{ "title": "Transcript of IMF Briefing", "publication": "IMF News, February 25, 2021", "sourceUrl": "https://www.imf.org/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing", "canonical": "https://www.imf.org/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing", "overlayPath": "/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing/index.md", "summary": "Briefing date: February 25, 2021.", "publishDate": "2021-02-25", "sections": [ { "heading": "Announcements and context", "content": "- Briefing date: February 25, 2021.\n- Embargo: briefing embargoed until 10:30 a.m. (Washington time).\n- Upcoming events:\n - February 26: Managing Director Kristalina Georgieva to participate in the G20 finance ministers and central bank governors meeting (virtually), under Italy’s G20 presidency.\n - March 2nd and 3rd: African fiscal forum organized in cooperation with the European Commission; live streamed; focus on fiscal policies for recovery in sub‑Saharan Africa and elsewhere.\n - Monday (following briefing): new Finance and Development magazine issue focused on digital technology, including digital currencies and digital connectivity gaps.\n- IMF resources noted as available: \"trillion dollars\" available to the IMF to support the membership (description of scale; no specific dollar figure provided beyond the phrase)." }, { "heading": "Argentina — status of engagements and reviews", "content": "- Objective of discussions with Argentine authorities:\n - Build a program to address economic and pandemic-related challenges.\n - Foster stability, growth, protect the most vulnerable.\n - Set the basis for more inclusive, private sector-led durable growth.\n- Mission timing and visits:\n - No precise date for next formal IMF staff mission at the time of briefing.\n - Argentine Minister Guzman and his team indicated they would be traveling to Washington in mid‑March.\n- Ex‑post evaluation of 2018 program:\n - IMF staff is working on an ex‑post evaluation of the 2018 program (staff evaluation distinct from the Independent Evaluation Office (IEO) function).\n - Such ex‑post evaluations are done for all programs undertaken under exceptional access criteria; mandated by the Board.\n - The evaluation will consider context and program performance and aim to draw lessons to improve future support.\n - Status: no specific timeline provided for publication, but it will be brought to the Board for discussion and will be published (full transparency).\n- Letter from Argentine senators:\n - IMF confirmed receipt of a copy of the letter addressed to the Director of the Independent Evaluation Office (IEO).\n - The IEO is an independent entity reporting directly to the Board; detailed follow-up should be addressed to Charles Collins, Director of the IEO." }, { "heading": "Sudan — exchange rate unification and implications", "content": "- Recent development: Sudan concluded review talks with the IMF on a staff‑monitored program and took policy actions including unifying its exchange rate.\n- Rationale and expected benefits of exchange rate unification:\n - Raise fiscal revenue; remove economic distortions.\n - Boost donor support, social spending, and investment.\n - Provide incentives for financial transactions to occur in the formal financial sector.\n - Increase the value of donor support by exchanging donor funds at the market rate rather than parallel rates.\n- Transitional risks and mitigation:\n - Unification could lead to a temporary uptick in inflation.\n - World Bank and donor support, including the Sudan Family Support program, expected to help mitigate adjustment impacts and facilitate reform implementation." }, { "heading": "Cambodia — IMF engagement and technical assistance", "content": "- IMF role:\n - Provides technical assistance on statistics, budget analysis, and National Bank of Cambodia topics such as supervision and monitoring real estate.\n - Continued technical assistance expected through the year.\n- Policy response noted:\n - Cambodian authorities responded early to ease lending conditions and facilitate loan restructuring in line with IMF advice.\n- Overall stance:\n - Recognition that the economy and people have been hit hard by the crisis; IMF stands ready to support with technical assistance and macroeconomic analysis." }, { "heading": "Zambia — mission status", "content": "- Ongoing IMF staff mission:\n - Mission running since February 11 and expected to run through March 3.\n - IMF will issue a press statement at the conclusion of the mission.\n- No further details provided while mission is in process." }, { "heading": "Digital currencies and crypto assets", "content": "- IMF perspective:\n - Digital currencies include crypto assets, stablecoins, and Central Bank digital currencies (CBDCs).\n - Potential benefits: reduce cost of doing business, improve productivity, increase financial inclusion, enhance market integration, strengthen payment system resilience and efficiency, lower costs, faster settlements, and greater competition.\n - Potential risks: undermine bank funding, threaten data privacy and cyber security, create macro‑financial issues (currency substitution, financial stability, capital account pressures), and pose legal and operational challenges.\n- Policy approach recommended:\n - Forward‑looking supervision and regulation to contain risks.\n - Manage macro‑financial implications.