{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, June 27, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing/index.md", "summary": "Briefing date: June 27, 2019.", "publishDate": "2019-06-27", "sections": [ { "heading": "Announcements and Upcoming Events", "content": "- Briefing date: June 27, 2019.\n- Communications lead: Camilla Andersen, Communications Department.\n- PRESS OFFICER: Raphael Anspach — Phone: +1 202 623-7100 Email: MEDIA@IMF.org\n- Embargo: briefing embargoed until 10:30 a.m. Washington Time.\n- Scheduled visits and events:\n - June 28th and 29th: Managing Director Christine Lagarde and First Deputy Managing Director David Lipton to attend G20 Summit in Osaka, Japan.\n - July 5th and 6th: Madame Lagarde to attend the Plenary Session at the B7 Business Summit in Aix-en-Provence, France.\n - July 2nd: Mr. Lipton to participate in a Panel at the Ukraine Reform Conference in Toronto.\n - July 23rd in Santiago, Chile: World Economic Outlook Update and press conference led by Economic Counselor Gita Gopinath (new global forecasts will be presented)." }, { "heading": "Argentina — Engagement and Program Review", "content": "- Meetings confirmed:\n - Managing Director expected to meet President Mauricio Macri and Economy Minister Nicolás Dujovne at the G20 Summit in Osaka.\n - Alejandro Werner (Director, Western Hemisphere Department) and Trevor Alleyne (Resident Representative in Argentina) met with Alberto Fernández and Roberto Lavagna to exchange views on Argentina’s economic outlook and policy priorities.\n- IMF approach and messaging:\n - IMF proactively engages with political stakeholders, especially in program countries, to hear views and understand objectives and policies.\n - Strong, sustained and consistent policy implementation and broad ownership of the economic plan are described as crucial for Argentina's economic stabilization and return to growth.\n - The current plan is designed to return Argentina's economy to balance at the end of the program and has been effective in addressing major macroeconomic imbalances.\n- Fourth Review status:\n - Conversations regarding the Fourth Review are ongoing and likely to be touched upon in Osaka meetings; no staff agreement announcement was provided in this briefing." }, { "heading": "Egypt", "content": "- Status:\n - IMF is not currently negotiating a new IMF-supported program with Egypt; priority is to successfully complete the current program.\n - Discussions on future engagement would follow completion of the current program.\n- IMF readiness:\n - IMF stands ready to support Egypt in transforming the economy to achieve high-sustained growth, job creation, and new opportunities." }, { "heading": "Sri Lanka", "content": "- Program and disbursements:\n - On May 13th, IMF's Executive Board completed the Fifth Review of Sri Lanka's 1.5 Billion loan under the Extended Fund Facility; so far $164 million has been disbursed.\n - Program extended until June 2020 to help anchor macroeconomic stability following the terrorist attacks.\n- Market developments:\n - Market conditions are normalizing; on June 24th, Sri Lanka successfully tapped the international bond market for 2 billion at five- and ten-year maturities, and the issuance was well oversubscribed.\n- Policy guidance:\n - The Central Bank of Sri Lanka should continue to follow an interdependent approach, adjusting policy rates as warranted by evolving macro-economic conditions." }, { "heading": "Zimbabwe", "content": "- Preconditions for IMF financial assistance:\n - IMF cannot provide financial assistance before three conditions are met:\n 1. Clearing existing arrears to international financial institutions (arrears cleared with the IMF but not with other institutions).\n 2. Obtaining financing assurances from official bilateral creditors.\n 3. Reaching agreement on a coherent set of macroeconomic policies to restore economic growth and lay the foundation for job creation.\n- Current IMF engagement:\n - IMF Management approved in May a staff monitored program for Zimbabwe that runs until 2020 to help anchor economic policy and support the reform agenda.\n - The staff monitored program supports a large fiscal adjustment, elimination of central bank financing of the fiscal deficit, adoption of reforms for effective functioning of market-based foreign exchange and debt markets, and includes safeguards to protect the country's most vulnerable people." }, { "heading": "Moldova", "content": "- Program background:\n - IMF approved a three-year support facility in 2016 under the Extended Credit Facility and the Extended Fund Facility.\n - Three reviews have been completed; the last review was in June 2018.\n - So far $112 million has been made available to Moldova.\n- Current mission:\n - A mission is in Chisinau reviewing the current IMF-supported program, taking stock of recent economic developments, assessing program implementation, updating the macroeconomic outlook, and discussing macroeconomic and financial policies with the new government and the national bank." }, { "heading": "Republic of Congo", "content": "- Program status:\n - An IMF team led by Alex Segura visited Congo in early May and reached a preliminary staff-level agreement for a three-year program under the Extended Fund Facility; a press release was issued to that effect.\n- Program goals:\n - The program would seek to stabilize the economy, achieve more sustainable growth, reduce corruption, achieve greater transparency in public resource management, and restore debt sustainability.\n- Debt and trade finance:\n - IMF is not aware of any new oil-backed loans that would impact debt sustainability.\n - The government has confirmed it is disclosing loans to the IMF and has sent reports to parliament on the nature and use of these loans.\n - The program does not allow for any new external debt to be contracted by the government." }, { "heading": "Additional Notes", "content": "- IMF engagement with political stakeholders cited recent examples of proactive outreach in Portugal, Jamaica, Mexico, Colombia, and Ukraine.\n- Press briefing concluded with reminder of the 10:30 a.m. Washington Time embargo.\n\nTranscript of IMF Press Briefing, June 27, 2019 — IMF Communications Department\n\n---\n\n\n References\n\n- Republic of Congo and the IMF\n- Arab Republic of Egypt and the IMF\n- Argentina and the IMF\n- Republic of Moldova and the IMF\n- Sri Lanka 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/2019/06/27/tr0627-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: June 27, 2019", "Briefing date: June 27, 2019.", "Communications lead: Camilla Andersen, Communications Department.", "PRESS OFFICER: Raphael Anspach — Phone: +1 202 623-7100 Email: MEDIA@IMF.org", "Embargo: briefing embargoed until 10:30 a.m. Washington Time.", "Scheduled visits and events:", "Meetings confirmed:", "IMF approach and messaging:", "Fourth Review status:", "Status:", "IMF readiness:", "Program and disbursements:", "Market developments:", "Policy guidance:", "Preconditions for IMF financial assistance:", "Current IMF engagement:", "Program background:", "Current mission:", "Program status:", "Program goals:", "Debt and trade finance:", "IMF engagement with political stakeholders cited recent examples of proactive outreach in Portugal, Jamaica, Mexico, Colombia, and Ukraine.", "Press briefing concluded with reminder of the 10:30 a.m. Washington Time embargo.", "[Republic of Congo and the IMF](http://www.imf.org/external/country/COG/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)", "[Republic of Moldova and the IMF](http://www.imf.org/external/country/MDA/index.htm)", "[Sri Lanka and the IMF](http://www.imf.org/external/country/LKA/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)" ], "alternates": { "markdown": "/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T22:55:25.583Z" }