Press Briefing Transcript: Julie Kozack, Director, Communications Department, February 19, 2026
IMF News, February 19, 2026
Source details
- Canonical URL
- Press Briefing Transcript: Julie Kozack, Director, Communications Department, February 19, 2026
Other formats
Bibliographic details
- Published: February 19, 2026
Announcements, schedule, and procedural notes
- Press briefing embargoed until 11:00 a.m. Eastern Time in the United States.
- Managing Director travel and engagements:
- Recently concluded a three-day visit to Sri Lanka (visited cyclone-hit areas; met authorities, civil society, private sector).
- Currently in India participating in the India AI Summit; scheduled bilateral meetings with Indian authorities.
- February 25th: Managing Director will participate in the U.S. Article IV press conference in Washington, D.C.
- March 2nd to March 13th: Multi-country visit to Southeast and East Asia:
- March 2nd to 6th: Thailand (preparations for the 2026 Annual Meetings in Bangkok; will participate in the high-level Asia in 2050 conference).
- March 7th to 9th: Japan (keynote address at a symposium organized by Japan's Ministry of Finance titled the Future of the Global Economy Amid a Fluid International Economic and Monetary Order; bilateral meetings).
- March 10th to 13th: Philippines (meetings with government and stakeholders).
- Senior IMF engagements:
- First Deputy Managing Director Dan Katz: Milken Institute's Future of Finance event in Washington on March 3rd.
- Deputy Managing Director Bo Li: Fiji March 12th–13th (IMF Pacific Islands High-Level Dialogue); Gambia March 16th–17th (meetings with President Barrow and senior officials).
- Deputy Managing Director Nigel Clarke: Asuncion, Paraguay, March 13th–14th (IADB Annual meetings; keynote at IADB business forum session on March 13th).
Ukraine: program status, economic impact, and conditionality
- Program status and timeline:
- November of 2025: IMF Staff and Ukrainian authorities reached a Staff-Level Agreement on a new four-year EFF arrangement with potential access of U.S. $8.1 billion.
- Following receipt of adequate financing assurances from international partners and completion of agreed prior actions by the authorities, IMF staff are aiming to bring the program request to the Executive Board in the coming days.
- Economic impact and outlook:
- Russia's invasion continues to inflict heavy toll on people and the economy; intensified aerial attacks through 2025 and into 2026 have damaged critical energy and logistics infrastructure.
- Growth is likely to be slightly under 2 percent in 2025.
- Disruptions to economic activity observed from large-scale attacks on energy and logistical infrastructure.
- As of January of this year:
- 5 million Ukrainian refugees remain in Europe.
- 3.7 million Ukrainians have been internally displaced.
- After four years of war the economy has settled into slower growth with a larger fiscal deficit and a larger current account deficit.
- Conditionality and prior actions:
- Authorities completed prior actions including:
- Submission to Parliament on January 19th of a draft law on the Labor Code.
- Adoption in December of the 2026 budget consistent with program objectives.
- Near-term conditionality and full macroeconomic assumptions will be published with the Staff Report after the Board meeting.
India, AI, and Pakistan: growth, budgets, and program reviews
- India:
- Real GDP growth for fiscal year 2025-2026 projected at 7.3 percent (January World Economic Outlook).
- IMF welcomes budget’s continued focus on gradual fiscal consolidation while maintaining critical capital expenditure at central and state government levels.
- Managing Director participated in the India AI Summit; engaged entrepreneurs, tech industry, and authorities on AI progress and promise. MD’s remarks are published on IMF website.
- Pakistan:
- Staff mission expected to visit Pakistan starting February 25th for discussions on the Third Review under the EFF and the Second Review under the RSF.
- Key indicators:
- Primary fiscal surplus of 1.3 percent of GDP in fiscal year 2025 (in line with program targets).
- Pakistan posted its first current account surplus in 14 years in fiscal year 2025.
- Governance and Corruption Diagnostic Report published with proposals including simplifying tax policy design, leveling the playing field for public procurement, and improving asset declaration transparency.
Sub-Saharan Africa and regional financing dynamics
- Growth and divergences:
- Growth outlook revised up to 4.6 percent in 2026 for Sub-Saharan Africa.
- Nine out of the 20 of the world's fastest-growing economies this year are in Africa.
- Divergent outcomes across countries: strong growth in some; headwinds in conflict-affected countries and some oil exporters facing pressure from lower oil prices.
- Financing and global capital:
- Global financial conditions remain relatively accommodative; spreads have compressed and financing flows to frontier and emerging markets have picked up.
- Broader policy discussion on mobilizing private capital to regions with younger populations remains ongoing.
United States: Article IV process, debt outlook, and dollar role
- Article IV:
- U.S. Article IV mission currently taking place; mission will wrap up on February 25th with a press conference including the Managing Director and U.S. team.
- Press conference will present findings on debt trajectory, trade and current account deficits, and the U.S. economic outlook.
- Debt and trade:
- IMF will address long-term debt trajectory and trade deficit evolution in the Article IV findings presented at the press conference.
- International monetary system and the dollar:
- IMF analysis (External Sector Report chapter) finds the dollar remains central to invoicing, international reserves, international borrowing, and global payments.
