Press Briefing Transcript: Julie Kozack, Director, Communications Department, January 15, 2026
IMF News, January 15, 2026
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- Published: January 15, 2026
Major announcements and schedule
- Managing Director is in Kyiv, Ukraine, for a short visit; from Kyiv will travel to Rome, Italy, to have an audience with His Holiness Pope Leo XIV on Saturday, January 17th — the first time the Managing Director will meet with this Pope.
- Sunday, January 18, the Managing Director will be in Liechtenstein, the IMF's newest member country, for meetings with Hereditary Prince Alois and Prime Minister Brigitte Haas.
- The Managing Director and First Deputy Managing Director, Dan Katz, will attend the World Economic Forum's 2026 Annual Meetings in Davos, Switzerland, from January 19 to January 23.
- After Davos, the Managing Director will travel to Brussels on January 26 and 27 to meet with European Commission counterparts.
- First Deputy Managing Director, Dan Katz, is on a three-day visit to Saudi Arabia from January 14th to 16th.
- IMF will release its next World Economic Outlook on Monday, January 19th, with a press conference at the National Bank of Belgium at 10:30 a.m. local time in Brussels.
- A staff discussion note titled Bridging Skills Gaps for the New Job Creation in the AI Age was published recently, along with a Managing Director blog on the same topic.
Venezuela — situation and IMF engagement parameters
- Situation summary:
- Since 2014, roughly 8 million people, about a quarter of the country's population, have left the country.
- Socioeconomic conditions characterized by high poverty and high inequality, and widespread shortage of basic services.
- Since late 2024, imbalances and vulnerabilities have reemerged, driven by lower oil revenues, a widening fiscal deficit, increased monetary financing for the fiscal deficit, and a scarcity of U.S. dollar liquidity.
- Inflation is estimated to be in the triple digits, and rapid currency depreciation is underway.
- Venezuela's public debt is estimated at 180 percent of GDP, and that's before any legal judgments or arbitrations; the debt is largely in default.
- SDRs and access:
- Venezuela's SDR holdings at the IMF are equivalent to about U.S. $4.9 billion. Once the Fund resumes engagement with Venezuela, at that time, the Venezuelan authorities would have access to their SDRs.
- Re-engagement framework:
- IMF dealings with Venezuela have been paused since 2019 due to government recognition issues.
- The IMF is guided by the views of the international community as represented by a majority of total voting power of IMF members when deciding to resume engagement.
- The Fund would assess whether Fund members in their own bilateral relationships recognize or deal with a particular regime as the government of the member in question.
- Monitoring and market impact:
- IMF is closely monitoring developments and global energy markets; to date there have not been very significant impacts on oil prices.
Senegal — program discussions and mission
- Debt and vulnerabilities:
- IMF estimates total public debt at 132 percent of GDP at end 2024.
- Recent discussions have focused on debt vulnerabilities and policy options to address the debt situation.
- Mission and engagement:
- IMF Staff conducted a mission to Dakar in November 2025; Staff and authorities are continuing to advance discussions on a new program.
- New Mission Chief for Senegal, Mercedes Vera Martin, will visit Dakar next week for initial introductory meetings and discussions of recent macroeconomic developments.
- Given the visit is primarily introductory in nature, no communication is expected following that mission.
- Role of the Fund:
- IMF provides rigorous technical analysis and policy advice; decisions on whether to undertake a debt operation are for the Senegalese authorities.
- Any IMF financing needs to be anchored in a sustainable outlook for public and external debt and supported by policies and safeguards consistent with the IMF mandate.
Argentina — stabilization, reserves, and program review timing
- Macroeconomic performance and policy:
- After contracting in 2024, Argentina is estimated to have expanded in 2025 by 4.5 percent.
- Inflation has fallen from triple digits in 2024 to around 30 percent at the end of 2025, the lowest level of inflation in Argentina in eight years.
- IMF welcomes congressional approval of the 2026 budget, the first in two years, consistent with a zero overall fiscal balance anchor.
- Ongoing efforts to reduce labor market informality and increase labor market flexibility are welcomed.
- Reserves and FX framework:
- Authorities are taking actions to rebuild reserves, supported by a pre-announced FX reserve purchase program.
- Reserve accumulation has started the year at a faster-than-anticipated pace; Central Bank reserve purchases have exceeded the 5 percent of daily FX volume floor on most days.
- Program review:
- The Second Review mission for the program is expected to take place sometime in February; discussions around targets and waivers will take place as part of that review mission.
- Meetings in Davos:
- Schedule is being finalized; IMF will share information when available.
India, Japan — assessments and missions
- India:
- Article IV Staff Report estimate for fiscal year 2025-20 26 growth was 6.6 percent, based on strong consumption growth.
- Third-quarter growth in India came out stronger than expected, making an upgrade of the forecast likely in the January WEO update.
- Japan:
- Article IV Consultation mission with Japan will take place between January 22nd and February 6th.
- Exchange rate and external sector assessment will be covered as part of the Article IV mission; IMF does not comment on day-to-day market movements.
Ukraine — program status, financing gap, and Managing Director visit
- Program status:
- Last November, IMF Staff and Ukrainian authorities reached a Staff-Level Agreement on a new four-year EFF arrangement with potential access of about U.S. $8.1 billion.
- Program approval remains subject to three elements: receipt of financing assurances; completion of agreed-upon prior actions; and Executive Board approval.
- Financing assurances and gaps:
- IMF welcomes the European Council's agreement to provide 90 billion euros in financial support to Ukraine over 2026 and 2027.
- IMF currently calculates the financing gap at US$136.5 billion for the duration of the program, 2026 to 2029.
- The residual financing gap for 2026-27 is about U.S. $63 billion.
