{ "title": "Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 22, 2025", "publication": "IMF News, May 22, 2025", "sourceUrl": "https://www.imf.org/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025", "canonical": "https://www.imf.org/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025", "overlayPath": "/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025/index.md", "summary": "Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 22, 2025", "publishDate": "2025-05-22", "sections": [ { "heading": "Announcements and logistics", "content": "- Press briefing embargoed until 11:00 a.m. Eastern Time in the United States.\n- Managing Director Kristalina Georgieva and First Deputy Managing Director Gita Gopinath attending the G7 Finance Ministers and Central Bank Governors meeting in Canada.\n- May 29–30: Managing Director will travel to Dubrovnik, Croatia to attend a joint IMF Croatia National Bank Conference focused on promoting growth and resilience in Central, Eastern, and Southeastern Europe; will participate in opening panel and hold regional meetings.\n- June 2: Managing Director will travel to Sofia, Bulgaria to attend the 30th Anniversary celebration of the National Trust Ecofund and hold bilateral meetings with Bulgarian authorities.\n- Deputy Managing Director Nigel Clarke travel plans:\n - Launch of IMF's new regional training program for South America and Mexico in Asuncion, Paraguay on June 6.\n - Keynote speech in Brasilia on June 10 during the Annual Meeting of the Caribbean Development Bank.\n - Participation in the 2025 Consultative Group to Assist the Poor Symposium in the Netherlands on June 12–13.\n- Deputy Managing Director Kenji Okamura to attend the 10th Tokyo Fiscal Forum in Japan on June 11–12.\n- Article IV Consultation for the United States will be undertaken on a later timetable this year, with discussions to be held in November.\n- Media relations contact provided: PRESS OFFICER: Meera Louis; Phone: +1 202 623-7100; Email: MEDIA@IMF.org." }, { "heading": "Ukraine: program status and financing", "content": "- Staff began policy discussions with Ukrainian authorities on the eighth review under the EFF; team is on the ground in Kiev and will provide an update at the end of the mission.\n- Disbursement and program balance:\n - The seventh disbursement is referenced; the mission will provide exact size of the disbursement and remaining size of the program in the Staff report for the Seventh Review and bilaterally.\n - Based on documents published at the time of the Seventh Review, the Eighth Review disbursement would be about $520 million.\n- Debt assessment:\n - At the time of the Seventh Review, IMF Staff assessed Ukraine's debt to be sustainable on a forward-looking basis.\n - The team will update its debt assessment as part of the eighth review discussions." }, { "heading": "Argentina: program progress and undeclared assets", "content": "- Program overview:\n - Executive Board approved a new four-year EFF arrangement for Argentina for $20 billion on April 11th, with an initial disbursement of $12 billion.\n - Program aims to support Argentina's transition to the next phase of stabilization and reforms.\n- Noted developments and indicators:\n - Rollout of the new FX regime described as smooth.\n - Monthly inflation declined to 2.8 percent in April.\n - Fiscal results: a fiscal surplus in April and a cumulative fiscal surplus of 0.6 percent of GDP for the year.\n - Economy expanding, real wages recovering, and poverty continuing to fall.\n- First Review and engagement:\n - IMF engagement continues ahead of the First Review, which will assess progress and consider policies to strengthen stability and growth.\n - Authorities committed to strengthening financial transparency and aligning Argentina's AML CFT framework with international standards, and to deregulating the economy to encourage formalization.\n- Undeclared assets (\"under the mattress\"):\n - IMF is following developments very closely and the team will provide an assessment in due course.\n - Any measures aimed at encouraging use of undeclared assets should be consistent with commitments on financial transparency and AML CFT alignment.\n- Visits:\n - Clarification: Deputy Managing Director Nigel Clarke (not the Managing Director) will travel to Paraguay and Brazil." }, { "heading": "Syria: engagement and data rebuilding", "content": "- IMF monitoring and support stance:\n - Staff preparing to support international community efforts to help Syria's economic rehabilitation as conditions allow.\n - Useful discussions held with the new Economic Team that took office in late March, including during the Spring Meetings.\n - IMF Staff held a roundtable during the Spring Meetings and have started rebuilding understanding of the Syrian economy through interactions with authorities and coordination with other IFIs.\n - Last substantive Article IV with Syria was in 2009.\n- Defining data:\n - Rebuilding basic economic institutions is needed, including the ability to produce economic statistics, so IMF and partners can conduct economic analysis to support reconstruction and recovery.