## Transcript of the International Monetary and Financial Committee (IMFC) Press Briefing, World Bank/IMF Spring Meetings 2025 _IMF News, April 25, 2025_ ## Source details **Canonical URL:** [Transcript of the International Monetary and Financial Committee (IMFC) Press Briefing, World Bank/IMF Spring Meetings 2025](https://www.imf.org/en/news/articles/2025/04/25/tr-04252025-imfc-press-briefing-transcript) ## Other formats - [Markdown version](/en/news/articles/2025/04/25/tr-04252025-imfc-press-briefing-transcript/index.md) - [Structured JSON version](/en/news/articles/2025/04/25/tr-04252025-imfc-press-briefing-transcript/index.json) - [Bundle manifest](/en/news/articles/2025/04/25/tr-04252025-imfc-press-briefing-transcript/bundle-manifest.json) ## Bibliographic details - Published: April 25, 2025 --- ### Global context, IMF mandate, and governance developments - Meeting: Fifty-First Meeting of the IMFC, Washington, D.C., 24th and 25th April. - Governance milestone: IMFC welcomed its 25th member, the third chair of Africa, strengthening African representation. - Diriyah Declaration: Deputies prepared a Declaration in Saudi Arabia earlier in April to advance IMFC process strengthening and governance reforms; members expressed full support. - Core IMF focus reinforced: - Support international monetary cooperation. - Encourage expansion of trade and economic growth. - Discourage policies that would harm prosperity. - IMF core functions flagged for strengthening: - Surveillance of global economic trends. - Lending (welcome review of program design conditionality). - Capacity development assistance. ### Trade tensions, uncertainty, and policy implications - Characterization: Trade tensions cited as a major source of uncertainty and market volatility; described metaphorically as “a forgotten pot boiling on a stove” that is now “boiling over.” - Member responses and outcomes: - Meetings enabled candid, closed-door exchanges among parties to clarify positions, timelines, and potential consequences. - Convening power of the IMF contributed to reduced uncertainty and more constructive engagement among members. - Policy guidance and priorities discussed: - Reduce uncertainty by clarifying policies and fostering candid, informed dialogue among parties. - Seize the moment to “put their own houses in order”: address delayed domestic reforms, strengthen resilience, remove impediments to productivity, and correct domestic imbalances that drive external imbalances. - IMF tasked to: - Do more work on external imbalances and how they can become sources of concern, and provide policy advice to address them. - Continue scanning the financial sector, especially the non‑bank sector, to identify potential sources of instability and advise on enhancing resilience. ### Emerging markets: outlook, risks, and IMF advice - Growth projections and revisions: - Emerging markets and developing economies growth projection: 3.7 percent for 2025 (a 0.6 percent downgrade). - Projection for 2026: 3.9 percent. - Observations on exposure and vulnerabilities: - Emerging markets are generally highly open, often export‑reliant, and active in international bond markets; therefore, they are highly exposed to trade tensions. - Many emerging markets face limited fiscal space after multiple shocks; some have little or no policy space to act. - Policy recommendations for emerging markets: - Avoid indiscriminate fiscal support; preserve and rebuild fiscal space with a medium‑to‑long‑term framework. - Monitor inflation and inflation expectations closely; act on monetary policy as necessary given the data. - Allow the exchange rate to act as a shock absorber, applying the IMF’s integrated policy framework with care. - Pursue structural reforms relentlessly to strengthen resilience and growth potential. - Leverage IMF capacity development and real‑time policy advice where needed. ### Debt vulnerabilities and creditor coordination - Priority: Addressing global debt vulnerabilities, especially for low‑income and vulnerable countries. - Members welcomed progress in debt treatments under the G20 Common Framework and committed to an effective, comprehensive, and systemic approach. - Three‑pillar approach (IMF and World Bank) emphasized for countries facing debt service pressures: - Support domestic resource mobilization. - Mobilize additional international financing. - Increase private‑sector engagement and role in economies. - Debt restructuring and timeliness: - Outcome: a playbook for debt restructuring from the Global Sovereign Debt Roundtable clarifies steps, sequencing, and timelines previously unclear under the Common Framework. - If the playbook is followed, debt restructuring can be achieved in less than 12 months. - Fund financing capacity: - Members agreed on expanding capacity to finance low‑income countries through the Poverty Reduction and Growth Trust (PRGT) so the Fund can step up financing and ease adjustment pressures. - Policy emphasis: “You do not borrow your way out of debt. You grow your way out of debt.” Reforms to enhance growth are critical to reducing debt vulnerability. ### Fragile and conflict‑affected states (case focus: Syria) and IMF engagement - Syria re‑engagement: - Syria has “returned to the international community”; meetings held in AIUla and at the Spring Meetings to create a coordinating group of institutions for Syria’s recovery. - A meeting in Washington co‑chaired by Mohammed Aljadaan, President Banga, and Kristalina Georgieva included Syria’s Finance Minister and Central Bank Governor. - IMF role and sequencing in Syria: - Cautious engagement focused on foundational institutional rebuilding: - Define and assess available data and rebuild credible data capability. - Rebuild central bank capacity and functioning. - Rebuild tax policy capacity to generate revenues. - Mission Chief appointed for Syria; Article IV Consultations have not taken place for a long period. - Recognized challenges: 14 years of civil war, large displaced populations, and a deeply wounded social fabric — requiring sustained Syrian-led reconstruction with international institutional support. - Broader fragile states agenda: Similar approaches noted for Yemen, Palestine, Sudan, and Lebanon — combining capacity support, advice, and cautious financial and bilateral/regional assistance while managing sanctions and impediments. ### Communications, convening, and final procedural notes - Convening effect: Bringing parties together in the same room transformed abstract policy debates into more human, real‑life conversations and facilitated mutual understanding. - Media and transcript: - Press briefing transcript dated April 25, 2025. - Press contact: MEDIA RELATIONS, PRESS OFFICER: Wafa Amr, Phone: +1 202 623-7100, Email: MEDIA@IMF.org, @IMFSpokesperson. - Closing observations: - Members expressed strong support for IMF surveillance, lending, and capacity development. - The overall meeting outcome instilled greater confidence among leaders that coordinated action can convert current challenges and uncertainty into opportunities for a more resilient and balanced world economy. *Transcript of the International Monetary and Financial Committee (IMFC) Press Briefing, World Bank/IMF Spring Meetings 2025 — April 25, 2025.* --- ## References - [Lebanon and the IMF](http://www.imf.org/external/country/LBN/index.htm) - [Saudi Arabia and the IMF](http://www.imf.org/external/country/SAU/index.htm) - [Syrian Arab Republic and the IMF](http://www.imf.org/external/country/SYR/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) _Source: https://www.imf.org/en/news/articles/2025/04/25/tr-04252025-imfc-press-briefing-transcript_