Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 14, 2026
IMF News, May 14, 2026
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Bibliographic details
- Published: May 14, 2026
Announcements and logistics
- Briefing embargoed until 11:00 a.m. Eastern Time in the United States.
- Managing Director Kristalina Georgieva travel:
- May 15th to 16th: Costa Navarino, Greece, to participate in the Atlantic Council's Europe-Gulf Forum.
- May 18th to 19th: G7 Finance Ministers and Central Bank Governors Meeting in Paris (attending together with First Managing Director Dan Katz).
- First Deputy Managing Director Dan Katz: in Fort Lauderdale today and tomorrow to attend the G20 Finance Ministers and Central Bank Governor meeting.
- Press contact: PRESS OFFICER: Fernando Puchol; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.
Coordinated response to the Iran conflict / energy shock
- Institutional coordination:
- A coordination group formed with the World Bank and the International Energy Agency (IEA).
- Three principals met during the Spring Meetings and directed technical-level work within each organization’s expertise (IEA: energy markets; IMF: global economy assessment; World Bank: developing countries and development agenda).
- IMF engagement with members:
- Active discussions with member countries to assess needs from the shock and explore where the Fund may be able to help.
- Many countries are seeking policy advice on responding to the shock given country circumstances.
- Financing demand previewed at Spring Meetings:
- The Managing Director indicated potential demand by at least 12 countries for "$20 to $50 billion" in financing; discussions are ongoing and no country-specific specifics were available at the time of the briefing.
- Iraq:
- Reported as one of the countries that has sought IMF assistance due to war-related hardships (including inability to export oil). No further specifics or confirmation of program status were provided.
Global outlook, scenarios, and channels of impact
- WEO April scenarios:
- Three scenarios presented in the April WEO: reference (short-lived war), adverse, and severe.
- Each scenario built on three channels: oil price, inflation expectations, and financial conditions.
- Current assessment:
- The IMF is "clearly moving out of the reference scenario toward the adverse" scenario.
- Oil prices: "clearly higher" than assumed in the reference scenario.
- Inflation expectations:
- Short-term inflation expectations have moved up in line with actual inflation increases.
- Over the medium term, inflation expectations remain "relatively well anchored" in major economies.
- Financial conditions: remain "quite accommodative."
- WEO Update:
- A fulsome update of the global economy will be provided in the July WEO Update. The format and scenario presentation for July were to be determined.
Policy responses observed and guidance
- Observed policy mixes since late February:
- Advanced economies: mainly fiscal measures, generally focused on tax cuts.
- Emerging and developing countries: a more varied policy mix, including conservation measures (examples: shift to hybrid work, encourage public transportation) and other measures to manage oil and fuel consumption.
- Responses differ between oil exporters and oil importers.
- Monitoring:
- The IMF is tracking and analyzing policy measures through internal monitoring and discussions with country authorities; further details to be shared as monitoring becomes more concrete.
- Trade and global relations:
- IMF welcomes constructive high-level engagement between major economies (example cited: Trump-Xi summit) as a reduction in trade tensions and uncertainty is positive for the global economy.
Country-specific developments and program status
- Argentina:
- IMF staff and authorities reached a Staff-Level Agreement on the Second Review in mid-April.
- A Board meeting "will take place next week." Upon Board approval, disbursement of "$1 billion U.S." can take place.
- Program objective emphasis: balance disinflation, external stability, and growth to support "a timely and durable re-access to international capital markets."
- Authorities maintain a "zero balance fiscal anchor."
- Argentina poverty rate: "below 30 percent," described as a "7-year low."
- Documents (press release and Staff Report) will be published after the Board meeting.
- Ukraine:
- Executive Board approved a new 4-year program for Ukraine of "$8.1 billion" in February.
- IMF staff will travel to Ukraine in the coming weeks for the First Review mission.
- Program aims: comprehensive reform agenda to support EU accession goals, unlock external support, de-shadow the economy, and prepare for reconstruction.
- Informal sector estimate: "45 percent of GDP."
- Details on specific tax items (VAT-related issues raised) to be discussed during the mission; staff will provide further details after the mission.
