{ "title": "Press Briefing Transcript: Julie Kozack, Director, Communications Department, November 13, 2025", "publication": "IMF News, November 14, 2025", "sourceUrl": "https://www.imf.org/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025", "canonical": "https://www.imf.org/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025", "overlayPath": "/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025/index.md", "summary": "As usual, this Press Briefing is embargoed until 11 a.m. Eastern Time in the United States. Let me start with a few announcements and then, of course, I'll go to taking your questions in person on Webex and via the Press Center.", "publishDate": "2025-11-14", "sections": [ { "heading": "Announcements and logistics", "content": "- Press Briefing embargoed until 11 a.m. Eastern Time in the United States.\n- Managing Director travel:\n - Visit to Angola: November 19th through 21st (meetings with authorities, business community, and students).\n - Attendance at the G20 Leaders’ Summit in Johannesburg, South Africa: November 22nd and 23rd (high-level discussions and bilaterals).\n- Deputy Managing Director Dan Katz visiting Germany, Belgium, and France during the week of the briefing.\n- IMF Press Center is a password-protected site for working journalists.\n- Media contacts provided: Phone: +1 202 623-7100; Email: MEDIA@IMF.org." }, { "heading": "Ukraine: restructuring, program negotiations, governance", "content": "- Mission timing and focus:\n - A mission to discuss a potential new IMF program for Ukraine is expected to begin soon.\n - Discussions will focus on policies to safeguard macroeconomic stability, ensure debt sustainability, and advance structural policies, including domestic revenue mobilization and measures to strengthen governance and combat corruption.\n- Financing framework for a potential program:\n - Two components: domestic efforts (domestic revenue mobilization, tapping local markets, expenditure control, credible 2026 budget) and international support (amount and terms consistent with debt sustainability).\n - No precise numbers on the financing gap were provided because discussions are ongoing.\n- Debt restructuring and warrants:\n - IMF will assess any debt restructuring within its debt sustainability analysis conducted during program design and reviews; the IMF is not a party to creditor negotiations but will incorporate available information into its assessment.\n- Anti-corruption and governance:\n - Robust anti-corruption architecture and safeguarding the independence and operability of anti-corruption institutions are central priorities.\n - Recent evidence of corruption in the energy sector underscores the need to press forward with anti-corruption efforts and ensure capacity, trust, and freedom for relevant institutions.\n- MD visit:\n - Question asked whether the Managing Director still plans to visit Ukraine; no new date provided in the briefing." }, { "heading": "Senegal: hidden debt, program discussions, debt sustainability", "content": "- Recent engagement:\n - IMF mission to Dakar: October 22 to November 6; mission advanced talks on a new program request, debt management, and fiscal transparency.\n- Debt vulnerabilities and transparency:\n - Public debt level cited as 132 percent of GDP.\n - IMF commended authorities for disclosing hidden debt and emphasized this as an important step.\n - Staff and authorities discussed significant debt vulnerabilities and options to address them; specific debt operations or restructuring decisions are sovereign.\n- Ongoing IMF work and approach:\n - IMF and World Bank are working jointly to finalize an updated debt sustainability analysis reflecting revised data and macro assumptions.\n - IMF staff and management will propose an approach for the misreporting case involving measures agreed with Senegalese authorities to address root causes of hidden debt and macro vulnerabilities.\n - As part of that process, staff and management would not request early repayment of Senegal's obligations to the IMF (subject to formal approval by the IMF Executive Board).\n- Fiscal and revenue reforms:\n - IMF noted the need for caution in macro frameworks when countries implement ambitious tax or revenue plans, to allow time for measures to take effect.\n- Market movements:\n - IMF did not comment on recent bond market movements." }, { "heading": "Argentina: reserve target, swaps, macro outlook, program context", "content": "- Swap lines and reserves:\n - Questions raised about a 20 billion currency swap agreement with the United States and whether it counts toward Argentina's net international reserves and program targets.\n - IMF described such bilateral support as bilateral matters between the U.S. and Argentine authorities and as complementing the Fund-supported program; no definitive statement that the swap counts toward program reserves was given.\n - A referenced reserve accumulation target of $9 billion was quoted from the Economy Minister; IMF said it would be premature to comment on whether targets will be met.\n- Macroeconomic assessment and forecasts:\n - Annual inflation declined from triple digits last year to around 30 percent in September.\n - IMF forecast for Argentina: growth of 4.5 percent in 2025 (following a contraction in 2024).\n - Sectoral strengths: energy, mining, and agricultural sectors supporting activity and poverty reduction trends.\n- Policy recommendations and risks:\n - Need to accelerate reserve accumulation, maintain consistent and robust monetary and FX framework, and pursue planned structural reforms (including tax and labor reforms) to support fiscal sustainability and private sector-led growth.