{
  "title": "Transcript of IMF Press Briefing",
  "publication": "IMF News, February 4, 2021",
  "sourceUrl": "https://www.imf.org/en/news/articles/2021/02/04/tr020421-transcript-of-imf-press-briefing",
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  "summary": "Briefing date: February 4, 2021; embargo until 10:30 a.m. (Washington time).",
  "publishDate": "2021-02-04",
  "sections": [
    {
      "heading": "IMF communications and recent publications",
      "content": "- Briefing date: February 4, 2021; embargo until 10:30 a.m. (Washington time).\n- Recent IMF releases referenced:\n  - Update to the World Economic Outlook.\n  - Update to the Global Financial Stability Report.\n  - Update to the Fiscal Monitor.\n  - Update to debt sustainability analysis methodology (announced yesterday).\n  - Middle East and Central Asia Regional Economic Outlook Update launched by Jihad Azour earlier today.\n  - Upcoming regional update on the Western Hemisphere to be presented by Alejandro Werner on Monday at 8:45 a.m. (Washington time), with a press conference planned.\n- Press contact listed: PRESS OFFICER: Raphael Anspach; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson."
    },
    {
      "heading": "Ukraine: staff-level review of stand-by arrangement",
      "content": "- Status:\n  - The first review of the stand-by arrangement for Ukraine is ongoing.\n  - A virtual IMF staff mission began late last year, was paused over the holiday period, and has resumed.\n- Process:\n  - Discussions cover the economic development policies and reforms needed to underpin completion of the review.\n  - No new timetable or completion date provided."
    },
    {
      "heading": "Ethiopia: debt situation and the G-20 common framework",
      "content": "- Situation:\n  - The pandemic is pushing debt levels to new heights, adding to spending needs while revenues fall due to lower growth and trade, raising the debt burden.\n  - Ethiopia is described as \"struggling with a high debt burden\" exacerbated by the crisis.\n- IMF role and stance:\n  - Debt restructuring negotiations are matters for the government and its creditors; the IMF is not a direct party to negotiations but seeks to be helpful.\n  - The IMF is very supportive of the G-20 common framework for debt treatments, which it helped develop and promote.\n  - The common framework aims to address unsustainable sovereign debt in low-income countries on a case-by-case basis, ensuring broad participation of creditors, comparability of treatment, and fair burden sharing to establish a level playing field.\n- Timing:\n  - No date provided for an update on the debt sustainability assessment (DSA) for Ethiopia."
    },
    {
      "heading": "Myanmar: emergency financing, safeguards, and engagement",
      "content": "- Context:\n  - IMF emergency financing approved in January (by the IMF Board) provided about $350 million dedicated to urgent humanitarian needs related to the pandemic.\n  - Approval followed standard procedures for emergency financing, with safeguards including repayment schedules.\n- Safeguards and governance:\n  - Emergency financings have safeguard provisions such as audit and transparency of procurement; these apply even when instruments have relatively few conditions.\n  - The IMF emphasizes the importance of central bank independence.\n- Engagement and recognition:\n  - The IMF has had no communication with the new regime as of the briefing.\n  - The IMF is guided by the international community and its membership regarding recognition of governments, which informs IMF engagement with countries.\n- Use and intent of funds:\n  - The IMF’s stated intention is that resources support the people of Myanmar and vulnerable groups; the expectation is that safeguards and governance commitments will be maintained regardless of political developments.\n- Broader program usage:\n  - The IMF has used these emergency financing instruments in 85 countries so far during the crisis and previously in 84 countries (both figures appear in the briefing in different contexts)."
    },
    {
      "heading": "Argentina: negotiations on an Extended Fund Facility and timing",
      "content": "- Status:\n  - Talks on a possible IMF-supported program (Extended Fund Facility, EFF) are continuing between Argentine authorities and IMF staff.\n  - Minister Guzman has reiterated the authorities’ wish to complete negotiations by May this year.\n  - A formal IMF staff mission is expected to take place in the coming weeks; it will be virtual for health reasons.\n- Terms and duration:\n  - The IMF noted the terms of the EFF are available on the IMF website; questions were raised domestically about talk of a 20-year program, but no confirmation of program length was provided in the briefing.\n- Logistics:\n  - Missions are virtual due to health-related protocols tied to the pandemic and associated travel/safety considerations.\n  - The authorities may visit Washington over the coming weeks, but no precise timing was provided."
    },
    {
      "heading": "United States: MD and Treasury Secretary meeting topics",
      "content": "- Summary of discussions between IMF Managing Director and U.S. Treasury Secretary Janet Yellen:\n  - Fight the pandemic.\n  - Boost growth.\n  - Combat income inequality.\n  - Tackle climate change.\n  - Importance of global engagement to support low-income countries."
    },
    {
      "heading": "India: reaction to national budget",
      "content": "- Comment on the Modi government budget for the 12 months beginning on April 1st (described as \"nearly half trillion dollar budget\"):\n  - The IMF welcomes the budget’s focus on growth and fiscal policy to facilitate a strong and inclusive recovery.\n  - Positive emphasis on health, education, and public infrastructure; full implementation can help increase India’s growth potential.\n  - The IMF welcomes improved fiscal transparency measures such as including food subsidies in the budget.\n  - The IMF stresses the importance of a medium-term fiscal consolidation strategy to ensure credibility.\n  - The IMF agrees on the need to further strengthen the financial sector and looks forward to details of proposed measures.\n\nTranscript of IMF Press Briefing, February 4, 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- Argentina and the IMF\n- India and the IMF\n- Myanmar and the IMF\n- The Federal Democratic Republic of Ethiopia and the IMF\n- Ukraine and the IMF\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/02/04/tr020421-transcript-of-imf-press-briefing"
    }
  ],
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    "[Markdown version](/en/news/articles/2021/02/04/tr020421-transcript-of-imf-press-briefing/index.md)",
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    "Published: February 4, 2021",
    "Briefing date: February 4, 2021; embargo until 10:30 a.m. (Washington time).",
    "Recent IMF releases referenced:",
    "Press contact listed: PRESS OFFICER: Raphael Anspach; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.",
    "Status:",
    "Process:",
    "Situation:",
    "IMF role and stance:",
    "Timing:",
    "Context:",
    "Safeguards and governance:",
    "Engagement and recognition:",
    "Use and intent of funds:",
    "Broader program usage:",
    "Status:",
    "Terms and duration:",
    "Logistics:",
    "Summary of discussions between IMF Managing Director and U.S. Treasury Secretary Janet Yellen:",
    "Comment on the Modi government budget for the 12 months beginning on April 1st (described as \"nearly half trillion dollar budget\"):",
    "[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)",
    "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)",
    "[India and the IMF](http://www.imf.org/external/country/IND/index.htm)",
    "[Myanmar and the IMF](http://www.imf.org/external/country/MMR/index.htm)",
    "[The Federal Democratic Republic of Ethiopia and the IMF](http://www.imf.org/external/country/ETH/index.htm)",
    "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)",
    "[Transcripts](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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