{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, November 18, 2021", "sourceUrl": "https://www.imf.org/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing/index.md", "summary": "Date of briefing: November 18, 2021.", "publishDate": "2021-11-18", "sections": [ { "heading": "Announcements and upcoming events", "content": "- Date of briefing: November 18, 2021.\n- Press Officer: Brian Walker. Phone: +1 202 623-7100 Email: MEDIA@IMF.org @IMFSpokesperson.\n- Email notification sign-up available for IMF postings.\n- IMF Statistical Forum (9th) taking place virtually; theme: Measuring Climate Change: The Economic and Financial Dimensions.\n - Forum session with Managing Director Kristalina Georgieva and Professor Johan Rockstrom at 3:15 (this afternoon).\n- Tuesday, November 30th: Managing Director to give introductory remarks at the 7th Richard Good lecture; presentation included from Professor Stefanie Stantcheva.\n- Early December: Kristalina Georgieva participating in the Reuters NEXT summit and to be interviewed by Andrea Shalal.\n- Thursday, December 2nd at 8:30: Deputy Managing Director Bo Li to deliver opening remarks for IMF panel on New Monetary Policy Tools for emerging and developing economies.\n - Panelists include Lesetja Kganyago, Elvira Nabiullina, Carmen Reinhart; moderated by Tobias Adrian.\n- Monday December 6th: Kristalina Georgieva to present the Euro Area Article IV concluding statement at the Euro Group in Brussels, with anticipated press interaction thereafter." }, { "heading": "Argentina — status of program discussions and ex-post evaluation", "content": "- IMF characterization of engagement:\n - \"We continue to work towards reaching full understandings on a comprehensive plan that can durably address Argentina's most pressing economic and social challenges.\"\n - Aim: strengthen economic stability by tackling high inflation and protecting the most vulnerable.\n - Engagement with Argentine authorities is \"active\", \"frequent\" and \"strong\", but no specific timings or meeting schedules were provided.\n- Ex-post evaluation of the previous Stand-By Agreement (SBA):\n - IMF practice: an ex-post evaluation is conducted for all \"exceptional access programs\" (the previous Argentine program was such a case).\n - Purpose: help learn and improve program design.\n - The ex-post evaluation will be presented to the IMF Executive Board for discussion and published in full; no exact timing was provided." }, { "heading": "Article IV timing and program sequencing", "content": "- No confirmation on whether an Article IV mission must precede a new IMF agreement with Argentina; current status described as ongoing frequent engagement without timing details.\n- Regarding legislative processes in Argentina (announcement of a multi-year economic plan to be discussed in Congress), IMF had no specific comment on sequencing or initial understandings relative to congressional debate." }, { "heading": "Myanmar", "content": "- IMF context:\n - Myanmar received emergency assistance from the IMF in the prior year aimed at COVID-19 pandemic shock.\n - Funds are fungible; it is difficult to trace specific uses of government borrowing.\n - The regime in effective control has recently begun to publish data on COVID-related spending; official reporting indicates a \"substantial initial investment in vaccines this year\".\n- IMF engagement status:\n - \"The Fund is not currently engaged with the new regime because there’s a lack of clarity regarding whether the international community recognizes this regime as the government of Myanmar.\"" }, { "heading": "Sudan", "content": "- Background:\n - Sudan had an Extended Credit Facility arrangement approved in June (last summer).\n - Disbursements under that arrangement are conditional on the IMF Board's completion of the review; the Board decision is expected in the \"early part of next year.\"\n- HIPC process:\n - Sudan was on the path toward debt relief under the HIPC initiative; HIPC is a milestone-based process.\n - It is \"too early to say\" how recent developments in Sudan might affect momentum toward the HIPC completion point.\n- IMF monitoring: developments are being monitored carefully to assess implications for the program review and HIPC milestones." }, { "heading": "South Sudan", "content": "- Visit: Abe Selassie (IMF) visited Juba in the last few days.\n- No detailed readout was available at the time of the briefing; a small social media post had been issued." }, { "heading": "El Salvador", "content": "- Article IV consultations resumed with an in-person delegation on November 8th; continued virtually thereafter.