{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, January 14, 2021", "sourceUrl": "https://www.imf.org/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing/index.md", "summary": "IMF released its Work Program for the next six months focusing on:", "publishDate": "2021-01-14", "sections": [ { "heading": "Announcements & Work Program", "content": "- IMF released its Work Program for the next six months focusing on:\n - the response to the pandemic and recovery,\n - jobs and growth,\n - low-income and most vulnerable member countries,\n - building more sustainability and resilience into the economy,\n - a major emphasis on climate issues,\n - ensuring the Fund remains adequately financed and resourced and updates on ongoing governments' reforms at the IMF.\n- The Work Program is issued twice a year and is oriented to priorities facing the IMF’s 190 member countries." }, { "heading": "IMF COVID-19 response and financing", "content": "- The IMF has provided nearly 103 billion dollars in emergency financing to 83 countries.\n- The Fund plans to maintain this effort going forward." }, { "heading": "Key events and publication schedule (dates and times preserved)", "content": "- Tomorrow at 9:00 am Washington time: Kristalina Georgieva will participate in the Gaidar Forum in a one-on-one conversation on the future of economic growth (held virtually in Russia).\n- Monday, January 18th: Managing Director will hold a joint press conference with Magdalena Andersson (Finance Minister of Sweden), who will take up her new role as Chair of the International Monetary and Finance Committee on January 18.\n- Monday, January 25th at 8:00 a.m.: Managing Director will participate in the Climate Adaptation Summit (co-hosted by the U.N. and the government of the Netherlands).\n- Week of January 25th:\n - Tuesday, January 26th: launching an update to the World Economic Outlook.\n - That week will also include an update to the Global Financial Stability Report and an update to the Fiscal Monitor." }, { "heading": "Country engagements — findings, status, and policy notes", "content": "- Argentina\n - Discussions with Argentine authorities are ongoing; there was a short break over the end-of-year holiday period and virtual meetings are expected to pick up in the coming weeks.\n - Authorities are designing a medium‑term economic plan and discussing specific measures to underpin it and seek broad political and social support.\n - IMF view: tackling Argentina's challenges requires a carefully balanced set of policies to foster stability, restore confidence, protect the most vulnerable, and set the basis for sustainable and inclusive growth.\n - On the specific export ban on corn: IMF officials stated they have not been in contact with Argentina on this issue.\n- Zambia\n - Following Zambia's request for a financing arrangement, the IMF's Director of the Africa Department, Abebe Selassie, and Mission Chief for Zambia, Alex Segura-Ubiergo, visited Lusaka in December for high‑level discussions on the economic recovery plan and the request for a Fund‑supported program.\n - IMF is assessing how to support that program through possible Fund financing.\n - Note: IMF took note of a recent policy announcement for a zero rate value‑added tax on fuel and observed that while intended to protect consumers, such measures tend to be regressive and do not benefit the most vulnerable groups.\n- Ukraine\n - The IMF has a standby arrangement with Ukraine for US $5 billion to support the authorities' response to COVID‑19 and to preserve economic gains and advance critical reforms.\n - The first tranche of that new program of about US $2.1 billion has already been disbursed; the remainder is scheduled over four reviews.\n - A virtual IMF mission resumed meetings with Ukrainian authorities on January 11th; the first review of the standby arrangement is ongoing.\n- Japan\n - IMF expects a gradual recovery in Japan in 2021, with some upside relative to the October World Economic Outlook projection of 2.3 percent.\n - Reasons cited: strong third quarter growth and the government's third stimulus package announced in December.\n - Short-term outlook: weak economic results expected in the first quarter following a state of emergency imposed from January 8th; recovery expected to pick up in the second quarter supported by pent up demand, restored business confidence, and policy support.\n- United States / Global outlook considerations\n - The IMF’s October World Economic Outlook baseline assumed the pandemic will be broadly under control globally by the end of 2022.\n - Since October WEO: significant progress on vaccine development; the IMF describes a \"race between the virus and the vaccine\" with diverging recoveries depending on vaccine access and strength of policy responses.\n - Third quarter 2020 data were generally better than expected; additional stimulus in major countries will be taken into account in WEO updates.\n- India (farm legislation)\n - IMF view: the farm bills have the potential to be a significant step forward for agricultural reforms by enabling direct contracting, reducing the role of middle men, enhancing efficiency, and supporting rural growth.