{
  "title": "Transcript of Global Policy Agenda October 2024 Press Briefing",
  "publication": "IMF News, October 24, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/10/24/tr102424-transcript-of-gpa",
  "canonical": "https://www.imf.org/en/news/articles/2024/10/24/tr102424-transcript-of-gpa",
  "overlayPath": "/en/news/articles/2024/10/24/tr102424-transcript-of-gpa/index.md",
  "summary": "Ms. Kozack: Good morning, everyone. A very warm welcome to you this morning. Thank you for joining us for the Managing Director's Press Conference on her Global Policy Agenda. As usual, we will begin with some opening remarks from the Managing Director, and then we will turn to your questions.",
  "publishDate": "2024-10-24",
  "sections": [
    {
      "heading": "Global outlook and macroeconomic risks",
      "content": "- Global economy:\n  - \"We expect the global economy to grow by 3.2 percent year and slow to 3.1 annual growth in 5 years.\"\n  - \"This is the lowest medium‑term outlook in decades.\"\n- Inflation and monetary policy:\n  - \"Inflation continues to decline\" and \"Major central banks, including in the U.S., have rightly embarked on an easing path.\"\n  - Policy trade‑off: \"The trick now is to finish the job on inflation without unnecessarily damaging the job market.\"\n- Trade and fragmentation:\n  - \"Trade is no more a powerful engine of growth. We live in a more fragmented global economy.\"\n  - Concern over new groupings and payment systems: details needed to assess potential fragmentation impacts.\n- Public debt and growth dynamics:\n  - \"Public debt is on track to surpass $100 trillion this year, an all‑time high, an equivalent of 93 percent of global GDP.\"\n  - \"By 2030, we expect that figure to approach 100 percent of GDP.\"\n  - Bottom line: risk of getting \"stuck on a low‑growth, high‑debt path\" with consequences for incomes, jobs, and government revenues."
    },
    {
      "heading": "IMF priorities and policy prescriptions",
      "content": "- Two headline priorities:\n  - \"Secure the soft landing.\"\n  - \"Break out of the low‑growth, high‑debt path.\"\n- Key policy recommendations:\n  - Ensure inflation returns to target everywhere.\n  - \"Act on debt and deficits\" — rebuild fiscal buffers; \"in most countries, that can be done gradually, but it needs to start now.\"\n  - \"Carry out pro‑growth reforms from cutting red tape to improving governance.\"\n    - Analysis cited: reforms \"can boost output by up to 8 percent over 4 years in developing countries.\"\n- Global cooperation:\n  - Continue cooperation on \"climate, technology, debt, trade\" to seize opportunities and mitigate risks."
    },
    {
      "heading": "IMF lending, financial reforms, and tool innovations",
      "content": "- Lending and facilities:\n  - \"97 countries, highest in our history, have benefited from our lending since the pandemic, the majority through multiyear programs.\"\n  - \"During the same period, our concessional loans have tripled.\"\n  - \"Interest in the Resilience and Sustainability Facility continues to grow. We have 20 countries now using the facility to enhance their climate resilience, almost double the number when we met a year ago.\"\n- Balance sheet and cost of borrowing:\n  - \"In April, for the first time, we reached our precautionary balances target of about $30 billion.\"\n  - Membership decisions reducing borrowing costs:\n    - \"The cost of borrowing from our general resources will go down $1.2 billion annually.\"\n    - \"This is a 36 percent reduction in surcharges and in the margin of charges.\"\n- Support to low‑income countries:\n  - Comprehensive reform and financing package \"generating about $8 billion in additional subsidy resources for PRGT over the next 5 years, more than doubling the long‑term, self‑sustained lending envelope to $3.6 billion a year.\""
    },
    {
      "heading": "Regional impacts and country‑specific notes",