- Prior actions:
- Prior actions include enactment of the 2026 budget (completed), broadening the tax base (legislation to tax income earned through digital platforms), closing customs loopholes for consumer goods, and removing exemptions for vat.
- Managing Director visit:
- Managing Director will meet with President Zelensky, the Prime Minister, the Finance Minister, the Governor of the National Bank of Ukraine, and several private sector representatives.
- Executive Board timing:
- No Board date yet; IMF is hopeful for a potential Board meeting in February depending on the three required elements.
Sri Lanka — emergency financing and fact-finding
- Emergency financing:
- On December 19th, the IMF Executive Board approved emergency financing for Sri Lanka under the Rapid Financing Instrument (RFI) providing immediate access of about U.S. $206 million to address urgent needs from Cyclone Ditwah.
- Fact-finding mission:
- A fact-finding mission will visit Sri Lanka January 22nd to 28th to assess damage, discuss policy intentions, and implications for the EFF program; mission is to firm up understanding and is not a program review.
- Policy focus:
- Under the program there is a commitment to maintain cost recovery in the utility sector to help ensure fiscal sustainability; mission will discuss implications for objectives such as electricity pricing.
Ghana — program progress, debt restructuring, and gold program losses
- Program progress:
- On December 17th, the IMF Executive Board completed the Fifth Review of Ghana's ECF Arrangement and approved a disbursement of U.S. $365 million, bringing total disbursements since May 2023 to about U.S. $2.8 billion.
- The Board approved a three-month extension of the program for technical reasons to allow time to complete the Final Review, including assessment of end-2025 and end-Q1-2026 data.
- Debt treatment:
- IMF welcomes the agreement in principle reached with Afreximbank in December 2025; it is in line with comparability of treatment under the official creditor committee framework and consistent with IMF-supported program parameters.
- Gold-for-reserves program and losses:
- The Staff Report quantified a quasi-fiscal loss of $214 million stemming from trading activities, fees, exchange rate movements associated with the domestic gold purchase program.
- The reporting also included an earlier reference to "2.214 million U.S. dollar" in relation to reported operations (as presented in questions).
- IMF recommendations: strengthen transparency, governance, and risk management for the gold-linked channel; bring losses on balance sheet (budget) rather than held on the Central Bank balance sheet to ensure Bank of Ghana can deliver its price stability mandate.
Egypt — reviews and timing
- Reviews:
- On December 22nd, IMF team and Egyptian authorities reached staff-level agreement on the Fifth and Sixth Reviews under the EFF program and the First Review under the RSF.
- IMF expects the Board meeting for these combined reviews to take place in the first quarter of this year; no specific date has been set.
- Monitoring global shifts:
- IMF continues to monitor global developments (commodity prices, oil prices, regional developments) and their potential effects on Egypt's economy and financing; teams are assessing impacts on access to financing and revenue channels such as Suez Canal traffic.
Key statistics and dates (verbatim)
- "January 15, 2026" (date of press briefing).
- Managing Director visits: audience with Pope on "Saturday, January 17th"; Liechtenstein on "Sunday, January 18"; Davos "from January 19 to January 23"; Brussels "January 26 and 27".
- Dan Katz visit to Saudi Arabia "from January 14th to 16th".
- World Economic Outlook release: "Monday, January 19th" with press conference at "10:30 a.m. local time in Brussels".
- Venezuela SDR holdings: "about U.S. $4.9 billion".
- Venezuela public debt: "180 percent of GDP".
- Senegal total public debt: "132 percent of GDP at end 2024".
- Argentina growth 2025: "4.5 percent".
- Argentina inflation end 2025: "around 30 percent".
- Argentina reserve purchases: "exceeded the 5 percent of daily FX volume floor on most days".
- India fiscal year 2025-20 26 growth estimate: "6.6 percent".
- Japan Article IV mission: "January 22nd and February 6th".
- Ukraine potential access under EFF: "about U.S. $8.1 billion".
- Ukraine financing gap for 2026–2029: "US$136.5 billion".
- Ukraine residual financing gap for 2026-27: "about U.S. $63 billion".
- Sri Lanka RFI immediate access: "about U.S. $206 million".
- Sri Lanka fact-finding mission: "January 22nd to 28th".
- Ghana Fifth Review disbursement: "U.S. $365 million"; total disbursements since May 2023: "about U.S. $2.8 billion".
- Ghana program extension: "three-month extension".
- Ghana quasi-fiscal loss quantified: "$214 million".
- Publication referenced: staff discussion note "Bridging Skills Gaps for the New Job Creation in the AI Age".
- Embargo time for briefing: "embargoed until 11 a.m. Eastern Time in the United States."
Policy recommendations and procedural conditions (as stated)
- Venezuela:
- Re-engagement would be guided by the views of the international community as represented by a majority of total voting power; IMF will assess bilateral recognition practices of Fund members.
- Senegal:
- IMF stands ready to support Senegal with country-specific assessment; any financing must be anchored in a sustainable outlook for public and external debt and supported by policies and safeguards.
- Ukraine:
- Program approval requires: (1) receipt of financing assurances; (2) completion of agreed prior actions (including tax base broadening, customs and VAT measures); and (3) Executive Board approval.
- Sri Lanka:
- Maintain cost recovery in the utility sector to help ensure fiscal sustainability; fact-finding mission will assess damage and implications for the EFF program.
- Ghana:
- Strengthen transparency, governance, and risk management for the domestic gold purchase program; bring identified losses onto the budget balance sheet rather than keeping them on the Central Bank balance sheet to protect the central bank's price stability mandate.
Transcript: Press Briefing Transcript: Julie Kozack, Director, Communications Department, January 15, 2026.