{
  "title": "Managing Director's IMFC Press Conference Opening Remarks",
  "publication": "IMF News, October 15, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/10/15/managing-director-imfc-press-conference-opening-remarks",
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  "summary": "Delivered (As prepared for delivery) October 15, 2020.",
  "publishDate": "2020-10-15",
  "sections": [
    {
      "heading": "Opening and context",
      "content": "- Delivered (As prepared for delivery) October 15, 2020.\n- Speaker: Kristalina Georgieva.\n- Media relations contact:\n  - PRESS OFFICER:\n  - Phone: +1 202 623-7100\n  - Email: MEDIA@IMF.org\n  - @IMFSpokesperson"
    },
    {
      "heading": "Assessment of the crisis and overall message",
      "content": "- Characterized the situation as \"a crisis like no other\" requiring \"a recovery like no other.\"\n- Emphasized the IMFC’s steadfast support for countries and people across IMF membership.\n- Praised Lesetja for his service: \"You have served the IMFC and the international system extraordinarily well and with great distinction under your three-year term[1].\""
    },
    {
      "heading": "Three broad policy areas (findings and recommendations)",
      "content": "- (1) Continue with essential measures to protect lives and livelihoods:\n  - Stepping up vital health measures is imperative.\n  - Well-targeted fiscal and monetary support to households and firms is needed.\n  - Clear policy recommendation: avoid premature withdrawal—\"pulling the plug too soon risks serious, self-inflicted harm.\"\n- (2) Build a more resilient and inclusive economy:\n  - Public investment—especially in green projects and digital infrastructure—can be a game-changer.\n  - Potential outcomes: create millions of new jobs, while boosting productivity and incomes.\n- (3) Deal with debt:\n  - Global public debt is projected to reach a record high of 100 percent of GDP in 2021.\n  - Rationale: partly because countries rightly need to boost spending to fight the crisis and secure the recovery.\n  - Policy timing: addressing the issue over the medium-term will be critical; for many low-income countries, urgent action is required now."
    },
    {
      "heading": "Debt architecture and recent deliverables endorsed by the IMFC",
      "content": "- Welcomed two significant deliverables from the G20 and endorsed by the IMFC:\n  - First deliverable: agreement to create the Common Framework for handling sovereign debt treatments beyond the DSSI.\n    - Described as \"an important advancement in the international architecture for resolving sovereign debt matters in an orderly way.\"\n    - IMF objective: improve architecture to enable fair, quick, relatively simple, relatively low-cost resolution of unsustainable debt.\n  - Second deliverable: extension by the G20 of the DSSI for at least another six months from the end of 2020, with the option to extend further if necessary.\n    - Noted outstanding issue: further private sector participation is still needed."
    },
    {
      "heading": "Vaccine cooperation and economic impact",
      "content": "- Strong international cooperation is needed—especially on vaccine development and distribution.\n- Economic benefit highlighted: faster progress on medical solutions could speed up the recovery; it could add almost $9 trillion to global income by 2025.\n- Additional effect: could help narrow the income gap between richer and poorer nations.\n- Concluding policy assertion: \"The value of cooperation right now cannot be overstated.\""
    },
    {
      "heading": "Closing notes",
      "content": "- Expression of thanks and readiness to take questions.\n- Footnote: IMFC chair’s term expires January 17, 2021.[1]\n\nManaging Director's IMFC Press Conference Opening Remarks — October 15, 2020\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- 2020 Annual Meetings\n- Speeches\n- PRESS CENTER\n- term\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/10/15/managing-director-imfc-press-conference-opening-remarks"
    }
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    "Published: October 15, 2020",
    "Delivered (As prepared for delivery) October 15, 2020.",
    "Speaker: Kristalina Georgieva.",
    "Media relations contact:",
    "Characterized the situation as \"a crisis like no other\" requiring \"a recovery like no other.\"",
    "Emphasized the IMFC’s steadfast support for countries and people across IMF membership.",
    "Praised Lesetja for his service: \"You have served the IMFC and the international system extraordinarily well and with great distinction under your three-year term[1].\"",
    "(1) Continue with essential measures to protect lives and livelihoods:",
    "(2) Build a more resilient and inclusive economy:",
    "(3) Deal with debt:",
    "Welcomed two significant deliverables from the G20 and endorsed by the IMFC:",
    "Strong international cooperation is needed—especially on vaccine development and distribution.",
    "Economic benefit highlighted: faster progress on medical solutions could speed up the recovery; it could add almost $9 trillion to global income by 2025.",
    "Additional effect: could help narrow the income gap between richer and poorer nations.",
    "Concluding policy assertion: \"The value of cooperation right now cannot be overstated.\"",
    "Expression of thanks and readiness to take questions.",
    "Footnote: IMFC chair’s term expires January 17, 2021.[1]",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[2020 Annual Meetings](https://meetings.imf.org/en/2020/Annual)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[term](https://www.imf.org/en/News/Articles/2018/01/18/pr1805-imfc-selects-south-african-reserve-bank-governor-lesetja-kganyago-as-new-chairman)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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