      "content": "- Middle East and MENA:\n  - Conflicts producing severe human and economic costs; sharp contractions in Gaza, West Bank, Lebanon.\n  - MENA growth revisions: \"MENA as a whole is seeing growth projections revised significantly downward—0.6 percent downward revision from April to now. Now we project only 2.1 percent growth.\"\n  - Egypt:\n    - \"Egypt is losing 70 percent of the revenues it used to collect from the Suez Canal because of the impact of the conflict...\"\n    - IMF engagement: had a \"$3 billion program; because of all these increased pressures on Egypt, we have augmented significantly the program. We increased it by $5 billion.\"\n    - IMF stance: supportive but stresses reforms \"sooner rather than later\" to reduce costs borne by people.\n- Latin America and the Caribbean:\n  - Heterogeneous performance:\n    - Caribbean: growth \"2023, 7.5; 2024, 11.9.\"\n    - Latin America and the Caribbean as a whole: \"2023, 2.6 percent; 2024, 2.6 percent.\"\n  - Recommendation: lift growth trajectory via pro‑growth reforms, governance improvements, and public engagement.\n- China:\n  - IMF projections: \"growth to grow by 4.8 percent in 2024, 4.5 percent in 2025.\"\n  - Policy direction: shift from export‑led growth toward boosting domestic consumption, resolve property‑sector distress, and advance social security and pension reforms to reduce excessive precautionary saving.\n  - Risk: \"If China does not move, growth can slow down to way below 4 percent.\"\n- ASEAN / Thailand:\n  - ASEAN is a \"bright spot\" and \"outperforming the world,\" supported by strong institutions, macroeconomic foundations, and export orientation.\n  - Importance of structural reforms, regional cooperation, and climate adaptation to sustain outperformance.\n- Ukraine:\n  - IMF assessment: fifth review of the EFF arrangement completed with benchmarks met; program reflects strong ownership.\n  - International support scale: \"we look at something in the order of $150 billion support over the 4 years of our program.\"\n  - Domestic revenue mobilization: IMF expects decisive action using technology and transparency to strengthen tax collection and accountability."
    },
    {
      "heading": "Institutional role and engagements",
      "content": "- IMF core functions highlighted:\n  - Bilateral and multilateral surveillance as a \"transmission line of good practices.\"\n  - Financial support as buffer for members in need.\n  - Innovation and knowledge sharing (example: Resilience and Sustainability Trust).\n- Cooperation and predictability in sovereign debt:\n  - Progress under the G20 Common Framework and the Global Sovereign Debt Roundtable to make restructurings more predictable and efficient.\n  - Joint World Bank–IMF three‑pillar response for liquidity pressures: reforms to boost growth and domestic resource mobilization, adequate financing including IFIs, and crowding in private finance.\n\nTranscript of Global Policy Agenda October 2024 Press Briefing, October 24, 2024.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/10/23/The-Managing-Director-s-Global-Policy-Agenda-Annual-Meeting-2024-Secure-A-Soft-Landing-And-556656\n- Arab Republic of Egypt and the IMF\n- Jamaica and the IMF\n- Thailand and the IMF\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/10/24/tr102424-transcript-of-gpa"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2024/10/24/tr102424-transcript-of-gpa/index.md)",
    "[Structured JSON version](/en/news/articles/2024/10/24/tr102424-transcript-of-gpa/index.json)",
    "[Bundle manifest](/en/news/articles/2024/10/24/tr102424-transcript-of-gpa/bundle-manifest.json)",
    "Published: October 24, 2024",
    "Global economy:",
    "Inflation and monetary policy:",
    "Trade and fragmentation:",
    "Public debt and growth dynamics:",
    "Two headline priorities:",
    "Key policy recommendations:",
    "Global cooperation:",
    "Lending and facilities:",
    "Balance sheet and cost of borrowing:",
    "Support to low‑income countries:",
    "Middle East and MENA:",
    "Latin America and the Caribbean:",
    "China:",
    "ASEAN / Thailand:",
    "Ukraine:",
    "IMF core functions highlighted:",
    "Cooperation and predictability in sovereign debt:",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/10/23/The-Managing-Director-s-Global-Policy-Agenda-Annual-Meeting-2024-Secure-A-Soft-Landing-And-556656](https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/10/23/The-Managing-Director-s-Global-Policy-Agenda-Annual-Meeting-2024-Secure-A-Soft-Landing-And-556656)",
    "[Arab Republic of Egypt and the IMF](http://www.imf.org/external/country/EGY/index.htm)",
    "[Jamaica and the IMF](http://www.imf.org/external/country/JAM/index.htm)",
    "[Thailand and the IMF](http://www.imf.org/external/country/THA/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/2024/10/24/tr102424-transcript-of-gpa/index.md",
    "json": "/en/news/articles/2024/10/24/tr102424-transcript-of-gpa/index.json",
    "bundleManifest": "/en/news/articles/2024/10/24/tr102424-transcript-of-gpa/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T03:23:35.949Z"
}