Press Briefing Transcript: International Monetary and Financial Committee, Spring Meetings 2026

IMF News, April 17, 2026

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Canonical URL: Press Briefing Transcript: International Monetary and Financial Committee, Spring Meetings 2026

IMFC Chair: Mohammad Aljadaan, Minister of Finance, Saudi Arabia; Managing Director: Kristalina Georgieva; Moderator: Julie Kozack.
Members unanimously adopted the Diriyah Guiding Principles and the IMF Quota and Governance reforms, described as "the fairest such reforms in over 15 years."
Diriyah Principles highlights:
- Selection process of the Managing Director should uphold "open, inclusive, merit‑based and transparent procedures."
- "The quotas and voting shares of low‑income countries will be protected."
- Reforms aim to ensure fair representation, including regional balance at the Executive Board.

Membership consensus: the supply shock from the war in the Middle East poses a "serious threat" to the global economy, with infrastructure damage and supply disruptions having lasting effects.
IMF World Economic Outlook scenario references:
- A short‑lived war scenario where the hit to global growth would be "relatively modest."
- The most optimistic scenario cited: "GDP growth slows down to 3.1 percent."
- Risk of sliding toward a more adverse scenario with "even lower growth and higher inflation."
Specific operational risk cited: "Every day tankers are not leaving, add at least 40 days to the first delivery."
Market vs physical realities:
- Paper market movements (prices) can diverge from the physical market; opening of the Strait of Hormuz and the resumption of tanker movements, insurance coverage, and tanker availability are critical to restoring supply.

Fiscal policy guidance:
- Not the moment for "untargeted measures" such as export controls or broad‑based tax cuts.
- Emphasis on "fiscally prudent and targeted" support for the most vulnerable.
- New debt should be "directed towards improving potential output without undermining debt sustainability."
Monetary policy guidance:
- Central banks "remain strongly committed to maintaining price stability" and should balance risks of tightening too soon versus waiting too long.
- Independence and clear communication are essential for credibility and anchoring inflation expectations.
- Support expressed for ongoing work on "monetary policy framework for crisis and near‑crisis countries."
Structural policy guidance:
- Broad support for structural reforms to raise productivity; "Strong growth is the best shock absorber."

IMF preparedness and funding needs:
- Fund sees a range "between 20 and $50 billion" for financial support modalities discussed with members.
- IMF exploring augmentation of existing programs and potential new programs; an "accordion of options" to scale responses depending on scenario evolution.
Program expectations:
- About "a dozen countries" raised needs for additional support during the week.
- Possible augmentations: "between five and eight programs" may end up with augmentations (indicative, contingent on developments).
- New program demand: "most are in Africa."
Coordination with other multilateral institutions:
- World Bank preparing "liquidity support of up to $25 billion."
- IMF to coordinate with World Bank and the African Development Bank on division of labor (World Bank can provide IDA grants; IMF provides loans).
Call to members:
- Members urged to provide financial assurances to fully fund the PRGT.
- Managing Director encouraged public attention to strengthen PRGT for low‑income countries in this period of uncertainty.

Venezuela: IMF relations resumed after a "seven‑yearlong pause."
Immediate IMF priorities for Venezuela:
- Task 1: Data — address "data adequacy" shortfalls to enable sound decision making.
- Task 2: Capacity building and institutional strengthening.
- Task 3: Potential financial support program, contingent on agreement on a way forward.
Country context cited:
- "The economy over the last years contracted by two thirds."
- "8 million people left Venezuela."
- Inflation described in "triple digits."
Operational status:
- IMF received engagement from Venezuelan authorities and has been in technical contact with Ministry of Finance, central bank, and statistical agency; IMF "ready to field a team."
- IMF will coordinate closely with the World Bank and Inter‑American Development Bank.

Record attendance reported for the Spring Meetings (exceeding the record set last April).
Authorities broadly receptive to IMF messaging:
- Several members "spoke about targeted measures" and "fiscal responsibility."
- Managing Director: many policymakers "listened… very attentively" and some "embraced this advice."
Staff expectations: IMF members expect "a lot" from the Fund—strong surveillance, well‑designed programs, deeper work on debt and global imbalances, and scaled capacity development for low‑income and fragile states.

Date of press briefing: April 17, 2026.
IMF membership count referenced: "191 members."
Financing range discussed by IMF: "between 20 and $50 billion."
Potential augmentations: "between five and eight programs."
World Bank liquidity support cited: "up to $25 billion."
Optimistic GDP growth scenario value: "3.1 percent."
Tanker delivery timing example: "add at least 40 days to the first delivery."
Venezuela engagement pause length: "seven‑yearlong pause."
Venezuela economic indicators cited: "contracted by two thirds"; "8 million people left Venezuela"; inflation "in triple digits."
Governance reform characterization: "the fairest such reforms in over 15 years."

International Monetary Fund — Press Briefing Transcript: International Monetary and Financial Committee, Spring Meetings 2026 (April 17, 2026).