\n- Sanctions:\n - Lifting of sanctions is a matter between member states; lifting could support Syria's efforts to overcome economic challenges and aid reconstruction.\n - Syria is an IMF member; IMF stands ready to provide advice and targeted technical assistance within its mandate." }, { "heading": "Russia: surveillance under sanctions and WEO projections", "content": "- Data sources and monitoring:\n - Staff analyzing data reported by Russian authorities, counterparty data provided by other countries (especially for cross-border transactions), and third-party sources to construct an economic picture.\n- World Economic Outlook (April 2025) projections referenced:\n - Russia growth: 1.5 percent in 2025; 0.9 percent in 2026.\n - Russia inflation: 8.2 percent in 2025; 4.4 percent in 2026.\n- No timetable provided for Article IV consultations." }, { "heading": "Deputy Managing Director Okamura’s visit to Japan (Tokyo Fiscal Forum)", "content": "- Visit timing: June 11–12 for the 10th Tokyo Fiscal Forum.\n- Agenda focus:\n - Fiscal frameworks: importance of sound fiscal frameworks to implement sound fiscal policy.\n - GovTech in Japan and the Asia Pacific region: modernization of government services and potential efficiency gains in revenue collection and service provision." }, { "heading": "Pakistan: EFF review, safeguards, and Board decision-making", "content": "- Program and review chronology:\n - IMF Executive Board approved Pakistan's EFF program in September of 2024.\n - First review was planned for the first quarter of 2025.\n - IMF Staff and Pakistani authorities reached a Staff-Level Agreement on the First Review on March 25, 2025.\n - Executive Board completed the review on May 9, 2025; disbursement followed.\n- Voting and disclosure:\n - IMF does not disclose Board voting; decisions generally taken by consensus and sufficient consensus existed to complete Pakistan's review.\n- Safeguards regarding use of funds:\n - IMF financing provided to members for resolving balance of payments problems.\n - EFF disbursements are allocated to central bank reserves, not transferred to the government to support the budget.\n - Program includes safeguards and conditionality: targets on accumulation of international reserves, a zero target on central bank lending to the government, and structural conditionality on fiscal management.\n - Deviations from program conditions would affect future reviews." }, { "heading": "Egypt: Fifth Review discussions", "content": "- IMF stance and progress:\n - Fund committed to supporting Egypt in building economic resilience and fostering higher private sector-led growth.\n - Notable improvements in inflation and foreign exchange reserves noted.\n- Ongoing Staff discussions:\n - IMF Staff has had productive discussions with Egyptian authorities on policies under the EFF.\n - Focus now on accelerating and deepening reforms to reduce the footprint of the state, level the playing field, and improve the business environment.\n - Discussions continue on remaining policies and reforms to support completion of the Fifth Review.\n- Note: Prime Minister announced possibility program conclusion in 2027 rather than 2026; discussions with IMF ongoing." }, { "heading": "Sri Lanka: Fourth Review and contingencies for Board approval", "content": "- Status:\n - On April 25, IMF Staff and Sri Lankan authorities reached Staff-Level Agreement on the Fourth Review under the EFF.\n - Upon Executive Board approval, Sri Lanka would have access to about $344 million in financing.\n- Contingencies for Board timing:\n - Completion subject to Executive Board approval, expected in the coming weeks.\n - Timing contingent on:\n - Implementation of prior actions, mainly restoring electricity cost recovery pricing and proper functioning of the automatic electricity price adjustment mechanism.\n - Completion of the Financing Assurances Review to confirm multilateral partners' committed financing and progress in debt restructuring." }, { "heading": "Ecuador: Second Review, fiscal pressures, and program monitoring", "content": "- Current engagement:\n - IMF, World Bank, and Inter-American Development Bank representatives in Quito to discuss strengthening financial and technical support.\n - New IMF Mission Chief participating and advancing toward a Second Review under Ecuador's EFF.\n- Recent history and disbursement:\n - Executive Board in December approved the First Review of Ecuador's 48-month EFF; about $500 million was disbursed after that First Review.\n - Authorities have made excellent progress in implementing the program.\n- Fiscal pressures and questions:\n - Concerns noted about falling oil prices affecting Ecuador's fiscal position, possible need for adjustments to oil subsidies and tax reform, and social constraints from protests.\n - Questions raised on whether $410 million was not dispersed under the First Review; IMF will provide updates on the timing and any modifications to program goals as discussions proceed." }, { "heading": "U.S.-China tariff rollback and global outlook", "content": "- Deal summary:\n - In May, China and the U.S. announced a 90-day rollback of most bilateral tariffs imposed since April 2nd and established a mechanism to discuss economic and trade relations.