{
  "title": "IMFC Press Conference",
  "publication": "IMF News, April 13, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/04/13/tr041319-transcript-imfc-press-conference",
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  "summary": "Event: IMFC Press Conference",
  "publishDate": "2019-04-13",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Event: IMFC Press Conference\n- Date: April 13, 2019\n- Time: 12:45 p.m. ‑ 1:20 p.m.\n- Speakers: Lesetja Kganyago (Chairman, IMFC; Governor, Reserve Bank of South Africa), Christine Lagarde (Managing Director, IMF), Gerry Rice (Director, Communications Department, IMF)\n- Media relations contact: PRESS OFFICER: Alistair Thomson; Phone: +1 202 623-7100; Email: MEDIA@IMF.org"
    },
    {
      "heading": "Global economic outlook and risks",
      "content": "- Finding: Global expansion is continuing but at a slower pace since the IMFC last convened in October.\n- Projection: A pickup is expected next year, but with notable downside risks.\n- Downside risks highlighted:\n  - Trade tensions\n  - Geopolitical risks\n  - Political uncertainties\n- Recommendation: Act promptly to protect the expansion."
    },
    {
      "heading": "Policy guidance and recommendations",
      "content": "- Fiscal policy:\n  - Should remain flexible and growth‑friendly.\n  - Rebuild buffers.\n  - Strike the right chord between debt sustainability and supporting demand.\n  - Social objectives should be considered in the fiscal mix.\n- Monetary policy:\n  - Ensure inflation is on track towards target.\n  - Keep inflation expectations well anchored.\n  - Decisions should be well‑communicated and data‑dependent.\n- Financial stability:\n  - Tackle emerging financial stability risks with all available tools, including macroprudential tools.\n- Governance of the IMF:\n  - Reaffirmed commitment to a strong, quota‑based, and adequately resourced IMF.\n  - Goal: complete reforms by the time the IMFC next meets in October at the Annual Meetings."
    },
    {
      "heading": "Global cooperation priorities",
      "content": "- Joint action and upgraded international cooperation flagged as themes.\n- Priorities identified:\n  - Trade\n  - Global imbalances\n  - International corporate taxation\n  - Debt vulnerabilities\n  - Climate change\n  - Cyber risks\n- Support noted for Christine Lagarde's Global Policy Agenda addressing these challenges."
    },
    {
      "heading": "Central bank independence, accountability, and communication",
      "content": "- Observations:\n  - Renewed political pressure on some central banks noted.\n  - Key principles emphasized by central bank governors:\n    - Accountability — clearly report back to those they are accountable to.\n    - Transparency — transparent processes for decisions.\n    - Communication — improve how central bankers communicate technical decisions.\n- Conclusion: Independence has served central banks well; clearer mandates facilitate accountability. Broader mandates can make accountability more difficult."
    },
    {
      "heading": "Trade scenario impacts (quantified)",
      "content": "- Data points provided by Managing Director Christine Lagarde:\n  - Total volume of goods traded between the U.S. and China cited: $500 billion.\n  - Applying tariffs to a large portion of traded goods between the U.S. and China: puts at risk 0.8 percent of global growth.\n  - Eliminating only 25 percent of the barriers on the trading of services: yields a positive effect of 0.8 percent on global growth."
    },
    {
      "heading": "Country‑specific notes",
      "content": "- China:\n  - China is a member of the IMF and subject to an Article IV assessment; developments in China affect the global economy.\n- Japan and G20 expectations:\n  - Support for Japan’s leadership of the G20; priorities include demographics, health/pension/fiscal space, and global imbalances addressed via saving‑investment balance.\n- Venezuela:\n  - IMF extremely concerned about the humanitarian crisis and displacement affecting millions.\n  - IMF actions guided by membership recognition of authorities; readiness to help once membership positions allow.\n- Zimbabwe:\n  - IMF will conduct a staff‑monitored program with Zimbabwe.\n  - Social protection and inclusion principles to be applied, with a social protection framework to be discussed at the Board in the next few weeks.\n  - Potential role for financial technologies to enhance inclusion given current monetary and currency situation.\n- Greece:\n  - Informal discussion noted between Managing Director Lagarde and Euclid Tsakalotos about Greece’s economy, fiscal policies, primary surplus, and Greek cinema."
    },
    {
      "heading": "Communications and next steps",
      "content": "- IMFC communiqué captures agreed assessments and policy recommendations.\n- Momentum noted coming out of the Spring Meetings, with progress toward completing IMF governance reforms by the Annual Meetings in October.\n\nIMFC Press Conference — April 13, 2019\n\n---\n\n\n References\n\n- People's Republic of China and the IMF\n- Japan and the IMF\n- South Africa and the IMF\n- United States and the IMF\n- Zimbabwe and the IMF\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/04/13/tr041319-transcript-imfc-press-conference"
    }
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    "Published: April 13, 2019",
    "Event: IMFC Press Conference",
    "Date: April 13, 2019",
    "Time: 12:45 p.m. ‑ 1:20 p.m.",
    "Speakers: Lesetja Kganyago (Chairman, IMFC; Governor, Reserve Bank of South Africa), Christine Lagarde (Managing Director, IMF), Gerry Rice (Director, Communications Department, IMF)",
    "Media relations contact: PRESS OFFICER: Alistair Thomson; Phone: +1 202 623-7100; Email: MEDIA@IMF.org",
    "Finding: Global expansion is continuing but at a slower pace since the IMFC last convened in October.",
    "Projection: A pickup is expected next year, but with notable downside risks.",
    "Downside risks highlighted:",
    "Recommendation: Act promptly to protect the expansion.",
    "Fiscal policy:",
    "Monetary policy:",
    "Financial stability:",
    "Governance of the IMF:",
    "Joint action and upgraded international cooperation flagged as themes.",
    "Priorities identified:",
    "Support noted for Christine Lagarde's Global Policy Agenda addressing these challenges.",
    "Observations:",
    "Conclusion: Independence has served central banks well; clearer mandates facilitate accountability. Broader mandates can make accountability more difficult.",
    "Data points provided by Managing Director Christine Lagarde:",
    "China:",
    "Japan and G20 expectations:",
    "Venezuela:",
    "Zimbabwe:",
    "Greece:",
    "IMFC communiqué captures agreed assessments and policy recommendations.",
    "Momentum noted coming out of the Spring Meetings, with progress toward completing IMF governance reforms by the Annual Meetings in October.",
    "[People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)",
    "[Japan and the IMF](http://www.imf.org/external/country/JPN/index.htm)",
    "[South Africa and the IMF](http://www.imf.org/external/country/ZAF/index.htm)",
    "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)",
    "[Zimbabwe and the IMF](http://www.imf.org/external/country/ZWE/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)"
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