\n - U.S. financial support has helped stabilize markets; IMF views it as reinforcing Argentina's reform and stabilization objectives.\n- FX regime:\n - Choice of FX regime is for country authorities; IMF emphasizes consistency with strengthening international reserves, external stability, and sustainable growth.\n- Other program questions:\n - IMF remains engaged in supporting Argentina’s stabilization and reform efforts; specific financing assurances and the treatment of bilateral swaps as program financing were described as bilateral and program-specific matters." }, { "heading": "Japan: monetary policy and inflation outlook", "content": "- Growth and inflation projections:\n - IMF expects growth to strengthen with inflation converging to the Bank of Japan's 2 percent target by 2027 (consistent with October WEO projections).\n - Growth projection: acceleration from 0.1 percent in 2024 to 1.1 percent in 2025.\n - Moderation in commodity prices expected to help headline and core inflation converge toward 2 percent.\n- Policy stance:\n - IMF supports the Bank of Japan's recent monetary policy decisions; monetary policy remains appropriately accommodative.\n - Recommendation for a data-dependent and flexible approach given high uncertainty." }, { "heading": "United States: shutdown effects, Article IV, growth, inflation, AI and crypto", "content": "- Government shutdown and data impacts:\n - The U.S. government shutdown ended; the shutdown delayed preparatory work for the Article IV consultation originally scheduled for November. The Article IV discussions were delayed and a new date has not yet been set.\n - Missing or delayed data (e.g., October jobs report lacking a jobless rate) complicated IMF assessment and Article IV preparations.\n- Growth outlook and WEO reference:\n - October WEO anticipated Q4-over-Q4 growth would slow from 2.5 percent (previous year) to 1.9 percent in 2025; the shutdown was expected to reduce Q4 2025 growth outturn relative to prior expectations but not necessarily produce negative growth.\n - IMF expects some rebound in Q1 2026 consistent with historical patterns after shutdowns.\n - IMF will reassess and incorporate effects into upcoming forecasts, including the January WEO.\n- Inflation and Fed policy:\n - IMF assessment: inflation is on a path toward the Fed's 2 percent target, but upside risks to inflation exist largely as a result of tariffs.\n - Fed faces a balance between downside risks to the labor market (slowing job growth) and upside inflation risks; careful calibration of policy is needed.\n - Inflation expectations in advanced economies, including the U.S., remain generally well anchored.\n- Spillovers:\n - No major spillovers from the U.S. shutdown observed at the time of the briefing; IMF will continue to assess spillovers for the January WEO.\n- AI and crypto:\n - IMF is analyzing AI's macroeconomic implications; preliminary analysis suggests AI could have an impact on 40 percent of jobs globally (impact not necessarily negative; may raise productivity).\n - IMF is monitoring digital assets: unbacked crypto assets, stablecoins, tokenized assets, and Central Bank digital currencies. Potential benefits include more efficient payments and broader financial inclusion; risks include financial stability, consumer/investor protection, and market integrity. IMF works with members to mitigate risks." }, { "heading": "G20: role and debt agenda", "content": "- G20 relevance:\n - G20 continues to provide an important platform for international engagement and pooling expertise to address shared problems.\n - U.S. participation: U.S. did participate in the October Finance Ministers and Central Bank Governors meeting; the G20 delivered a joint ministerial declaration on debt at that meeting.\n - Debt will remain a G20 priority under the upcoming U.S. G20 presidency.\n- Ukraine financing:\n - IMF teams will liaise with Ukraine's international partners to identify appropriate financing vehicles for Ukraine that are consistent with debt sustainability." }, { "heading": "Sri Lanka: program review, budget, and reform priorities", "content": "- Program status:\n - IMF staff and Sri Lankan authorities reached a Staff-Level Arrangement on the Fifth Review of Sri Lanka's EFF arrangement on October 9.\n - Upon IMF Executive Board approval of the review, Sri Lanka will have access to about U.S. $347 million in financing.\n - Board meeting expected in the coming weeks.\n- Budget and growth targets:\n - Government introduced a budget with an ambitious target of 7 percent for 2026; IMF staff are reviewing published budget documents to evaluate consistency with program parameters.\n- Structural reform priorities:\n - Liberalize trade and related reforms; improve and streamline regulations around FDI.\n - Speed up implementation of governance reforms (including procurement reform and strengthening the AML/CFT framework).\n - Protect the vulnerable and consider deepening the Welfare Benefit Payments scheme to support social protection." }, { "heading": "Egypt: mission timing, divestment, reserves, and governance", "content": "- Mission timing:\n - Mission for the Fifth and Sixth Reviews under the EFF and the First Review under the RSF is scheduled to take place in Cairo in early December.\n- Macroeconomic context:\n - Macroeconomic outlook improving: growth strengthening and inflation easing since the beginning of the year; fiscal discipline being preserved.\n - Ongoing vulnerabilities: low tax-to-GDP ratio, elevated debt, high gross financing needs, energy-related fiscal risks, and a strong state footprint.