\n - Agreement reduced additional tariffs from peak levels: previously 125 percent additional tariffs; agreed additional tariff level of 10 percent for the 90 days.\n- U.S. effective tariff rate:\n - Previously assessed at 25.5 percent; the announcement will bring the U.S. effective tariff rate down to a bit over 14 percent.\n- Growth outlook implications:\n - Reduction in tariffs and easing of tensions provides upside risk to the global growth forecast.\n - IMF to update global growth forecast in the July WEO.\n - Overall global outlook remains one of high uncertainty." }, { "heading": "IMF mandate, engagement with the United States, and policy reviews", "content": "- U.S. engagement:\n - The United States is the IMF's largest shareholder; IMF values the U.S. voice and has constructive engagement with U.S. authorities.\n - Secretary Bessent urged refocusing on core missions of macroeconomic stability and development; IMF notes this reaffirmation of U.S. commitment.\n- IMF mandate and ongoing work:\n - IMF has a clearly defined mandate to support economic and financial stability for its 191 members.\n - Membership asked IMF to deepen work on external imbalances and monitoring of the financial sector.\n- Policy reviews underway:\n - Comprehensive Surveillance Review to set surveillance priorities for the next five years.\n - Review of program design and conditionality to consider how lending can best help countries address low growth challenges and durably resolve balance of payments weaknesses." }, { "heading": "Closing logistics and follow-up", "content": "- Transcript will be made available later on IMF.org.\n- For clarifications or additional queries, contact media@imf.org.\n- Press briefing concluded; thanks to participants.\n\nItalic: Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 22, 2025\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/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025" } ], "bullets": [ "[Markdown version](/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025/index.md)", "[Structured JSON version](/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025/index.json)", "[Bundle manifest](/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025/bundle-manifest.json)", "Published: May 22, 2025", "Press briefing embargoed until 11:00 a.m. Eastern Time in the United States.", "Managing Director Kristalina Georgieva and First Deputy Managing Director Gita Gopinath attending the G7 Finance Ministers and Central Bank Governors meeting in Canada.", "May 29–30: Managing Director will travel to Dubrovnik, Croatia to attend a joint IMF Croatia National Bank Conference focused on promoting growth and resilience in Central, Eastern, and Southeastern Europe; will participate in opening panel and hold regional meetings.", "June 2: Managing Director will travel to Sofia, Bulgaria to attend the 30th Anniversary celebration of the National Trust Ecofund and hold bilateral meetings with Bulgarian authorities.", "Deputy Managing Director Nigel Clarke travel plans:", "Deputy Managing Director Kenji Okamura to attend the 10th Tokyo Fiscal Forum in Japan on June 11–12.", "Article IV Consultation for the United States will be undertaken on a later timetable this year, with discussions to be held in November.", "Media relations contact provided: PRESS OFFICER: Meera Louis; Phone: +1 202 623-7100; Email: MEDIA@IMF.org.", "Staff began policy discussions with Ukrainian authorities on the eighth review under the EFF; team is on the ground in Kiev and will provide an update at the end of the mission.", "Disbursement and program balance:", "Debt assessment:", "Program overview:", "Noted developments and indicators:", "First Review and engagement:", "Undeclared assets (\"under the mattress\"):", "Visits:", "IMF monitoring and support stance:", "Defining data:", "Sanctions:", "Data sources and monitoring:", "World Economic Outlook (April 2025) projections referenced:", "No timetable provided for Article IV consultations.", "Visit timing: June 11–12 for the 10th Tokyo Fiscal Forum.", "Agenda focus:", "Program and review chronology:", "Voting and disclosure:", "Safeguards regarding use of funds:", "IMF stance and progress:", "Ongoing Staff discussions:", "Note: Prime Minister announced possibility program conclusion in 2027 rather than 2026; discussions with IMF ongoing.", "Status:", "Contingencies for Board timing:", "Current engagement:", "Recent history and disbursement:", "Fiscal pressures and questions:", "Deal summary:", "U.S. effective tariff rate:", "Growth outlook implications:", "U.S. engagement:", "IMF mandate and ongoing work:", "Policy reviews underway:", "Transcript will be made available later on IMF.org.", "For clarifications or additional queries, contact media@imf.org.", "Press briefing concluded; thanks to participants.", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025/index.md", "json": "/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025/index.json", "bundleManifest": "/en/news/articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T03:53:30.381Z" }