{ "title": "Transcript of IMF Press Briefing", "publication": "IMF News, September 28, 2023", "sourceUrl": "https://www.imf.org/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing/index.md", "summary": "Transcript of IMF Press Briefing", "authors": [ "Investment Program" ], "publishDate": "2023-09-28", "sections": [ { "heading": "Annual Meetings in Marrakesh, Morocco", "content": "- Date of briefing: September 28, 2023.\n- Meetings scheduled: 2023 Annual Meetings in Marrakesh, Morocco from October 9 to 15.\n- Context and decisions:\n - Condolences expressed for the earthquake in Morocco (September 8) and floods in Libya.\n - After review with Moroccan authorities and the World Bank, management agreed to proceed with holding the Annual Meetings, adapting content to circumstances.\n - Key consideration: ensure meetings do not hamper relief and reconstruction efforts.\n - Journalist registration advised before September 29 (especially if visa required).\n- Program and events:\n - Preliminary meeting schedule available on the website and still being finalized; adjustments to be communicated through normal channels.\n - Managing Director’s curtain-raiser speech: Thursday, October 5 in Abidjan, Côte d’Ivoire (introductory remarks by President Alasane Ouattara; fireside chat with the Minister of Economy and Finance of Côte d’Ivoire; Q&A follows).\n - Possible inclusion of community service and corporate social responsibility events; final details pending.\n- Morocco-specific support and actions:\n - IMF and World Bank worked closely with Moroccan authorities on readiness to hold meetings.\n - Board meeting later today to discuss Morocco's request for support under the Resilience and Sustainability Trust.\n - IMF stands ready to provide assistance to Libya as needed." }, { "heading": "IMF Publications, Schedules, and Communications", "content": "- Flagship reports (WEO, GFSR, Fiscal Monitor) to be released during the Annual Meetings, with analytical chapters ahead of the meetings.\n- Media relations to share a detailed advisory on publication schedule in coming days.\n- Regional Economic Outlook for the Western Hemisphere (including the Caribbean) to be released on October 13th at 3:45 Morocco time; 10:45 Eastern time (press conference scheduled)." }, { "heading": "Institutional priorities and financing", "content": "- Since the pandemic, IMF actions highlighted:\n - Injected $1 trillion in liquidity and vital financial support to membership.\n - Lending to nearly 100 countries.\n - Historic SDR allocation (not quantified further in this transcript).\n- Two institutional priorities emphasized by the Managing Director:\n - Complete the 16th General Quarter Review.\n - Close the PRGT subsidy gap to allow continued zero interest rate lending to poorest members." }, { "heading": "U.S. fiscal and monetary outlook", "content": "- Government shutdown risk:\n - IMF urges parties to reach consensus and find a way forward on funding the U.S. government; views a shutdown as an avoidable risk.\n - Briefing embargoed until 11:00 a.m.\n- Monetary policy stance:\n - A less synchronous global monetary policy environment observed; appropriate country-specific responses advised:\n - Where inflation is high and persistent: retain restrictive policies.\n - Where inflation is approaching target: move to neutral stance.\n - Where inflation has fallen below target: easing may be appropriate.\n- Upcoming assessments:\n - WEO, GFSR, and Fiscal Monitor updates to be released in about ten days, providing comprehensive outlooks including U.S. impacts." }, { "heading": "Argentina", "content": "- Program status and economic conditions:\n - Situation characterized as challenging: inflation \"high, very high, and it's rising\"; reserve buffers low; social conditions fragile.\n - Recent measures by Minister Sergio Massa require assessment; IMF is working to understand impact and possible offsetting actions.\n - Exchange rate realignment, tight monetary and fiscal policies are essential components of the program agreed in recent combined fifth and sixth reviews.\n- Review timing:\n - Too early to specify timing of next review; IMF aims to continue engagement to help safeguard stability and protect the vulnerable.\n- Dollarization:\n - Determination of exchange rate regime is prerogative of sovereign; IMF concerned that dollarization requires important preparatory steps and is not a substitute for sound macroeconomic policies." }, { "heading": "China, trade tensions, and global growth projections", "content": "- Near-term:\n - Recent slowdown since Q1 with mixed recent data; some signs of stabilization.