{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, September 24, 2020", "sourceUrl": "https://www.imf.org/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing/index.md", "summary": "Emergency financing provided to 76 countries, totaling around $31 billion.", "publishDate": "2020-09-24", "sections": [ { "heading": "IMF response to Covid-19: emergency financing and lending", "content": "- Emergency financing provided to 76 countries, totaling around $31 billion.\n- Assistance includes support to 47 low income countries, totaling over $10 billion to those countries.\n- Immediate debt relief in the form of grants provided to all 29 of the poorest member countries eligible under the Catastrophe Containment and Relief Trust (CCRT).\n- Total IMF lending commitments around $270 billion, with about one third of that having been approved since the end of March (roughly about $90 billion approved since the crisis began).\n- Data sources: IMF Covid policy tracker and IMF lending tracker on IMF.org." }, { "heading": "Major events, publications, and calendar items", "content": "- Managing Director Kristalina Georgieva to represent the IMF at the virtual UN General Assembly; participated in Climate Week; to take part in Financing for Development session on September 29 and a Barron's event on inequality on September 29.\n- Blog published on how the European Union can meet its climate mitigation goals by Alfred Kammer, Dora Iakova, and James Roaf.\n- Annual Meetings schedule:\n - Formal week of the Annual Meetings: October 11 to 16 (virtual).\n - Curtain raiser speech by Kristalina Georgieva in partnership with the London School of Economics: Tuesday, October 6.\n - World Economic Outlook (WEO) and Global Financial Stability Report (GFSR) release: Tuesday, October 13.\n - Fiscal Monitor release: Wednesday, October 14.\n - WEO analytical chapters released the week of October 5.\n - GFSR and Fiscal Monitor analytical chapters released the week of October 19.\n- Notable Annual Meetings events: conversation between Kristalina Georgieva and Melinda Gates; Global Debate with Kristalina Georgieva and Christine Lagarde; Mobilizing with Africa conference: October 9; cross-border payments seminar: Monday, October 19.\n- Regional press briefings during the week of October 19." }, { "heading": "Policy guidance and thematic priorities", "content": "- Health sector investment:\n - Joint IMF/NITI Aayog/Ministry of Finance study for India: to achieve high performance in health related sustainable development goals, India would need to gradually increase total spending in the healthcare sector from the current 3.7 percent of GDP.\n- Structural reforms emphasized for medium-term inclusive and sustainable growth: infrastructure, land reform, product market and labor market reform, increasing female labor force participation, access to finance, and better jobs.\n- Support for policies that improve efficiency and competitiveness to integrate countries into global value chains (trade, investment, technology)." }, { "heading": "Outlook and risks for emerging markets and developing countries", "content": "- Recent data since the June 24 WEO update indicate parts of the global economy beginning to turn the corner; second quarter performance in China and a number of advanced economies was better than anticipated; global trade slowly beginning to recover.\n- Persistent challenges and heightened risk:\n - Emerging markets other than China remain precarious.\n - Continued strains from plunging domestic demand, commodity price drops, lower export demand, sharp declines in tourism, and shrinking remittances.\n - Small developing states, especially tourism-dependent, face sharp contractions and large financing needs.\n - Concern that the crisis will reverse gains in poverty reduction and rollback progress toward the Sustainable Development Goals.\n- Updated forecasts and assessment to be released on October 13 with the WEO." }, { "heading": "Debt, DSSI, and creditor engagement", "content": "- DSSI status and IMF position:\n - Well over half of potentially eligible countries have applied for participation in the Debt Service Suspension Initiative (DSSI).\n - Official bilateral creditors agreed to provide relief until the end of this year (end of 2020).\n - IMF together with the World Bank have expressed support for extending the DSSI beyond 2020; extension will be discussed at the Annual Meetings and reported to the G20.\n - IMF and World Bank support efforts by the G20 and creditor countries to encourage private sector creditors to participate in the DSSI; private sector participation remains voluntary.\n- IMF advice to countries: take steps to ensure debt remains sustainable, including appropriate fiscal consolidation in the medium term while prioritizing pandemic response now.\n- Specific country debt dialogues:\n - Zambia: discussions with Zambian authorities on IMF support are ongoing; complex creditor base expected to make debt restructuring take time.\n - Chad, Angola, and other Sub-Saharan African cases noted as seeking creditor relief or restructuring engagement." }, { "heading": "Country engagements and program updates", "content": "- India:\n - Pandemic highlighted need to increase health investment; current health spending cited at 3.7 percent of GDP.\n - The Atma Nirbhar Bharat (“self-reliant India”) package supported the Indian economy and mitigated downside risks.\n - Priority: policies to improve efficiency and competitiveness and further integrate India into global value chains.\n- Lebanon:\n - IMF stands ready to engage with the new government after formation is completed and to redouble efforts to help Lebanon overcome its social and economic crisis.\n - Technical assistance offered on issues following the port explosion; need for comprehensive reforms to restore confidence and investment prospects.\n- Argentina:\n - IMF maintains a fluid and constructive dialogue with Argentine authorities regarding policy measures including recent foreign exchange controls.\n - IMF staff to hold a staff visit to Argentina starting in early October (format physical or virtual depends on pandemic conditions) to learn about authorities' plans and priorities for an IMF-supported program; no fixed deadline for conclusions.\n - Financing associated with any new IMF-supported program would be subject to IMF Executive Board approval and would help meet balance of payments needs including official sector obligations.\n- Costa Rica:\n - IMF Executive Board approved emergency financial assistance of about $504 million for the pandemic response; ratified by Costa Rican Legislative Assembly at the end of August.\n - Costa Rica has formally requested IMF support through an Extended Fund Facility (around $1.75 billion) to help restore sustainable, inclusive growth while protecting the most vulnerable; IMF staff and authorities in initial stages of engagement.