{
  "title": "Opening Remarks for IMFC Press",
  "publication": "IMF News, April 16, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/04/16/sp041620-opening-remarks-for-imfc-press-conference",
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  "summary": "Speaker: Lesetja Kganyago, Chair of IMFC",
  "publishDate": "2020-04-16",
  "sections": [
    {
      "heading": "Context and setting",
      "content": "- Speaker: Lesetja Kganyago, Chair of IMFC\n- Event date: April 16, 2020\n- Format: Virtual press conference (first for the Chair and for the Committee)\n- Overarching situation: Novel coronavirus pandemic presenting significant and potentially daunting challenges; described as \"remarkable and extraordinary times.\""
    },
    {
      "heading": "Assessment of the crisis and economic outlook",
      "content": "- The pandemic has a serious human impact and severe economic repercussions, particularly for:\n  - emerging markets and developing countries\n  - commodity exporters\n  - economies with weak health systems\n- A global recession and severe uncertainty have \"gripped our societies.\"\n- Extraordinary measures already undertaken to support health systems, workers, and businesses."
    },
    {
      "heading": "Key statistics cited",
      "content": "- Fiscal measures to date: about $8 trillion\n- Liquidity injections by central banks: over $6 trillion"
    },
    {
      "heading": "IMF and IMFC response and toolbox changes",
      "content": "- The IMFC reviewed and supported the IMF's package of financial support assembled in response to the pandemic.\n- The Fund has revamped its toolkit by:\n  - doubling access levels to emergency facilities\n  - expanding the use of precautionary lines\n  - establishing a new short-term liquidity line\n  - considering other options to help countries meet their financing needs\n- Emphasis that these crisis response initiatives are critical to contain the impact of COVID-19."
    },
    {
      "heading": "Policy recommendations and collective actions endorsed",
      "content": "- Act quickly, decisively, and in coordination.\n- Large, timely and targeted fiscal and financial measures are essential to help citizens.\n- Ensure the IMF can support its poorest and most vulnerable members:\n  - Recognition of pledges already made to replenish the Poverty Reduction and Growth Trust and the Catastrophe Containment and Relief Trust\n  - Call for additional contributions\n- Support for coordinated approach by the G20 and the Paris Club, backed by IMF and World Bank, for a time-bound suspension of debt service payments by bilateral official creditors for the poorest countries that request forbearance.\n  - Encouragement for private creditors to participate on comparable terms."
    },
    {
      "heading": "Institutional and systemic observations",
      "content": "- The global financial system \"has held up well so far\"—attributed in part to extraordinary measures by central banks and supervisory authorities.\n- Exchange rate and liquidity pressures remain important challenges.\n- Strong emphasis on coordination through the IMF to achieve better economic and humanitarian outcomes than would otherwise be possible."
    },
    {
      "heading": "Outlook and concluding messages",
      "content": "- The outlook is subject to \"exceptionally high uncertainty.\"\n- Reaffirmation that extraordinary macroeconomic action and working together will contribute to a faster recovery.\n- Expression of confidence that effective and constructive collective work will help overcome the challenges.\n\nSource: Opening Remarks for IMFC Press, Lesetja Kganyago, April 16, 2020.\n\n---\n\n\n References\n\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/04/16/sp041620-opening-remarks-for-imfc-press-conference"
    }
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    "Published: April 16, 2020",
    "Speaker: Lesetja Kganyago, Chair of IMFC",
    "Event date: April 16, 2020",
    "Format: Virtual press conference (first for the Chair and for the Committee)",
    "Overarching situation: Novel coronavirus pandemic presenting significant and potentially daunting challenges; described as \"remarkable and extraordinary times.\"",
    "The pandemic has a serious human impact and severe economic repercussions, particularly for:",
    "A global recession and severe uncertainty have \"gripped our societies.\"",
    "Extraordinary measures already undertaken to support health systems, workers, and businesses.",
    "Fiscal measures to date: about $8 trillion",
    "Liquidity injections by central banks: over $6 trillion",
    "The IMFC reviewed and supported the IMF's package of financial support assembled in response to the pandemic.",
    "The Fund has revamped its toolkit by:",
    "Emphasis that these crisis response initiatives are critical to contain the impact of COVID-19.",
    "Act quickly, decisively, and in coordination.",
    "Large, timely and targeted fiscal and financial measures are essential to help citizens.",
    "Ensure the IMF can support its poorest and most vulnerable members:",
    "Support for coordinated approach by the G20 and the Paris Club, backed by IMF and World Bank, for a time-bound suspension of debt service payments by bilateral official creditors for the poorest countries that request forbearance.",
    "The global financial system \"has held up well so far\"—attributed in part to extraordinary measures by central banks and supervisory authorities.",
    "Exchange rate and liquidity pressures remain important challenges.",
    "Strong emphasis on coordination through the IMF to achieve better economic and humanitarian outcomes than would otherwise be possible.",
    "The outlook is subject to \"exceptionally high uncertainty.\"",
    "Reaffirmation that extraordinary macroeconomic action and working together will contribute to a faster recovery.",
    "Expression of confidence that effective and constructive collective work will help overcome the challenges.",
    "[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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