{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, November 7, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing/index.md", "summary": "Press briefing held by Gerry Rice of the Communications Department; briefing embargoed until 10:30 a.m., Washington time.", "publishDate": "2019-11-07", "sections": [ { "heading": "Announcements and logistics", "content": "- Press briefing held by Gerry Rice of the Communications Department; briefing embargoed until 10:30 a.m., Washington time.\n- IMF Communications Department — MEDIA RELATIONS — PRESS OFFICER: Wafa Amr; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson\n- Upcoming IMF events mentioned:\n - Annual Research Conference (topic: \"Debt, the good, the bad and the ugly\"); speakers include Kristalina Georgieva and Gita Gopinath.\n - Statistical forum on measurement of the informal economy, with opening remarks from Kristalina Georgieva — November 14 and 15.\n - Managing Director participation in Berlin on the Compact with Africa — November 19th.\n - Managing Director to attend OnePlus 6 Meeting in China, then conclude Article IV Consultation with Japan and meet Prime Minister Abe (dates to be provided).\n - Deputy Managing Director Tao Zhang to be in Kosovo on November 18 to mark the 20th Anniversary of the Central Bank of Republic of Kosovo." }, { "heading": "Trade tensions and US–China negotiations", "content": "- IMF stance:\n - Will wait for an actual agreement before making an assessment of impacts.\n - \"Welcome any step to de-escalate the trade tensions, and to roll back recent trade measures\" especially if it provides a path toward a comprehensive and lasting agreement.\n - Such a step has \"upside potential\" for the baseline forecast, contingent on agreement details and durability.\n- Reference to World Economic Outlook estimate:\n - Tariffs implemented and announced during 2018 and 2019 would likely reduce the level of global GDP by 0.8 percent by 2020.\n - This analysis was associated with a \"US$700 billion\" number referenced by the Managing Director." }, { "heading": "Argentina — engagement, elections, and debt questions", "content": "- IMF messaging and readiness:\n - Managing Director Kristalina Georgieva congratulated President-Elect Fernández and reiterated the Fund's readiness to engage with the new administration to address economic challenges and pave the way for inclusive and sustainable growth.\n - The IMF stands ready to engage with President-Elect Fernández and his team during the transition period; no mission dates announced at this stage.\n - Engagement is \"not contingent on any prior conditions\" from the Fund's side.\n- Debt restructuring roles and process:\n - Decision to restructure debt is \"entirely the purview of the member country\" in consultation with its legal and financial advisors.\n - IMF role is to assess whether debt is sustainable with a high probability in line with the Fund's exceptional access policy; debt sustainability analysis requires information on authorities' policy plans and a consistent macroeconomic outlook.\n - IMF internal constraints: capacity to restructure its own (IMF) debt is constrained by legal and policy frameworks.\n- Specific operational points:\n - No indication from the IMF that it has been formally asked for program modification; the Fund awaits engagement with the new administration to discuss policies.\n - No preemption of discussions on debt haircuts or reprofiling; such matters await direct discussions between Argentina and creditors, with IMF assessing sustainability.\n - Alejandro Werner and a member of Mr. Fernández's team (Mr. Nielsen) were both scheduled to participate in a University of Miami event; no confirmed bilateral meeting reported." }, { "heading": "Ukraine — Article IV and potential IMF-supported program", "content": "- Recent activity:\n - IMF staff mission to Kiev ended toward the end of September for the 2019 Article IV consultation and started discussions on a new three-year financial arrangement potentially supported by an extended Fund facility.\n- Authorities' request and discussions:\n - Ukrainian authorities have requested a new IMF-supported program; discussions on that program are ongoing.\n - Progress has been made on fiscal and monetary policies, safeguarding central bank independence, financial stability, minimizing fiscal cost of bank resolutions, strengthening rule of law, and tackling corruption.\n- Policy priorities highlighted:\n - Advance structural reforms to improve governance and tackle corruption.\n - Reduce the role of the state and oligarchs while maintaining fiscal and monetary policies to preserve macro stability.\n - Objective: faster, more sustainable, inclusive growth to improve living standards and attract investment." }, { "heading": "Sudan — roadmap and debt relief prerequisites", "content": "- IMF engagement:\n - The IMF is in discussion with Sudanese authorities on how the IMF can help with reform efforts and to acquire adequate donor assistance.\n- Conditions for debt relief and program progression:\n - Sudan remains eligible for debt relief when it meets all requirements, including:\n - Receiving financing assurances from creditors for debt relief.\n - Establishing a track record of performance.\n - Clearing arrears to the IMF.\n - Progress on these requirements depends on support from creditor countries.\n - Exiting the U.S. state sponsor of terrorism list would be important for facilitating creditor consensus on debt relief." }, { "heading": "Equatorial Guinea — staff-level agreement and financing", "content": "- Recent developments:\n - On October 21st, Equatorial Guinea authorities and an IMF team reached staff-level agreement on a three-year arrangement under the extended Fund facility.\n - Authorities are working on an agreed set of measures for IMF Executive Board consideration in December.\n- Program size:\n - The program under consideration could be supported by approximately $280 million." }, { "heading": "Lebanon — Article IV and program request status", "content": "- IMF interactions:\n - Article IV consultation and Board discussion concluded in September.\n - Technical discussions have continued to better understand developments since the Board discussion and the prime minister's resignation.\n - Authorities have not asked for, and the IMF is not engaged in, any discussion of a program; no program request from the authorities." }, { "heading": "Closing and next steps", "content": "- The IMF reiterated readiness to engage with members that seek Fund support and reaffirmed the need for detailed policy plans and information to underpin program and debt sustainability assessments.\n- Attendees invited to follow the Annual Research Conference.\n\nTranscript of IMF Press Briefing — November 7, 2019.\n\n---\n\n\n References\n\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: November 7, 2019", "Press briefing held by Gerry Rice of the Communications Department; briefing embargoed until 10:30 a.m., Washington time.", "IMF Communications Department — MEDIA RELATIONS — PRESS OFFICER: Wafa Amr; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson", "Upcoming IMF events mentioned:", "IMF stance:", "Reference to World Economic Outlook estimate:", "IMF messaging and readiness:", "Debt restructuring roles and process:", "Specific operational points:", "Recent activity:", "Authorities' request and discussions:", "Policy priorities highlighted:", "IMF engagement:", "Conditions for debt relief and program progression:", "Recent developments:", "Program size:", "IMF interactions:", "The IMF reiterated readiness to engage with members that seek Fund support and reaffirmed the need for detailed policy plans and information to underpin program and debt sustainability assessments.", "Attendees invited to follow the Annual Research Conference.", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2019/11/07/tr110719-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T23:12:52.861Z" }