- Egypt:
- IMF staff are in Cairo to conduct the Seventh Review under the EFF Arrangement and the Second Review of the RSF.
- If a Staff-Level Agreement is reached, the review would be completed by the Board "over the summer," and pending Board approval could lead to a disbursement of "about $1.6 billion U.S."
- IMF assessment: the impact of the war in the Middle East on Egypt "has remained relatively contained," aided by decisive policy actions that eased external and fiscal pressures; growth is expected to remain resilient.
- The Managing Director met with President El-Sisi on the sidelines of the Africa Forward Summit; they discussed global implications of the war and how the Fund can support Egypt's reform efforts.
- Venezuela:
- Following the April 16th decision to resume dealings, the IMF is holding regular discussions with Venezuelan authorities focused primarily on the production and provision of economic data (a requirement under the IMF Articles of Agreement).
- Venezuelan authorities have not requested financing from the IMF.
- The IMF has not been involved in Venezuela’s announced debt restructuring process; typically restructurings are negotiations between authorities and creditors and often occur under the umbrella of a Fund program where the IMF provides the macroeconomic framework.
- Venezuela "has access to their SDRs" now that dealings resumed.
- Korea (Republic of Korea) fiscal outlook:
- General government debt: "52.3 percent of GDP" at the end of 2025.
- Projection: Korea's general government debt will reach "63 percent of GDP in 2030."
- Context: "63 percent of GDP by 2030 is half, about half the global average for general government debt." IMF assessed Korea's debt as sustainable with "a low risk of debt distress" in its November Article IV.
- Sri Lanka:
- On April 9th, IMF team and Sri Lankan authorities reached a Staff-Level Agreement for a combined Fifth and Sixth Review under the EFF.
- Review completion is subject to Executive Board approval; the Board meeting is expected "in the coming weeks."
- Prior actions included restoration of cost recovery in electricity and fuel pricing while protecting the vulnerable, and completion of the financing assurances review.
- Pending Board approval, Sri Lanka would have access to "about $700 million U.S." in financing.
- Recent performance highlights cited: economy grew by "5 percent in 2025"; fiscal performance in 2025 "has been particularly strong"; debt-to-GDP ratio expected to be on a downward trajectory; debt restructuring "is nearly complete."
- IMF presence and outreach in Africa:
- Managing Director participated in the Africa Forward Summit in Nairobi and visited Ethiopia en route; met with African leaders and private sector/civil society in Kenya.
- Emphasis on reforms in African countries, investment in people, and IMF commitment to partner and support African countries.
- Food security concerns:
- Fertilizer price increases noted; historically there is about a "6 months or so" lag for fertilizer price shocks to translate into increased food prices and potential reductions in yields and food security—IMF monitoring closely and ready to support countries facing food security issues.
Program monitoring, mission timing, and disbursements (high-level)
- Argentina: Board meeting "next week"; disbursement upon approval "$1 billion U.S."
- Ukraine: First Review mission to take place in coming weeks following Executive Board approval of an "$8.1 billion" program in February; disbursement sizing not provided at the briefing.
- Egypt: Seventh Review mission underway; potential Board completion "over the summer" and disbursement of "about $1.6 billion U.S." if approved.
- Sri Lanka: Combined Fifth and Sixth Review reached Staff-Level Agreement on April 9; Board meeting expected "in the coming weeks"; access "about $700 million U.S." pending approval.
Operational points and procedural notes
- IMF role in debt restructurings:
- IMF provides the macroeconomic framework and, under a program, an assessment of the amount of debt relief needed to restore sustainability.
- The IMF typically does not participate directly in creditor negotiations; those are conducted between the country authorities and creditors.
- Data and conditionality:
- For resumed engagement with Venezuela, IMF discussions emphasize production and provision of economic data as required under the IMF Articles of Agreement.
- Communications and follow-up:
- Transcript to be made available later on IMF.org.
- Journalists with unanswered questions invited to contact the media team at media@imf.org or via the Press Center for bilateral follow-up.
Italicized: Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 14, 2026 — IMF Communications Department