{
  "title": "Opening Remarks at a Press Briefing by Kristalina Georgieva following a Conference Call of the International Monetary and Financial Committee (IMFC)",
  "publication": "IMF News, March 27, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/03/27/sp032720-opening-remarks-at-press-briefing-following-imfc-conference-call",
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  "summary": "The IMFC represents our 189 member countries.",
  "publishDate": "2020-03-27",
  "sections": [
    {
      "heading": "Global situation and economic outlook",
      "content": "- The IMFC represents our 189 member countries.\n- The world has entered a recession “as bad as or worse than in 2009.”\n- Recovery is projected in 2021, potentially a “sizeable rebound,” conditional on:\n  - containing the virus everywhere, and\n  - preventing liquidity problems from becoming a solvency issue.\n- Key risk: a long-lasting impact from the sudden stop of the world economy leading to a wave of bankruptcies and layoffs that can undermine recovery and “erode the fabric of our societies.”"
    },
    {
      "heading": "Fiscal and policy responses observed",
      "content": "- Many countries have taken far-reaching measures on both the monetary and fiscal side to address the health crisis and cushion its economic impact.\n- G20 reported fiscal measures totaling some 5 trillion dollars or over 6 % of global GDP.\n- The IMF launched a policy actions tracker for 186 countries to show “who is doing what,” with regular updates and country-specific analysis under IMF surveillance."
    },
    {
      "heading": "IMF demand, operations, and emergency financing",
      "content": "- Extraordinary spike in requests for IMF emergency financing: some 80 countries have placed requests and more are likely to come.\n- Normally, the IMF “never have more than a handful of requests at the same time.”\n- The Executive Board approved the first of these emergency requests for the Kyrgyz Republic, described as “a record fast disbursement.”"
    },
    {
      "heading": "Emerging markets and financing needs",
      "content": "- Emerging markets face a wide range of problems: spread of the virus, shut-down of economies, capital outflows, and for commodity exporters — a price shock.\n- Many emerging markets will experience contraction due to containment measures and reduced global demand for exports (tourism, commodities, manufactured goods) that provide critical streams of foreign exchange.\n- Current IMF estimate for the finance needs of emerging markets is $2.5 trillion — a lower-end estimate for which their own reserves and domestic resources would not be sufficient."
    },
    {
      "heading": "IMF proposals and institutional responses",
      "content": "- Members are asking the IMF to “do more, do it better, and do it faster” and to collaborate with the World Bank and other partners.\n- Specific proposals described:\n  - Double emergency financing capacity; simplify processes; and fill the gap in concessional financing.\n  - Review lending instruments to identify gaps in the context of this crisis and design appropriate responses:\n    - Consider expanding the use of precautionary credit lines.\n    - Consider bringing forward short-term liquidity provisions.\n    - Encourage countries to approach the Fund to access tools suited to their needs as soon as possible.\n  - Address rapidly building debt pressures for many member countries:\n    - Board approved changes in the application of the Catastrophe Containment and Relief Trust (CCRT) to provide some debt relief to poorest members.\n    - IMF is seeking support from membership to increase CCRT capacity; pledges of support have been received from the U.K., Japan and China, with hope others will follow quickly.\n  - Urgently secure the Fund’s borrowing capacity through the NABs (New Arrangements to Borrow) and bilateral borrowing arrangements.\n    - NAB approval is part of the US stimulus package that is before the US Congress; other countries are urged to follow suit."
    },
    {
      "heading": "Next steps and governance",
      "content": "- The IMFC charged the IMF to discuss these options further with the Executive Board with a view to presenting “a concrete package of proposals” for IMFC consideration at the Spring Meetings in a few weeks’ time.\n- IMF staff and management are working to “strengthen our crisis response capacity as much as possible.”\n\nOpening Remarks at a Press Briefing by Kristalina Georgieva following a Conference Call of the International Monetary and Financial Committee (IMFC), March 27, 2020.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Joint Statement by the Chair of International Monetary and Financial Committee and the Managing Director of the International Monetary Fund, March 27, 2020\n- https://www.imf.org/en/topics/imf-and-covid19\n- The IMF and COVID-19 (Coronavirus)\n- Kyrgyz Republic and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/03/27/sp032720-opening-remarks-at-press-briefing-following-imfc-conference-call"
    }
  ],
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    "Published: March 27, 2020",
    "The IMFC represents our 189 member countries.",
    "The world has entered a recession “as bad as or worse than in 2009.”",
    "Recovery is projected in 2021, potentially a “sizeable rebound,” conditional on:",
    "Key risk: a long-lasting impact from the sudden stop of the world economy leading to a wave of bankruptcies and layoffs that can undermine recovery and “erode the fabric of our societies.”",
    "Many countries have taken far-reaching measures on both the monetary and fiscal side to address the health crisis and cushion its economic impact.",
    "G20 reported fiscal measures totaling some 5 trillion dollars or over 6 % of global GDP.",
    "The IMF launched a policy actions tracker for 186 countries to show “who is doing what,” with regular updates and country-specific analysis under IMF surveillance.",
    "Extraordinary spike in requests for IMF emergency financing: some 80 countries have placed requests and more are likely to come.",
    "Normally, the IMF “never have more than a handful of requests at the same time.”",
    "The Executive Board approved the first of these emergency requests for the Kyrgyz Republic, described as “a record fast disbursement.”",
    "Emerging markets face a wide range of problems: spread of the virus, shut-down of economies, capital outflows, and for commodity exporters — a price shock.",
    "Many emerging markets will experience contraction due to containment measures and reduced global demand for exports (tourism, commodities, manufactured goods) that provide critical streams of foreign exchange.",
    "Current IMF estimate for the finance needs of emerging markets is $2.5 trillion — a lower-end estimate for which their own reserves and domestic resources would not be sufficient.",
    "Members are asking the IMF to “do more, do it better, and do it faster” and to collaborate with the World Bank and other partners.",
    "Specific proposals described:",
    "The IMFC charged the IMF to discuss these options further with the Executive Board with a view to presenting “a concrete package of proposals” for IMFC consideration at the Spring Meetings in a few weeks’ time.",
    "IMF staff and management are working to “strengthen our crisis response capacity as much as possible.”",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Joint Statement by the Chair of International Monetary and Financial Committee and the Managing Director of the International Monetary Fund, March 27, 2020](https://www.imf.org/en/News/Articles/2020/03/27/pr20114-joint-statement-by-the-chair-of-imfc-and-the-managing-director-of-the-imf)",
    "[https://www.imf.org/en/topics/imf-and-covid19](https://www.imf.org/en/topics/imf-and-covid19)",
    "[The IMF and COVID-19 (Coronavirus)](https://www.imf.org/en/Topics/imf-and-covid19)",
    "[Kyrgyz Republic and the IMF](http://www.imf.org/external/country/KGZ/index.htm)",
    "[Speeches](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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