\n - IMF expects China to meet its 2023 growth target of around 5 percent.\n- Medium-term:\n - Expectation that China's growth will slow to around 3-1/2 percent over the medium term due to demographic headwinds and slowing productivity growth; higher growth is considered within reach with appropriate policies.\n- Trade and technology tensions:\n - While national security reasons can justify trade actions, such restrictions often carry significant economic costs domestically and abroad.\n - Critical minerals are essential to scaling up the green transition; IMF advises avoiding harmful trade restrictions that delay climate mitigation and impose unnecessary costs.\n- Role of G7:\n - Viewed as important for fostering global cooperation to resolve economic challenges." }, { "heading": "Crypto-assets and regulation", "content": "- Joint paper with the FSB released around G20:\n - Concludes global standards are needed.\n - Recommends policies for macroeconomic stability, safeguarding monetary sovereignty, attenuating excessive capital flow volatility, appropriate tax treatments to address fiscal risks, and monitoring impact on the international monetary system.\n - Calls to close data gaps through reporting requirements to improve consumer protection and financial stability." }, { "heading": "Fragile states, coups, and IMF engagement in the Sahel and other regions", "content": "- Noted resurgence of coups in some countries, mostly in Africa and particularly the Sahel region, symptomatic of long-standing political and economic fragilities.\n- IMF role:\n - Continue engagement via policy advice, capacity development, and financing.\n - Recent strategy for fragile and conflict-affected states underscores importance of staying engaged to address humanitarian challenges, social exclusion, insecurity, and lack of basic public services." }, { "heading": "Africa: country-specific updates and regional outlook", "content": "- Zambia:\n - August 2022: Executive Board approved a $1.3 billion ECF with Zambia.\n - Zambia reached agreement with its official creditor committee on debt treatment on June 22nd.\n - Completion of a review in July 2023 reflected strong program performance (met quantitative performance criteria; reduced inefficient public spending).\n - IMF calls for advancement of debt restructuring and hopes Memorandum of Understanding completed soon to allow debt treatment implementation.\n- Ghana:\n - May 2023: Board approved a three year, $3 billion ECF; $600 million disbursed immediately.\n - Mission currently in Accra for first review; aim to present review to Executive Board in November.\n - Program objectives: restore macro stability, ensure debt sustainability, and lay foundations for higher, more inclusive growth.\n - Next debt restructuring steps: Official Creditor Committee agreement on modalities and engagement with external private creditors.\n- Ethiopia:\n - Multiple shocks: six consecutive years of drought, pandemic, domestic conflict, impact of Russia's war in Ukraine.\n - IMF received a request for financial assistance; discussions underway on economic policies and reforms for potential IMF support.\n - A program would require commitments from development partners and financing assurances from creditors under the G20 common framework.\n- Sub-Saharan Africa region:\n - Referred to as experiencing a \"big funding squeeze\": succession of shocks, food insecurity, and tightening global financial conditions with high public debt in many countries.\n - Regional Economic Outlook forthcoming with more detail." }, { "heading": "Caribbean, Haiti, and Citizenship-by-Investment (CBI) concerns", "content": "- Caribbean outlook:\n - Growth lagging other subregions as tourism recovery remains incomplete.\n - Vulnerabilities: global slowdown risk, tightening global financial conditions, and public debt above pre-pandemic levels in many economies.\n - Policy needs: fiscal consolidation, growth-enhancing structural reforms, investment in climate adaptation, and stronger regulation/supervision of credit unions.\n- Haiti and migration:\n - IMF position described as standing ready to assist; briefing deferred to regional economic outlook and bilateral follow-up for additional detail.\n- CBI programs:\n - Concerns noted about challenges from U.S. Congress and EU; IMF to follow up and provide information bilaterally." }, { "heading": "Ukraine", "content": "- Technical mission:\n - Mission led by Gavin Gray underway conducting technical discussions to prepare for the 2023 Article IV consultation and the second review under the EFF arrangement.