{ "title": "Transcript of IMF Press Briefing (November 21, 2024)", "publication": "IMF News, November 21, 2024", "sourceUrl": "https://www.imf.org/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing", "canonical": "https://www.imf.org/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing", "overlayPath": "/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing/index.md", "summary": "MS. KOZACK: Good morning, everyone. It's great to see you all here in person and online. Welcome to this IMF press briefing. My name is Julie Kozack. I'm the Director of Communications at the IMF.", "publishDate": "2024-11-21", "sections": [ { "heading": "Briefing logistics and principal speaker", "content": "- Speaker: Ms. Julie Kozack, Director of the Communications Department, IMF.\n- Briefing status: Embargoed until 11:00am Eastern Time (United States).\n- Announced MD travel and DMD travel:\n - Managing Director Kristalina Georgieva will attend the 2024 High Level Caribbean Forum on Managing the Green Transition in Barbados on December 3rd.\n - Deputy Managing Director Nigel Clarke will travel to Nairobi, Kenya, on December 9th and 10th." }, { "heading": "Egypt — program status, recent mission and priority reforms", "content": "- Recent activity:\n - Managing Director had a constructive visit to Egypt; IMF mission concluded a fortnight visit for the fourth review of the EFF program.\n - A team issued a press release at the end of the staff visit for the fourth review; discussions are continuing virtually to finalize agreement on policies and reforms to support completion of the fourth review.\n- Financial support and policy changes cited:\n - In March of 2024 the IMF increased support by raising the loan amount from $3 billion to $8 billion US dollars.\n - A reform to IMF surcharge policy is saving Egypt $800 million over the next six years under the new policy.\n - Discussions under the RSF (Resilience and Sustainability Facility) are ongoing; no definitive size available at the time of the briefing (there was prior mention of up to $2 billion in questions).\n- Priority reforms and policy orientations identified by IMF staff:\n - Sustain a flexible exchange rate to shield from external shocks.\n - Maintain an appropriately tight monetary policy to contain inflationary pressures.\n - Maintain strong fiscal discipline to reduce public sector debt vulnerabilities.\n - Enhance private sector growth and accelerate divestment plans to reduce the state footprint.\n - Raise sufficient revenue for essential programs (health, education, social safety nets).\n - Focus on enhancing tax equity, broadening the tax base and reducing tax exemptions rather than increasing tax rates.\n - Strengthen social safety nets to protect vulnerable groups from rising cost of living and energy price hikes." }, { "heading": "Pakistan — program architecture, RSF interest, and recent mission", "content": "- Program context:\n - Executive Board approved a new 37 month $7 billion EFF arrangement on September 25th.\n - Key priorities under the EFF: strengthen policymaking, build economic and climate resilience, advance reforms for stronger, sustained and more inclusive growth.\n- Recent engagement:\n - Staff visit took place from November 12th to 15th; authorities reaffirmed commitment to the program.\n- RSF and revenue issues:\n - Pakistan has inquired about an RSF arrangement; IMF and authorities are engaged in preparatory work, with substantial background work required before any RSF consideration by the Executive Board.\n - Potential revenue shortfalls will be assessed as part of the full review mission (reviews under Pakistan’s EFF are semiannual); the short staff visit between semiannual reviews is a customary procedure." }, { "heading": "Sri Lanka — ongoing third review mission", "content": "- A team is in Colombo conducting the third review under Sri Lanka’s IMF-supported economic reform program.\n- IMF expects the team to wrap up the mission and hold a press conference on November 23rd; the briefing deferred detailed findings to that team’s report." }, { "heading": "Ukraine — sixth review, disbursements, and outlook", "content": "- Recent developments:\n - On November 18th IMF staff and Ukrainian authorities reached a staff level agreement on the sixth review of the four-year EFF.\n - Subject to Executive Board approval, Ukraine would have access to $1.1 billion which would bring total disbursements under the program to $9.8 billion.\n - Program performance remains strong; authorities met all September quantitative performance criteria and structural benchmarks.\n- Growth forecast revision:\n - IMF revised up the growth forecast for Ukraine (from 3.0 to 4 percent in comparison with the last world outlook), reflecting stronger-than-expected outturns in the second and third quarters.\n- External financing and IMF disbursement note:\n - IMF stated it is expected to disperse $2.7 in 2025. Billion. Sorry, billion dollars in 2025.\n- Timing:\n - IMF expects the Executive Board to meet in the coming weeks; a staff report with details on financing needs will be published following Board approval." }, { "heading": "Spain — Valencia floods economic assessment", "content": "- Human impact: floods in the Valencia region caused more than 200 dead.\n- Preliminary economic assessment:\n - Damage assessed as localized; key infrastructure damage (transport highways) and industry damage described as relatively limited.\n - IMF’s preliminary view: impact on overall Spanish growth should be limited.\n - Any quantified impact will be reflected in the WEO update to be published in January." }, { "heading": "Global inflation and central bank guidance", "content": "- IMF observed global disinflation from high levels; in many countries inflation is now at or near target.\n- Assessment of monetary policy:\n - IMF views monetary policy of major central banks (including easing cycles in the US and Europe) as appropriate.\n - IMF recommends central banks to remain data-dependent in decision making." }, { "heading": "Russia and representation at the Executive Board", "content": "- Ms. Ksenia Yudaeva:\n - Elected to the IMF Executive Board by a constituency including Russia; took office on November 1st.\n - She represents the Russian Federation and the Syrian Arab Republic at the IMF Executive Board and is performing duties, including participating in hybrid board discussions in line with agreed practices.