## Transcript of IMF Press Briefing

_IMF News, June 27, 2019_

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## Bibliographic details
- Published: June 27, 2019

---

### Announcements and Upcoming Events
- 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:
  - June 28th and 29th: Managing Director Christine Lagarde and First Deputy Managing Director David Lipton to attend G20 Summit in Osaka, Japan.
  - July 5th and 6th: Madame Lagarde to attend the Plenary Session at the B7 Business Summit in Aix-en-Provence, France.
  - July 2nd: Mr. Lipton to participate in a Panel at the Ukraine Reform Conference in Toronto.
  - July 23rd in Santiago, Chile: World Economic Outlook Update and press conference led by Economic Counselor Gita Gopinath (new global forecasts will be presented).

### Argentina — Engagement and Program Review
- Meetings confirmed:
  - Managing Director expected to meet President Mauricio Macri and Economy Minister Nicolás Dujovne at the G20 Summit in Osaka.
  - 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.
- IMF approach and messaging:
  - IMF proactively engages with political stakeholders, especially in program countries, to hear views and understand objectives and policies.
  - 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.
  - 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.
- Fourth Review status:
  - 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.

### Egypt
- Status:
  - IMF is not currently negotiating a new IMF-supported program with Egypt; priority is to successfully complete the current program.
  - Discussions on future engagement would follow completion of the current program.
- IMF readiness:
  - IMF stands ready to support Egypt in transforming the economy to achieve high-sustained growth, job creation, and new opportunities.

### Sri Lanka
- Program and disbursements:
  - 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.
  - Program extended until June 2020 to help anchor macroeconomic stability following the terrorist attacks.
- Market developments:
  - 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.
- Policy guidance:
  - The Central Bank of Sri Lanka should continue to follow an interdependent approach, adjusting policy rates as warranted by evolving macro-economic conditions.

### Zimbabwe
- Preconditions for IMF financial assistance:
  - IMF cannot provide financial assistance before three conditions are met:
    1. Clearing existing arrears to international financial institutions (arrears cleared with the IMF but not with other institutions).
    2. Obtaining financing assurances from official bilateral creditors.
    3. Reaching agreement on a coherent set of macroeconomic policies to restore economic growth and lay the foundation for job creation.
- Current IMF engagement:
  - 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.
  - 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.

### Moldova
- Program background:
  - IMF approved a three-year support facility in 2016 under the Extended Credit Facility and the Extended Fund Facility.
  - Three reviews have been completed; the last review was in June 2018.
  - So far $112 million has been made available to Moldova.
- Current mission:
  - 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.

### Republic of Congo
- Program status:
  - 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.
- Program goals:
  - 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.
- Debt and trade finance:
  - IMF is not aware of any new oil-backed loans that would impact debt sustainability.
  - 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.
  - The program does not allow for any new external debt to be contracted by the government.

### Additional Notes
- 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.

*Transcript of IMF Press Briefing, June 27, 2019 — IMF Communications Department*

---


## References

- [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)

_Source: https://www.imf.org/en/news/articles/2019/06/27/tr0627-transcript-of-imf-press-briefing_