## Opening Remarks for IMFC Press

_IMF News, April 16, 2020_

## Source details

**Canonical URL:** [Opening Remarks for IMFC Press](https://www.imf.org/en/news/articles/2020/04/16/sp041620-opening-remarks-for-imfc-press-conference)

## Other formats

- [Markdown version](/en/news/articles/2020/04/16/sp041620-opening-remarks-for-imfc-press-conference/index.md)
- [Structured JSON version](/en/news/articles/2020/04/16/sp041620-opening-remarks-for-imfc-press-conference/index.json)
- [Bundle manifest](/en/news/articles/2020/04/16/sp041620-opening-remarks-for-imfc-press-conference/bundle-manifest.json)

## Bibliographic details
- Published: April 16, 2020

---

### Context and setting
- 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."

### Assessment of the crisis and economic outlook
- The pandemic has a serious human impact and severe economic repercussions, particularly for:
  - emerging markets and developing countries
  - commodity exporters
  - economies with weak health systems
- A global recession and severe uncertainty have "gripped our societies."
- Extraordinary measures already undertaken to support health systems, workers, and businesses.

### Key statistics cited
- Fiscal measures to date: about $8 trillion
- Liquidity injections by central banks: over $6 trillion

### IMF and IMFC response and toolbox changes
- 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:
  - doubling access levels to emergency facilities
  - expanding the use of precautionary lines
  - establishing a new short-term liquidity line
  - considering other options to help countries meet their financing needs
- Emphasis that these crisis response initiatives are critical to contain the impact of COVID-19.

### Policy recommendations and collective actions endorsed
- 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:
  - Recognition of pledges already made to replenish the Poverty Reduction and Growth Trust and the Catastrophe Containment and Relief Trust
  - Call for additional contributions
- 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.
  - Encouragement for private creditors to participate on comparable terms.

### Institutional and systemic observations
- 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.

### Outlook and concluding messages
- 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.

*Source: Opening Remarks for IMFC Press, Lesetja Kganyago, April 16, 2020.*

---


## References

- [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)

_Source: https://www.imf.org/en/news/articles/2020/04/16/sp041620-opening-remarks-for-imfc-press-conference_