\n - Caveat: critical to ensure social safety nets protect those adversely impacted during the transition and that the job market can accommodate those affected; growth benefits depend on effectiveness and timing of implementation.\n- Kenya\n - IMF is in discussions with Kenyan authorities on the possibility of a program to support the next phase of their response to the crisis; an IMF mission visited towards the end of last year and reached agreement in many areas.\n - IMF hopes to present something to its Board for consideration in early 2021.\n - Policy recommendation: IMF recommended a pause in fiscal adjustment this fiscal year to accommodate increased health spending and support for the economy; recommended continued supportive monetary policy; beyond the crisis, fiscal sustainability and reduction of the fiscal deficit through a well‑balanced policy mix will be critical given increased debt vulnerabilities.\n - Press reports referenced a possible $1.5 billion program; IMF confirmed ongoing discussions but did not confirm specific program size in this briefing.\n- Costa Rica\n - Government requested an IMF program last year; an IMF staff team began virtual discussions the week of January 11th on policy priorities and economic plans that could underpin a potential IMF‑supported program.\n - Staff will meet with government officials, parliamentarians, civil society, the private sector, and academics as discussions progress.\n- Chad\n - IMF stated it is active with the World Bank on debt issues for low‑income countries and Africa, calling for speedy action and support in cases of urgent need; no specific detail on Chad was provided during the briefing.\n- Lebanon\n - IMF position: important that a new government be formed promptly with a mandate to implement reforms to address the deepening crisis; IMF stands ready to redouble efforts, working with others to support Lebanon and the Lebanese people." }, { "heading": "Policy messages and priorities highlighted", "content": "- Continued unprecedented and strong fiscal and monetary policy responses are needed to support countries through the pandemic shock.\n- Protecting the most vulnerable should be a priority in designing and implementing policy measures.\n- Social safety nets may need strengthening when reforms (e.g., agricultural reforms) adversely impact groups during transitions.\n- Transparency and fiscal sustainability are central to programs that will follow the crisis period.\n- Climate resilience and adaptation are major priorities for the IMF going forward.\n\nTranscript of IMF Press Briefing, January 14, 2021 — IMF Communications Department\n\n---\n\n\n References\n\n- https://www.imf.org/sitecore/service/notfound.aspx?item=master%3A%7B8D1E6EAB-2E82-47BE-B9FE-258FFB4CBC4A%7D%40en\n- IMF COVID-19 Hub\n- Policy Tracker\n- Financial Assistance\n- Questions & Answers\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: January 14, 2021", "IMF released its Work Program for the next six months focusing on:", "The Work Program is issued twice a year and is oriented to priorities facing the IMF’s 190 member countries.", "The IMF has provided nearly 103 billion dollars in emergency financing to 83 countries.", "The Fund plans to maintain this effort going forward.", "Tomorrow at 9:00 am Washington time: Kristalina Georgieva will participate in the Gaidar Forum in a one-on-one conversation on the future of economic growth (held virtually in Russia).", "Monday, January 18th: Managing Director will hold a joint press conference with Magdalena Andersson (Finance Minister of Sweden), who will take up her new role as Chair of the International Monetary and Finance Committee on January 18.", "Monday, January 25th at 8:00 a.m.: Managing Director will participate in the Climate Adaptation Summit (co-hosted by the U.N. and the government of the Netherlands).", "Week of January 25th:", "Argentina", "Zambia", "Ukraine", "Japan", "United States / Global outlook considerations", "India (farm legislation)", "Kenya", "Costa Rica", "Chad", "Lebanon", "Continued unprecedented and strong fiscal and monetary policy responses are needed to support countries through the pandemic shock.", "Protecting the most vulnerable should be a priority in designing and implementing policy measures.", "Social safety nets may need strengthening when reforms (e.g., agricultural reforms) adversely impact groups during transitions.", "Transparency and fiscal sustainability are central to programs that will follow the crisis period.", "Climate resilience and adaptation are major priorities for the IMF going forward.", "[https://www.imf.org/sitecore/service/notfound.aspx?item=master%3A%7B8D1E6EAB-2E82-47BE-B9FE-258FFB4CBC4A%7D%40en](https://www.imf.org/sitecore/service/notfound.aspx?item=master%3A%7B8D1E6EAB-2E82-47BE-B9FE-258FFB4CBC4A%7D%40en)", "[IMF COVID-19 Hub](https://www.imf.org/en/Topics/imf-and-covid19)", "[Policy Tracker](https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19)", "[Financial Assistance](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)", "[Questions & Answers](https://www.imf.org/en/About/FAQ/imf-response-to-covid-19)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2021/01/14/tr011421-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T00:04:21.551Z" }