## Managing Director's Remarks to the Three Seas Initiative

_IMF News, September 6, 2023_

## Source details

**Canonical URL:** [Managing Director's Remarks to the Three Seas Initiative](https://www.imf.org/en/news/articles/2023/09/06/sp090623-md-remarks-to-the-three-seas-initiative)

## Other formats

- [Markdown version](/en/news/articles/2023/09/06/sp090623-md-remarks-to-the-three-seas-initiative/index.md)
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## Bibliographic details
- Published: September 6, 2023

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### Context and key challenges
- Meeting date: September 6, 2023.
- The meeting takes place "at a challenging time, a time of weaker growth and widening divergence among regions and sectors of the economy."
- Russia's war "inflicts a terrible toll on Ukrainian people" and "remains a drag on prospects across the Three Seas region."
- Inflation remains difficult to control: "the fight against inflation has proven more difficult, meaning that higher prices will continue to weigh on vulnerable families for a while."
- Tighter financial conditions are making "the economic environment more challenging than it was before the pandemic."
- A wide range of risks noted: "additional war-driven shocks to food and fuel prices, the ongoing challenges of geopolitical fragmentation, climate change—they're all on your shoulders."

### Main policy priorities and recommendations
- Economic stability
  - "Countries that get the fundamentals right will be more successful."
  - "This means fighting inflation until the battle is won."
  - "Monetary and fiscal policy must work together."
  - "We should never lose sight of the most vulnerable people in our societies."

- Energy security and transition
  - "Maintaining reliable energy supplies is crucial."
  - European collaboration "to tap various sources and supply routes to quickly wean off Russian gas" is highlighted as precedent.
  - Urgent transition to "climate-friendly, sustainable energy" framed as both necessity and "Great opportunity for growth and jobs."

- Infrastructure and connectivity
  - Investments in "transportation, and in digital infrastructure" are "fundamental" for the Three Seas Initiative.
  - IMF simulations suggest "their impact could be doubled over the next 10 to 15 years if they are done right."
  - Priorities include "improving connectivity across borders and regions" and "achieving the same efficiency of public investment as the EU-15 countries."
  - Well-designed regulations should "ensure equal access to this new infrastructure for all users," expanding growth prospects for "small and medium-sized companies."

- Business climate, transparency, and efficiency
  - Improving "the workings of the government" to be "more transparent and more efficient" is essential to increase regional competitiveness as global supply chains shift.
  - The IMF offers partnership: "This is an area in which we at the Fund are happy to partner with each and every one of you."

### Role of the Three Seas Initiative and IMF engagement
- The Three Seas Initiative is recognized as "a catalyst for much needed private investment."
- Focus on regional infrastructure addresses "a key growth bottleneck" and "can lead to collaboration in other areas."
- IMF support emphasized: "As you work to strengthen this region's prospects, we stand by you."
- Closing theme aligned with Romania's conference message: "Together, we are stronger."

*Source: Managing Director's Remarks to the Three Seas Initiative (Opening Session of the Summit (Day 1) - Bucharest, Romania, September 6, 2023).*

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## References

- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
- [Romania and the IMF](http://www.imf.org/external/country/ROU/index.htm)
- [Speeches](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)

_Source: https://www.imf.org/en/news/articles/2023/09/06/sp090623-md-remarks-to-the-three-seas-initiative_