\n - IMF will communicate more at the end of the technical mission.\n- Reconstruction:\n - No immediate IMF information on World Bank damage/reconstruction assessment in this briefing; IMF to follow up if information becomes available." }, { "heading": "Quotas, PRGT, BRICS, and global governance", "content": "- Quota reform and resources:\n - Importance stressed of reaching agreement to increase IMF quota resources before year-end as part of the 16th General Quota Review (referred to in the briefing as the 16th General Quarter Review).\n - Closing PRGT subsidy gap emphasized to maintain zero interest lending to poorest members.\n - An increase in quota-based resources would scale up predictable quota-based resources and reinforce IMF’s role at the center of the global financial safety net.\n- Voice and representation:\n - Membership discussions expected on expanding Executive Board representation (including proposals such as an African chair) and other reforms to improve voice and representation.\n- BRICS and New Development Bank:\n - IMF welcomes improved and expanded international cooperation and deeper trade/investment ties among groups of countries that reduce market fragmentation and trade costs.\n - Warns against fragmentation of the global economy, estimating potential global GDP losses from fragmentation (figure cited: 7%).\n - Supports fora that foster cooperation and solutions that help global economic outcomes." }, { "heading": "Country brief notes (selected)", "content": "- El Salvador:\n - Article IV concluded March 2023; staff maintains open dialogue on fiscal consolidation composition and pace, and risks from bitcoin adoption.\n- Suriname:\n - No update in this briefing; IMF to follow up bilaterally.\n- Pakistan:\n - July 12th: Program approved — a 9 month Stand-By Arrangement for $3 billion to support economic stabilization.\n - Program objectives: address domestic and external imbalances; provide framework for donor support and debt rollovers; implement FY2024 budget; monetary policy to bring down inflation; reforms to improve energy sector viability.\n - Social protection, public financial management, tax administration, and prioritizing public investment are part of program design.\n - Managing Director’s message: place burden on wealthy segments and increase tax-to-GDP ratio; protect poor and vulnerable.\n- El Salvador, Suriname, Nigeria, Benin, and other country updates:\n - Several country updates deferred; IMF will provide bilateral follow-up or include detail in upcoming regional reports.\n\nTranscript of IMF Press Briefing, September 28, 2023. IMF Communications Department.\n\n---\n\n\n References\n\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing/bundle-manifest.json)", "Authors: Investment Program", "Published: September 28, 2023", "Date of briefing: September 28, 2023.", "Meetings scheduled: 2023 Annual Meetings in Marrakesh, Morocco from October 9 to 15.", "Context and decisions:", "Program and events:", "Morocco-specific support and actions:", "Flagship reports (WEO, GFSR, Fiscal Monitor) to be released during the Annual Meetings, with analytical chapters ahead of the meetings.", "Media relations to share a detailed advisory on publication schedule in coming days.", "Regional Economic Outlook for the Western Hemisphere (including the Caribbean) to be released on October 13th at 3:45 Morocco time; 10:45 Eastern time (press conference scheduled).", "Since the pandemic, IMF actions highlighted:", "Two institutional priorities emphasized by the Managing Director:", "Government shutdown risk:", "Monetary policy stance:", "Upcoming assessments:", "Program status and economic conditions:", "Review timing:", "Dollarization:", "Near-term:", "Medium-term:", "Trade and technology tensions:", "Role of G7:", "Joint paper with the FSB released around G20:", "Noted resurgence of coups in some countries, mostly in Africa and particularly the Sahel region, symptomatic of long-standing political and economic fragilities.", "IMF role:", "Zambia:", "Ghana:", "Ethiopia:", "Sub-Saharan Africa region:", "Caribbean outlook:", "Haiti and migration:", "CBI programs:", "Technical mission:", "Reconstruction:", "Quota reform and resources:", "Voice and representation:", "BRICS and New Development Bank:", "El Salvador:", "Suriname:", "Pakistan:", "El Salvador, Suriname, Nigeria, Benin, and other country updates:", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2023/09/28/tr092323-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T02:22:11.790Z" }