\n- Steps taken:\n - Establishing institutional framework for divestment of state assets.\n - Independent assessment of corporate and risk governance frameworks for state-owned banks.\n - Working to step up debt management efforts as the financing outlook improves.\n- Qatar investment and audits:\n - Qatar-Egypt deal is a bilateral arrangement between authorities; IMF underscores that proceeds from divestments should contribute to strengthening international reserves and reducing public debt to bolster economic stability.\n - IMF did not provide explicit confirmation that $3.5 billion investment or any specific audit is a formal prerequisite for reviews; IMF staff are reviewing governance assessments as part of program work." }, { "heading": "Syria: engagement, mission, and next steps toward Article IV", "content": "- Recent engagement:\n - Managing Director met with Syrian President Ahmed al-Sharaa in Washington; discussions focused on Syria's economic challenges and IMF support.\n - IMF mission visited Damascus the week of the briefing to discuss authorities' economic reform priorities and technical assistance needs.\n- Immediate IMF focus:\n - Policy advice, capacity development, and technical assistance aimed at rebuilding economic institutions (Finance Ministry, Central Bank, Statistical Commission).\n- Path to Article IV:\n - A 15-year halt in Article IV Consultations since 2009; IMF will work with authorities on a pathway to undertaking an Article IV consultation when conditions permit." }, { "heading": "Jamaica and Hurricane Melissa: readiness and IMF support", "content": "- Humanitarian and economic response:\n - IMF expressed condolences to affected countries, notably Jamaica and Haiti.\n - IMF closely monitoring developments and coordinating with country authorities, international institutions, and partners.\n- Jamaica-specific assessment:\n - Preliminary assessment: Jamaica has buffers to finance immediate disaster-related spending needs, a strong fiscal and external position, and a comprehensive multi-layered risk financing framework (domestic and external instruments).\n - Authorities have not expressed interest in IMF financial support; IMF stands ready to provide policy advice, technical assistance, liaison with partners, macro-framework assessment, or financial support if requested." }, { "heading": "Closing procedural notes", "content": "- Transcript to be made available later on IMF.org.\n- For unanswered questions, media were invited to contact media@imf.org or use the Press Center for bilateral follow-up.\n- Reminder: Press Briefing embargoed until 11:00 a.m. Eastern Time in the United States.\n\nSource: Press Briefing Transcript: Julie Kozack, Director, Communications Department, November 13, 2025.\n\n---\n\n\n References\n\n- Arab Republic of Egypt and the IMF\n- Argentina and the IMF\n- Senegal and the IMF\n- Sri Lanka and the IMF\n- Transcripts\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025" } ], "bullets": [ "[Markdown version](/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025/index.md)", "[Structured JSON version](/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025/index.json)", "[Bundle manifest](/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025/bundle-manifest.json)", "Published: November 14, 2025", "Press Briefing embargoed until 11 a.m. Eastern Time in the United States.", "Managing Director travel:", "Deputy Managing Director Dan Katz visiting Germany, Belgium, and France during the week of the briefing.", "IMF Press Center is a password-protected site for working journalists.", "Media contacts provided: Phone: +1 202 623-7100; Email: MEDIA@IMF.org.", "Mission timing and focus:", "Financing framework for a potential program:", "Debt restructuring and warrants:", "Anti-corruption and governance:", "MD visit:", "Recent engagement:", "Debt vulnerabilities and transparency:", "Ongoing IMF work and approach:", "Fiscal and revenue reforms:", "Market movements:", "Swap lines and reserves:", "Macroeconomic assessment and forecasts:", "Policy recommendations and risks:", "FX regime:", "Other program questions:", "Growth and inflation projections:", "Policy stance:", "Government shutdown and data impacts:", "Growth outlook and WEO reference:", "Inflation and Fed policy:", "Spillovers:", "AI and crypto:", "G20 relevance:", "Ukraine financing:", "Program status:", "Budget and growth targets:", "Structural reform priorities:", "Mission timing:", "Macroeconomic context:", "Steps taken:", "Qatar investment and audits:", "Recent engagement:", "Immediate IMF focus:", "Path to Article IV:", "Humanitarian and economic response:", "Jamaica-specific assessment:", "Transcript to be made available later on IMF.org.", "For unanswered questions, media were invited to contact media@imf.org or use the Press Center for bilateral follow-up.", "Reminder: Press Briefing embargoed until 11:00 a.m. Eastern Time in the United States.", "[Arab Republic of Egypt and the IMF](http://www.imf.org/external/country/EGY/index.htm)", "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)", "[Senegal and the IMF](http://www.imf.org/external/country/SEN/index.htm)", "[Sri Lanka and the IMF](http://www.imf.org/external/country/LKA/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/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025/index.md", "json": "/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025/index.json", "bundleManifest": "/en/news/articles/2025/11/14/tr-11132025-press-briefing-transcript-julie-kozack-director-communications-dept-nov-13-2025/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T04:15:44.643Z" }