\n- Angola:\n - IMF Executive Board completed the third review of Angola's program under an Extended Fund Facility and approved a disbursement of $1 billion to support the country during the crisis and unlock budget support from other partners.\n - Reports of creditor arrangements noted; IMF refers country-specific creditor negotiations to respective authorities and creditors." }, { "heading": "Multilateral cooperation and role of China", "content": "- Importance of international cooperation emphasized for vaccine production and distribution, trade, technology, and climate change.\n- IMF welcomes China's contributions to the Catastrophe Containment and Relief Trust and participation in the DSSI; expects China to continue playing a leadership role in helping low-income countries navigate the crisis." }, { "heading": "Key statistics and dates (quoted exactly)", "content": "- Emergency financing to 76 countries.\n- Total emergency financing totaling around $31 billion.\n- Assistance to 47 low income countries.\n- Over $10 billion to low income countries.\n- Grants to all 29 of our poorest member countries eligible under the Catastrophe Containment and Relief Trust.\n- Total lending commitments at this point for the IMF are now around $270 billion -- 270, with about one third of that having been approved since the end of March, since the crisis began, so roughly about $90 billion of that approved since the crisis began.\n- Current healthcare spending referenced for India: 3.7 percent of GDP.\n- Annual Meetings: week of October 11 to 16.\n- Curtain raiser speech: October 6.\n- WEO and GFSR release: Tuesday the 13th of October.\n- Fiscal Monitor release: Wednesday the 14th of October.\n- Mobilizing with Africa conference: October 9.\n- Cross border payments seminar: Monday the 19th of October.\n- Regional press briefings: week of the 19th of October.\n- WEO analytical chapters: week of October 5.\n- GFSR and Fiscal Monitor chapters: week of the 19th.\n- Costa Rica emergency financial assistance: about $504 million.\n- Costa Rica Extended Fund Facility request size referenced: around $1.75 billion.\n- Angola IMF disbursement approved: $1 billion.\n- Press briefing date: September 24, 2020.\n\nTranscript of IMF Press Briefing — September 24, 2020 — IMF Communications Department.\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/2020/09/25/tr092420-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: September 24, 2020", "Emergency financing provided to 76 countries, totaling around $31 billion.", "Assistance includes support to 47 low income countries, totaling over $10 billion to those countries.", "Immediate debt relief in the form of grants provided to all 29 of the poorest member countries eligible under the Catastrophe Containment and Relief Trust (CCRT).", "Total IMF lending commitments around $270 billion, with about one third of that having been approved since the end of March (roughly about $90 billion approved since the crisis began).", "Data sources: IMF Covid policy tracker and IMF lending tracker on IMF.org.", "Managing Director Kristalina Georgieva to represent the IMF at the virtual UN General Assembly; participated in Climate Week; to take part in Financing for Development session on September 29 and a Barron's event on inequality on September 29.", "Blog published on how the European Union can meet its climate mitigation goals by Alfred Kammer, Dora Iakova, and James Roaf.", "Annual Meetings schedule:", "Notable Annual Meetings events: conversation between Kristalina Georgieva and Melinda Gates; Global Debate with Kristalina Georgieva and Christine Lagarde; Mobilizing with Africa conference: October 9; cross-border payments seminar: Monday, October 19.", "Regional press briefings during the week of October 19.", "Health sector investment:", "Structural reforms emphasized for medium-term inclusive and sustainable growth: infrastructure, land reform, product market and labor market reform, increasing female labor force participation, access to finance, and better jobs.", "Support for policies that improve efficiency and competitiveness to integrate countries into global value chains (trade, investment, technology).", "Recent data since the June 24 WEO update indicate parts of the global economy beginning to turn the corner; second quarter performance in China and a number of advanced economies was better than anticipated; global trade slowly beginning to recover.", "Persistent challenges and heightened risk:", "Updated forecasts and assessment to be released on October 13 with the WEO.", "DSSI status and IMF position:", "IMF advice to countries: take steps to ensure debt remains sustainable, including appropriate fiscal consolidation in the medium term while prioritizing pandemic response now.", "Specific country debt dialogues:", "India:", "Lebanon:", "Argentina:", "Costa Rica:", "Angola:", "Importance of international cooperation emphasized for vaccine production and distribution, trade, technology, and climate change.", "IMF welcomes China's contributions to the Catastrophe Containment and Relief Trust and participation in the DSSI; expects China to continue playing a leadership role in helping low-income countries navigate the crisis.", "Emergency financing to 76 countries.", "Total emergency financing totaling around $31 billion.", "Assistance to 47 low income countries.", "Over $10 billion to low income countries.", "Grants to all 29 of our poorest member countries eligible under the Catastrophe Containment and Relief Trust.", "Total lending commitments at this point for the IMF are now around $270 billion -- 270, with about one third of that having been approved since the end of March, since the crisis began, so roughly about $90 billion of that approved since the crisis began.", "Current healthcare spending referenced for India: 3.7 percent of GDP.", "Annual Meetings: week of October 11 to 16.", "Curtain raiser speech: October 6.", "WEO and GFSR release: Tuesday the 13th of October.", "Fiscal Monitor release: Wednesday the 14th of October.", "Mobilizing with Africa conference: October 9.", "Cross border payments seminar: Monday the 19th of October.", "Regional press briefings: week of the 19th of October.", "WEO analytical chapters: week of October 5.", "GFSR and Fiscal Monitor chapters: week of the 19th.", "Costa Rica emergency financial assistance: about $504 million.", "Costa Rica Extended Fund Facility request size referenced: around $1.75 billion.", "Angola IMF disbursement approved: $1 billion.", "Press briefing date: September 24, 2020.", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2020/09/25/tr092420-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T23:50:37.984Z" }