\n- Purpose: technical assessment of the economy and prospects; conclusion normally involves a staff statement at mission completion and an Executive Board discussion.\n- Typical timeline for Article IV process: \"anywhere between six to eight weeks\" before Board assessment, with subsequent communication at mission completion and post-Board.\n- Clarification: current engagement is an Article IV consultation; dialog may cover policies that could underpin an IMF program, but the mission is an Article IV at this stage." }, { "heading": "Tunisia", "content": "- IMF received a request from Tunisian authorities for a new IMF-supported program.\n- Technical discussions are underway to consider launching a financing program.\n - Focus: defining Tunisia's economic priorities, challenges to be met, and reforms to be implemented.\n- IMF position: \"we have always been and will continue to be a strong partner of Tunisia.\"" }, { "heading": "Zimbabwe", "content": "- Status:\n - IMF statement concluded Zimbabwe has unsustainable debt.\n - Zimbabwe is currently not eligible to request debt relief under the Common Framework because of arrears to the World Bank.\n- Conditionality for reengagement:\n - Once conditions for international reengagement are in place and World Bank arrears are resolved, the IMF considers the Common Framework could be a useful option to address Zimbabwe's debt difficulties.\n - International community requires improvements in domestic political conditions and economic policies to initiate reengagement.\n- Note: a detailed Article IV statement on Zimbabwe had been issued recently and was referenced for more information." }, { "heading": "Inflation, energy prices, and monetary policy", "content": "- Observation:\n - Inflation pressures have increased in most economies; some was anticipated, but in some cases inflation has become more broad-based.\n - Commodity prices and bad weather have added to food and energy price pressures.\n- Outlook:\n - IMF expectation: supply-demand imbalances will wane next year and help ease inflation pressures.\n - Inflation expectations generally remain anchored in most economies.\n - If supply disruptions continue or inflation expectations de-anchor, inflation may become more sticky.\n- Policy guidance:\n - Central Banks should \"stay vigilant to inflationary pressures.\"\n - Clear signaling and a preemptive stance may be needed where upside inflation risks materialize.\n - IMF is \"paying close attention\" and thinking through scenarios on monetary and fiscal policy in advanced economies and spillovers to emerging and developing economies.\n- U.S. inflation:\n - Expectation stated that \"inflation in the U.S. [will] move down in the course of 2022.\"\n - Continued high U.S. inflation could necessitate a more front-loaded policy response with systemic downside risks globally.\n- No comment provided on recent news reports about the U.S. Administration’s initiative to encourage release of reserves by other countries." }, { "heading": "Ukraine", "content": "- IMF Board discussion:\n - Board consideration of the first review of the IMF’s financial arrangement with Ukraine is scheduled for Monday, November the 22nd.\n - Contingent on the Board discussion, next steps on a disbursement would be taken." }, { "heading": "Cryptocurrency and policy advice", "content": "- IMF general view on crypto assets:\n - Crypto assets \"present risks\" to operational stability, financial integrity, investor protection, and environmental aspects.\n - To date, financial stability risks are not systemic at the global level, but risks are building and warrant close monitoring.\n- Policy recommendations:\n - Policymakers should develop data standards and reinforce reporting requirements to monitor the rapidly evolving crypto landscape.\n - National regulators should prioritize implementation of global standards from the Financial Action Task Force and the Financial Stability Board.\n - Where standards are not yet developed, regulators should rely on and complement existing tools to control risks (wallets, exchanges, financial institutions' exposures).\n - Enhance cross-border coordination of supervision and enforcement actions to mitigate cross-border regulatory arbitrage.\n- Distinction noted: crypto assets are very different from Central Bank digital currencies; the IMF has published material and commentary on CBDCs in recent meetings.