- Dollar share of official reserves (COFER data) has remained at a stable share of around 58 to 59 percent since 2020.
- Dollar depreciated from its peak in 2024; current level is close to its historical average over the past decade.
- Currency markets can be volatile; IMF cautions against reading too much into day-to-day movements. Future ESR will incorporate Article IV assessments.
Lebanon: program discussions, banking sector, and fiscal strategy
- Background:
- Lebanon requested an IMF-supported program in March of 2025; several missions including early February have taken place.
- Focus of discussions:
- Banking sector restructuring strategy.
- Development of a medium-term fiscal framework containing concrete measures to mobilize additional revenues to expand social and capital spending.
- Medium-term fiscal framework needed to underpin sovereign debt restructuring, restore debt sustainability, and support banking sector restructuring.
- Economic context:
- Economy showed some resilience and rebound from tourism and diaspora, but long-term sustainable growth requires comprehensive reforms and international support for reconstruction.
Argentina and Venezuela: program engagement, statistics, and sovereign conditions
- Argentina:
- IMF staff held discussions during a recent mission for the Second Review under the EFF and the 2026 Article IV Consultation; discussions continue.
- Since the start of the year, Central Bank has purchased over $2 billion in foreign currency.
- IMF welcomes refinements to monetary and FX regime, consistent daily purchases of foreign currency, and continued implementation of the zero balance fiscal anchor to rebuild reserves.
- Structural reforms in progress include labor market measures aimed at reducing informality and supporting job creation; related legislation is under debate in Congress.
- IMF is engaged with authorities to safeguard quality, accuracy, and transparency of Argentina's statistical systems; timely, credible, impartial data are essential.
- Process note: once a Staff-Level Agreement is reached, documentation will be prepared and submitted to the Executive Board.
- Venezuela:
- IMF dealings paused since 2019 due to government recognition issues; re-engagement guided by membership views as represented by a majority of voting power.
- Economic conditions:
- Since 2014 roughly 8 million people (about a quarter of the population) have left the country.
- Inflation estimated to be in the triple digits.
- Rapid depreciation of the currency observed.
- Public debt estimated at 180 percent of GDP in 2024 (based on available information; debt largely in default).
- While formal surveillance, capacity development, or financial assistance cannot occur during paused dealings, low-level fact-finding interactions would be permissible at the request of the authorities.
- MD and Treasury Secretary Bessent meet regularly and discuss country matters including Venezuela.
Egypt: reviews, disbursement, and social measures
- Executive Board meeting:
- February 25th: Board meeting for combined Fifth and Sixth Reviews under the EFF (subject to approval) would allow for a disbursement of U.S. $2.3 billion:
- U.S. $2 billion under the EFF.
- Close to U.S. $300 million under the RSF.
- Policy and institutional developments:
- Authorities indicated intent to eliminate the Ministry of Public Sector Enterprises as part of a strategy to restructure state-owned enterprises, streamline oversight, strengthen governance, and improve resource allocation.
- Social protection measures:
- Early 2025: social protection package including increases to minimum wage and pensions, support to teachers and healthcare workers, and support for irregular workers.
- February 2026: package to support low-income and vulnerable households through temporary cash transfers during Ramadan and Eid al-Fitr; acceleration of rural development projects and expanded health care support.
- IMF supports targeted assistance for vulnerable households given inflation’s impact on purchasing power and relatively low preexisting social support levels in Egypt.
Key numeric figures and dates (verbatim)
- Embargo time: 11:00 a.m. Eastern Time in the United States.
- February 19, 2026 (date of press briefing).
- Managing Director travel:
- February 25th (U.S. Article IV press conference).
- March 2nd to March 13th (multi-country visit to Southeast and East Asia).
- March 2nd to 6th (Thailand).
- March 7th through 9th (Japan).
- March 10th to 13th (Philippines).
- Senior staff engagements:
- March 3rd (Milken Institute event).
- March 12th to 13th (Fiji dialogue).
- March 16th to 17th (Gambia).
- March 13th and 14th (Paraguay/IADB meetings).
- Ukraine:
- November of 2025 (Staff-Level Agreement).
- Four-year EFF arrangement; potential access U.S. $8.1 billion.
- Growth likely slightly under 2 percent in 2025.
- 5 million Ukrainian refugees remain in Europe.
- 3.7 million internally displaced.
- India:
- Real GDP growth for fiscal year 2025-2026 projected at 7.3 percent.
- Pakistan:
- Primary fiscal surplus of 1.3 percent of GDP in fiscal year 2025.
- First current account surplus in 14 years in fiscal year 2025.
- Sub-Saharan Africa growth revised to 4.6 percent in 2026.
- Dollar and reserves:
- COFER dollar reserve share around 58 to 59 percent since 2020.
- Argentina:
- Central Bank has purchased over $2 billion in foreign currency since the start of the year.
- Egypt:
- Disbursement if Board approves: U.S. $2.3 billion (U.S. $2 billion under EFF; close to U.S. $300 million under RSF).
- Venezuela:
- Since 2014 roughly 8 million people have left (about a quarter of the population).
- Public debt estimated at 180 percent of GDP in 2024.
Press Briefing Transcript: Julie Kozack, Director of the Communications Department, February 19, 2026 — IMF Communications Department