\n - IMF engaged in analysis, surveillance, capacity development, and collaboration with other international bodies (e.g., BIS) on cross‑border payments and related issues.\n- Specific note: Reserve Bank of India (RBI) reviewing CBDC models; IMF looks forward to RBI findings." }, { "heading": "Special Drawing Rights (SDRs) — allocation discussion and recycling", "content": "- Background:\n - Managing Director previously raised the possibility of a general allocation of SDRs; discussed by membership and in G20 context last year but insufficient consensus then.\n - Item remained under discussion; mentioned at the most recent G7 Finance Ministers meeting and expected to be discussed by the G20.\n - Managing Director described an SDR allocation as an option under consideration that could add a substantial direct liquidity boost to countries without adding to debt burdens and expand capacity of bilateral donors to provide new concessional support, including for health spending.\n- Recent developments:\n - U.S. Treasury Secretary Janet Yellen sent a letter to the G20 supporting an SDR allocation; IMF characterized the letter as very helpful and likely to be part of G20 discussion.\n- Recycling and existing SDR usage:\n - Existing SDRs have been used and transferred by advanced economies to poorer countries.\n - Approximate amount cited as already used: around 16 billion (figure noted as closer to around 16 billion actually used so far).\n - Larger numbers discussed in the briefing (for example, a referenced larger number of \"22 billion\" by a questioner) were not confirmed by IMF spokesperson; IMF noted the larger pool of resources potentially available via the Poverty Reduction and Growth Trust (PRGT) through recycling of SDRs.\n- Implementation and transparency:\n - Discussion underway about parameters for transparency and accountability in how SDRs are exchanged and used; further discussion expected at G20.\n - No specific commitments from IMF or Treasury on donations to PRGT or CCRT were reported at the briefing; IMF noted discussions with the new U.S. administration could surface soon but no specific details at the time." }, { "heading": "Ukraine — recent mission and outstanding issues", "content": "- Recent IMF mission completed work without reaching a staff‑level agreement.\n- Areas emphasized in discussions:\n - Strengthening governance of the National Bank of Ukraine; bank supervision and resolution.\n - Fiscal deficit and fiscal risks.\n - Strengthening judicial integrity and anti‑corruption measures.\n- Status: discussions described as productive but some issues remain outstanding; no timeline provided for progress." }, { "heading": "Other country notes and procedural points", "content": "- Mozambique: no additional updates beyond previous statements; IMF offered to follow up with press after briefing.\n- Independent Evaluation Office (IEO):\n - Receives external correspondence (e.g., letters from senators) and conducts independent evaluations reporting directly to the IMF Board.\n- Communications and follow‑up:\n - IMF to provide mission conclusions and press statements at the conclusion of staff missions (example: Zambia mission).\n\nItalicized source: Transcript of IMF Briefing, February 25, 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- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing/index.md)", "[Structured JSON version](/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing/index.json)", "[Bundle manifest](/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing/bundle-manifest.json)", "Published: February 25, 2021", "Briefing date: February 25, 2021.", "Embargo: briefing embargoed until 10:30 a.m. (Washington time).", "Upcoming events:", "IMF resources noted as available: \"trillion dollars\" available to the IMF to support the membership (description of scale; no specific dollar figure provided beyond the phrase).", "Objective of discussions with Argentine authorities:", "Mission timing and visits:", "Ex‑post evaluation of 2018 program:", "Letter from Argentine senators:", "Recent development: Sudan concluded review talks with the IMF on a staff‑monitored program and took policy actions including unifying its exchange rate.", "Rationale and expected benefits of exchange rate unification:", "Transitional risks and mitigation:", "IMF role:", "Policy response noted:", "Overall stance:", "Ongoing IMF staff mission:", "No further details provided while mission is in process.", "IMF perspective:", "Policy approach recommended:", "Specific note: Reserve Bank of India (RBI) reviewing CBDC models; IMF looks forward to RBI findings.", "Background:", "Recent developments:", "Recycling and existing SDR usage:", "Implementation and transparency:", "Recent IMF mission completed work without reaching a staff‑level agreement.", "Areas emphasized in discussions:", "Status: discussions described as productive but some issues remain outstanding; no timeline provided for progress.", "Mozambique: no additional updates beyond previous statements; IMF offered to follow up with press after briefing.", "Independent Evaluation Office (IEO):", "Communications and follow‑up:", "[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)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing/index.md", "json": "/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing/index.json", "bundleManifest": "/en/news/articles/2021/02/25/tr022521-transcript-of-imf-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T00:11:28.072Z" }