## Transcript of IMF Press Briefing

_IMF News, March 12, 2020_

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## Bibliographic details
- Published: March 12, 2020

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### COVID-19: economic impact and outlook
- Under any scenario, global growth in 2020 will drop below last year's level which was 2.9 percent.
- The extent and duration of the downturn are highly uncertain and depend on:
  - the spread and propagation of the outbreak;
  - the measures taken to respond and their effectiveness.
- The IMF will provide more precise forecasts and numbers in the upcoming World Economic Outlook.
- The IMF characterizes the coronavirus outbreak as first and foremost a health crisis and a human crisis; economic effects follow and require targeted policy responses.

### Coordinated action: types and priorities
- International cooperation is essential because the disease crosses national borders; key elements include:
  - information sharing and exchange of findings about the virus;
  - leveraging collective resources and working closely with partners (World Health Organization, World Bank, regional development banks, central banks, BIS);
  - forward-leaning, well-targeted and proportionate public health measures to strengthen health systems and contain economic impact.
- Policy tools the IMF highlights:
  - targeted financing to support healthcare systems and directly affected people;
  - monetary and fiscal support to help the economy where needed most.
- The IMF is conducting regional press briefings and will release flagship documents (World Economic Outlook, Global Financial Stability Report, Fiscal Monitor report) in virtual formats around the Spring Meetings.

### IMF role, engagement, and operational response
- The IMF is actively engaged with member countries (189 member countries) through consultations and coordination:
  - Managing Director Kristalina Georgieva held a teleconference with the membership and convened an emergency IMFC meeting.
  - Coordination with central banks, BIS, WHO, World Bank, and regional development banks is ongoing.
- Existing IMF instruments and resources mentioned:
  - lending facilities including rapid financing facilities, rapid credit facility, and the rapid financing instrument;
  - Catastrophe Containment and Relief Trust (CCRT) for very poor countries, providing debt relief (grants).
- The IMF announced that support to vulnerable countries would be available via existing lending facilities and could amount to up to $50 billion for low income and emerging market member countries.
- The IMF is receiving inquiries and requests, including from Iran, and is proceeding expeditiously with requests in line with IMF policies.

### Financing status and calls for contributions
- The United Kingdom announced a contribution of £150 million to the CCRT as part of its budget statement.
- The United Kingdom’s £150 million contribution is noted in local-USD approximations in the briefing as "about $200 million, $194 million."
- The CCRT currently has about 200 million available and is described as significantly underfunded; the IMF is urging member countries to contribute urgently.

### Country-specific engagements and updates
- Argentina:
  - IMF staff held technical meetings in Buenos Aires; engagement described as active and constructive.
  - Dialogue with Argentine authorities has not been affected by the coronavirus outbreak.
  - Authorities have not approached the IMF with a request under the newly announced facilities as of the briefing.
- Ecuador:
  - An IMF staff team led by Anna Ivanova visited Quito about a month earlier to take stock of developments, including the sharp fall in oil prices.
  - The Managing Director had a call with President Moreno to discuss global developments and their impact on Ecuador.
  - IMF views recent Ecuadorian government measures as positive steps and will continue close cooperation.
- Ukraine:
  - A new Government was appointed; it has indicated it wants to continue cooperation with the IMF and an IMF-supported program.
  - The IMF stands ready to support Ukraine’s reform efforts and macroeconomic policies.
- Lebanon:
  - Lebanese authorities have not requested financial assistance from the IMF.
  - An IMF staff team visited Lebanon some weeks earlier and returned to Washington; the IMF is waiting to receive the authorities' plans.
- Nigeria (and oil-exporting countries):
  - The sharp decline in oil prices is expected to have significant impact on Nigeria and on activity in the non-oil sector.
  - The IMF will monitor vulnerabilities closely and work with authorities on well-targeted, proportionate, and sizeable measures.
  - Sub-Saharan African countries that were affected during the 2014 Ebola outbreak are expected to be eligible for CCRT support where appropriate.

### Financial stability, oil prices, and forecasts
- The impact of the recent sharp decline in the price of oil is under close review; it is too early to provide a specific assessment.
- The IMF will assess oil price developments and their implications for the global forecast in the forthcoming World Economic Outlook.
- Tobias Adrian (financial counselor) and Vitor Gaspar (Fiscal Affairs Director) have published blogs detailing monetary/financial stability and fiscal measures respectively; these communications are consolidated on the IMF landing page for coronavirus-related materials.

### Operational modalities and communications
- The IMF Spring Meetings will occur in a virtual format; flagship IMF documents will be released as normal with virtual press conferences.
- Regional press briefings for each of the five major world regions will also be held virtually.
- The IMF is updating a consolidated landing page on IMF.org with press releases, blogs, videos, Q&A and related materials in real time.

*Transcript of IMF Press Briefing, March 12, 2020.*

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## References

- [Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)
- [Ecuador and the IMF](http://www.imf.org/external/country/ECU/index.htm)
- [Lebanon and the IMF](http://www.imf.org/external/country/LBN/index.htm)
- [Nigeria and the IMF](http://www.imf.org/external/country/NGA/index.htm)
- [Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)
- [United Kingdom and the IMF](http://www.imf.org/external/country/GBR/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/2020/03/12/tr031220-transcript-of-imf-press-briefing_