\n- Visa and travel questions: referred to the U.S. State Department for visa processing details." }, { "heading": "G7/ERA and Ukraine financing modalities", "content": "- IMF stated modalities for components of the ERA initiatives (G7 loans backed by immobilized Russian assets) are still being finalized; IMF provided no further details on potential IMF participation at the time of the briefing." }, { "heading": "Argentina — program status and prospects for a new arrangement", "content": "- Recent program facts:\n - Executive Board completed the eighth review of Argentina's program on June 13th.\n - Total disbursements under the EFF reached $41.4 billion.\n- Current posture:\n - Argentine authorities are exploring the option of moving to a new fund arrangement; staff continue to work closely with authorities.\n - IMF noted the stabilization program has delivered sizable reductions in inflation, fiscal surpluses, improved reserve coverage and nascent recovery in activity and real wages.\n - IMF emphasized continuation of consistent fiscal, monetary and foreign exchange policies to sustain gains.\n- Exchange restrictions and CEPO: IMF reiterated importance of consistent policy mix; ongoing constructive dialogue with authorities." }, { "heading": "Kenya — recent review outcomes and debt considerations", "content": "- Reviews and disbursement:\n - Executive Board concluded the seventh and eighth reviews of the ECF and EFF Blended Program and the RSF review on October 30th.\n - This allowed a disbursement of $606 million and brought total disbursements to about $3.1 billion under these programs.\n- Debt and borrowing guidance:\n - IMF assesses Kenya to have a high risk of debt distress.\n - Any new borrowing should be considered within a comprehensive fiscal strategy to reduce debt vulnerabilities while addressing spending needs." }, { "heading": "Cryptocurrencies and climate considerations; FSB/IMF work", "content": "- IMF/FSB activity:\n - A status report on the implementation of the Crypto Asset Policy Roadmap (joint IMF-FSB) was published in October.\n - IMF is analyzing policy implications of crypto assets and digital money and assisting members on regulatory issues including taxation, capital flows, and climate-related risks.\n- IMF’s role: help member countries address risks and design policies to manage those risks; no specific operational changes announced at the briefing." }, { "heading": "Ghana — third review progress and timing", "content": "- Recent progress:\n - IMF staff and Ghanaian authorities reached a staff level agreement on the third review of the ECF arrangement on October 4th.\n - Upon Board completion, Ghana would have access to about $360 million.\n - IMF staff were working toward a Board meeting in early December; further scheduling details to be provided when available.\n- Program performance notes:\n - Remarkable progress on debt restructuring.\n - First half 2024 growth exceeded IMF expectations.\n - Inflation has declined; fiscal and external positions improved.\n- IMF recommendation:\n - Continue implementation of policy and reform agendas to fully restore macroeconomic stability and debt sustainability." }, { "heading": "Caribbean small states, tax reform guidance, and trade exposure concerns", "content": "- Trade policy risks:\n - On possible future U.S. trade or fiscal policy shifts, IMF stated it would assess policies once details are known; no speculative conclusions were offered.\n- Small island tax guidance (example: St. Kitts and Nevis):\n - IMF staff recommended comprehensive tax reform to make tax systems more growth friendly, equitable and to reduce dependence on CBI (Citizenship by Investment) revenue.\n - Recommended a more progressive tax system and elimination of distortions created by certain tax concessions." }, { "heading": "Other procedural and operational notes from the briefing", "content": "- Press logistics:\n - Virtual participants asked to turn on camera and microphone when speaking.\n - Transcripts will be available on IMF.org following embargo lift.\n- Closing: Ms. Kozack wished attendees a happy Thanksgiving.\n\nTranscript of IMF Press Briefing — IMF Communications Department, November 21, 2024.\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/2024/11/21/tr112124-transcript-of-imf-press-briefing" } ], "bullets": [ "[Markdown version](/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing/index.md)", "[Structured JSON version](/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing/index.json)", "[Bundle manifest](/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing/bundle-manifest.json)", "Published: November 21, 2024", "Speaker: Ms. Julie Kozack, Director of the Communications Department, IMF.", "Briefing status: Embargoed until 11:00am Eastern Time (United States).", "Announced MD travel and DMD travel:", "Recent activity:", "Financial support and policy changes cited:", "Priority reforms and policy orientations identified by IMF staff:", "Program context:", "Recent engagement:", "RSF and revenue issues:", "A team is in Colombo conducting the third review under Sri Lanka’s IMF-supported economic reform program.", "IMF expects the team to wrap up the mission and hold a press conference on November 23rd; the briefing deferred detailed findings to that team’s report.", "Recent developments:", "Growth forecast revision:", "External financing and IMF disbursement note:", "Timing:", "Human impact: floods in the Valencia region caused more than 200 dead.", "Preliminary economic assessment:", "IMF observed global disinflation from high levels; in many countries inflation is now at or near target.", "Assessment of monetary policy:", "Ms. Ksenia Yudaeva:", "Visa and travel questions: referred to the U.S. State Department for visa processing details.", "IMF stated modalities for components of the ERA initiatives (G7 loans backed by immobilized Russian assets) are still being finalized; IMF provided no further details on potential IMF participation at the time of the briefing.", "Recent program facts:", "Current posture:", "Exchange restrictions and CEPO: IMF reiterated importance of consistent policy mix; ongoing constructive dialogue with authorities.", "Reviews and disbursement:", "Debt and borrowing guidance:", "IMF/FSB activity:", "IMF’s role: help member countries address risks and design policies to manage those risks; no specific operational changes announced at the briefing.", "Recent progress:", "Program performance notes:", "IMF recommendation:", "Trade policy risks:", "Small island tax guidance (example: St. Kitts and Nevis):", "Press logistics:", "Closing: Ms. Kozack wished attendees a happy Thanksgiving.", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing/index.md", "json": "/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing/index.json", "bundleManifest": "/en/news/articles/2024/11/21/tr112124-transcript-of-imf-press-briefing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T03:27:02.063Z" }