Financing: No specific amount disclosed; financing decisions will be discussed during consultations.\n\n- Egypt\n - Staff report: The Egypt staff report has \"gone through most of the clearance process\" and \"the Egyptian government supports its publication\" — expected \"very soon\" though no specific date was given." }, { "heading": "Trade, tariffs, and analytical work", "content": "- World Economic Outlook (WEO) analytical focus:\n - Two Analytical Chapters on trade in the upcoming WEO, one specifically addressing tariffs.\n - WEO will address issues including trade tensions, trade frameworks, the digital economy, intellectual property, and concerns about people being left behind by trade integration.\n- U.S.–China tariffs and modeling assumptions:\n - Previous WEO update assumed that tariffs would increase \"from 10% to 25% on the 200 billion dollars worth of goods.\"\n - Negotiations ongoing; the upcoming WEO and Analytical Chapters will provide updated analysis and assumptions." }, { "heading": "Key policy messages and priorities emphasized by IMF at briefing", "content": "- Support for data-dependent, carefully communicated monetary policy to minimize market disruption.\n- For emerging and vulnerable economies: prioritize fiscal consolidation where needed while protecting high-impact social spending.\n- Continue structural reforms to bolster growth: banking/corporate balance-sheet cleanup, labor and land reforms, improvements to business climate, and measures to create jobs.\n- IMF engagement and program activation are contingent on clear official recognition and guidance in cases where political legitimacy is disputed.\n- The IMF positions itself as a partner for capacity development, policy advice, and program financing where requested and warranted by member countries.\n\nTranscript of IMF Press Briefing, March 21, 2019. International Monetary Fund.\n\n---\n\n\n References\n\n- People's Republic of China and the IMF\n- Arab Republic of Egypt and the IMF\n- Argentina and the IMF\n- France and the IMF\n- Greece and the IMF\n- Haiti and the IMF\n- India and the IMF\n- Pakistan and the IMF\n- Republic of Mozambique and the IMF\n- República Bolivariana de Venezuela and the IMF\n- Tunisia and the IMF\n- Republic of Türkiye and the IMF\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: March 21, 2019", "Transcript date: March 21, 2019.", "Press officer: Gediminas Vilkas. Phone: +1 202 623-7100. Email: MEDIA@IMF.org.", "Briefing embargo: embargoed until 10:30 a.m., that's Washington time.", "Spring Meetings schedule and IMF release timeline:", "Additional upcoming speeches and missions:", "Access: Analytical Chapters will be accompanied by briefing materials, webinars, and access to authors; registration for Spring Meetings available on IMF website.", "Cyclone Idai: Christine Lagarde expressed solidarity with the people of Mozambique, Zimbabwe, and Malawi in the aftermath of Cyclone Idai; condolences to affected families and friends.", "Operational response: An IMF staff team is now in Maputo to evaluate options for possible IMF support.", "India", "Venezuela", "United States", "Argentina", "Turkey", "Greece", "Haiti", "Tunisia", "Pakistan", "Egypt", "World Economic Outlook (WEO) analytical focus:", "U.S.–China tariffs and modeling assumptions:", "Support for data-dependent, carefully communicated monetary policy to minimize market disruption.", "For emerging and vulnerable economies: prioritize fiscal consolidation where needed while protecting high-impact social spending.", "Continue structural reforms to bolster growth: banking/corporate balance-sheet cleanup, labor and land reforms, improvements to business climate, and measures to create jobs.", "IMF engagement and program activation are contingent on clear official recognition and guidance in cases where political legitimacy is disputed.", "The IMF positions itself as a partner for capacity development, policy advice, and program financing where requested and warranted by member countries.", "[People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)", "[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)", "[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)", "[Haiti and the IMF](http://www.imf.org/external/country/HTI/index.htm)", "[India and the IMF](http://www.imf.org/external/country/IND/index.htm)", "[Pakistan and the IMF](http://www.imf.org/external/country/PAK/index.htm)", "[Republic of Mozambique and the IMF](http://www.imf.org/external/country/MOZ/index.htm)", "[República Bolivariana de Venezuela and the IMF](http://www.imf.org/external/country/VEN/index.htm)", "[Tunisia and the IMF](http://www.imf.org/external/country/TUN/index.htm)", "[Republic of Türkiye and the IMF](http://www.imf.org/external/country/TUR/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/2019/03/21/tr032119-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2019/03/21/tr032119-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T22:36:20.473Z" }