\n\nInternational Monetary Fund\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- Sudan and the IMF\n- Argentina and the IMF\n- El Salvador and the IMF\n- India and the IMF\n- Myanmar and the IMF\n- Republic of South Sudan and the IMF\n- Tunisia and the IMF\n- Ukraine and the IMF\n- Zimbabwe and the IMF\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: November 18, 2021", "Date of briefing: November 18, 2021.", "Press Officer: Brian Walker. Phone: +1 202 623-7100 Email: MEDIA@IMF.org @IMFSpokesperson.", "Email notification sign-up available for IMF postings.", "IMF Statistical Forum (9th) taking place virtually; theme: Measuring Climate Change: The Economic and Financial Dimensions.", "Tuesday, November 30th: Managing Director to give introductory remarks at the 7th Richard Good lecture; presentation included from Professor Stefanie Stantcheva.", "Early December: Kristalina Georgieva participating in the Reuters NEXT summit and to be interviewed by Andrea Shalal.", "Thursday, December 2nd at 8:30: Deputy Managing Director Bo Li to deliver opening remarks for IMF panel on New Monetary Policy Tools for emerging and developing economies.", "Monday December 6th: Kristalina Georgieva to present the Euro Area Article IV concluding statement at the Euro Group in Brussels, with anticipated press interaction thereafter.", "IMF characterization of engagement:", "Ex-post evaluation of the previous Stand-By Agreement (SBA):", "No confirmation on whether an Article IV mission must precede a new IMF agreement with Argentina; current status described as ongoing frequent engagement without timing details.", "Regarding legislative processes in Argentina (announcement of a multi-year economic plan to be discussed in Congress), IMF had no specific comment on sequencing or initial understandings relative to congressional debate.", "IMF context:", "IMF engagement status:", "Background:", "HIPC process:", "IMF monitoring: developments are being monitored carefully to assess implications for the program review and HIPC milestones.", "Visit: Abe Selassie (IMF) visited Juba in the last few days.", "No detailed readout was available at the time of the briefing; a small social media post had been issued.", "Article IV consultations resumed with an in-person delegation on November 8th; continued virtually thereafter.", "Purpose: technical assessment of the economy and prospects; conclusion normally involves a staff statement at mission completion and an Executive Board discussion.", "Typical timeline for Article IV process: \"anywhere between six to eight weeks\" before Board assessment, with subsequent communication at mission completion and post-Board.", "Clarification: current engagement is an Article IV consultation; dialog may cover policies that could underpin an IMF program, but the mission is an Article IV at this stage.", "IMF received a request from Tunisian authorities for a new IMF-supported program.", "Technical discussions are underway to consider launching a financing program.", "IMF position: \"we have always been and will continue to be a strong partner of Tunisia.\"", "Status:", "Conditionality for reengagement:", "Note: a detailed Article IV statement on Zimbabwe had been issued recently and was referenced for more information.", "Observation:", "Outlook:", "Policy guidance:", "U.S. inflation:", "No comment provided on recent news reports about the U.S. Administration’s initiative to encourage release of reserves by other countries.", "IMF Board discussion:", "IMF general view on crypto assets:", "Policy recommendations:", "Distinction noted: crypto assets are very different from Central Bank digital currencies; the IMF has published material and commentary on CBDCs in recent meetings.", "[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)", "[Sudan and the IMF](http://www.imf.org/external/country/SDN/index.htm)", "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)", "[El Salvador and the IMF](http://www.imf.org/external/country/SLV/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)", "[Republic of South Sudan and the IMF](http://www.imf.org/external/country/SSD/index.htm)", "[Tunisia and the IMF](http://www.imf.org/external/country/TUN/index.htm)", "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)", "[Zimbabwe and the IMF](http://www.imf.org/external/country/ZWE/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)" ], "alternates": { "markdown": "/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2021/11/19/tr111821-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T00:47:42.586Z" }