{ "title": "Press Briefing Transcript: Julie Kozack, Director, Communications Department, June 25, 2026", "publication": "IMF News, June 26, 2026", "sourceUrl": "https://www.imf.org/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026", "canonical": "https://www.imf.org/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026", "overlayPath": "/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026/index.md", "summary": "Press Briefing Transcript: Julie Kozack, Director, Communications Department, June 25, 2026", "publishDate": "2026-06-26", "sections": [ { "heading": "Announcements and Logistics", "content": "- Briefing embargo: embargoed until 11 a.m. Eastern Time in the United States.\n- Upcoming IMF engagements announced:\n - First Deputy Managing Director Dan Katz in Gdansk, Poland for the Ukraine Recovery Conference (today).\n - Deputy Managing Director Bo Lee to travel to Tashkent, Uzbekistan on June 29th for the monetary policy dialogue 2026, participating in a panel titled Monetary Policy under Global Volatility and the Wave of Digitalization.\n - World Economic Outlook Update to be issued on July 8.\n - 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand from October 12th to 18th — registration open via IMFConnect.org; visa-seekers should register no later than September 1st, 2026." }, { "heading": "Venezuela — Earthquake Response, SDRs, and Debt Restructuring Role", "content": "- Immediate stance and engagement:\n - IMF: \"deeply saddened\" and \"closely monitoring developments\"; \"closely engaged with the Venezuelan authorities\" as they assess economic impact and recovery needs.\n - No detailed operational decisions announced yet on amounts or mechanics.\n- On the reported \"special fund\" of up to $200 million:\n - IMF: no confirmation or detailed information available at the time; will provide details as discussions evolve.\n- On IMF involvement in debt restructuring:\n - The Fund \"is not and have not been involved in the debt restructuring process that has been announced by Venezuela.\"\n - Typical IMF role when a country has a program:\n - Provide the macroeconomic framework.\n - Provide a debt sustainability assessment.\n - Assess whether an agreement with creditors is consistent with program parameters and will durably restore debt sustainability.\n - The IMF \"is never a party to the negotiations and the discussions\"; assistance is available if requested by authorities." }, { "heading": "India — Growth, Energy Shock, and Resilience", "content": "- Growth projections and recent data:\n - IMF projection: growth at 6.5 percent in fiscal year 2026-2027 (April projection).\n - India first quarter calendar-year growth: 7.8 percent (first quarter actual above April projection).\n- Drivers and offsets:\n - Strong domestic demand and carryover from last year.\n - Reduction in the U.S. tariff rate (from 50 percent to 10 percent) partly offset the global energy shock.\n- Energy shock impacts:\n - India experienced supply disruptions and higher import prices, putting pressure on costs, inflation, and potentially fiscal deficits.\n - Positive buffers: low inflation entering the shock, modest current account deficit, and ample foreign exchange reserves — sources of resilience." }, { "heading": "Argentina — Payments, Market Access, Employment, and Program Status", "content": "- Upcoming obligations:\n - Argentina faces debt payments of nearly $23 billion next year, including debt owed to the IMF.\n- Recent program and market developments:\n - IMF assessment: Argentina \"continuing to make important progress in restoring macroeconomic stability\": growth continued, inflation is falling, international reserves being rebuilt, financing conditions improving.\n - Sovereign spreads narrowed to below 450 basis points.\n - Market sentiment improved, with upgrades by two credit rating agencies.\n - Decisions on timing and terms of market access remain for Argentine authorities.\n - Multilateral support (World Bank, IADB) seen as catalytic to improve financing conditions and support return to market financing.\n - IMF statement: Argentina has made all of its payments to the Fund; IMF \"confident that they will continue to do so.\"\n- Labor market and informality:\n - Labor reform is recent; effects take time to emerge.\n - Formalization depends on macro outcomes, tax/regulatory structure, and labor market rigidities.\n - IMF supports reforms that promote formal job creation.\n- Risk language and repayment:\n - IMF recently used language noting \"exceptional risks for repayment\" from Argentina; additional progress in strengthening fiscal anchors, policy frameworks, and reserve buffers would increase comfort regarding repayment prospects." }, { "heading": "Angola, Zambia, South Africa, and African Programs", "content": "- Angola:\n - 2026 Article IV Consultation and FSAP completed in May.\n - 2025 growth: \"a little over 3 percent.\"\n - 2025 inflation: about 20 percent; latest reading (May): 10.9 percent.\n - Structural decline in oil production implies subdued medium-term growth and need for diversification; tight monetary policy helping reduce inflation.\n- Zambia:\n - Concluded 38-month ECF program at end-January 2026; program performance described as good despite shocks.\n - IMF team visited Lusaka in early May to advance discussions on a successor arrangement; Zambia has requested another program and negotiations will resume after elections.\n - IMF projection: growth 5.8 percent in 2026.\n - Inflation expected to converge toward Central Bank target of 6 to 8 percent.\n - Debt assessment: sustainable but at high risk of debt distress.\n- South Africa:\n - April projection: growth about 1 percent in 2026; recovery to 1.3 percent in 2027 (April projection).\n - Headline inflation projected to increase to 3.9 percent in 2026 due to higher oil prices; expected to decline toward SARB's new inflation target of 3 percent over the medium term.\n - Monetary policy advice: central bank should remain \"laser-focused on keeping inflation expectations anchored.\"\n- Exiting IMF programs in Africa:\n - Decision to exit or request successor arrangements is for authorities; example: Zambia requested a successor arrangement. IMF stands ready to assist according to country preferences." }, { "heading": "Middle East War, Global Economy, and WEO Update Scenarios", "content": "- Assessment framework (three channels, as in April):\n - Commodity prices (notably oil).\n - Second-round effects on inflation and inflation expectations.\n - Financial conditions.\n- Commodity price developments:\n - Oil prices: fallen from peaks and \"about 10 percent above their pre-war levels.\"\n - Declines observed in other commodities (jet fuel, natural gas, base metals, urea and some fertilizer prices).\n - Full normalization expected to take time due to shipping/logistics and contingent on sustained ceasefire.\n- Inflation and financial conditions:\n - Some central banks have raised rates; others on hold.\n - Inflation expectations have generally remained anchored; central banks urged to remain vigilant.\n - Financial conditions remain accommodative; sovereign spreads compressed and financing available in international markets.\n- Scenarios and WEO Update:\n - IMF had previously outlined a reference, an adverse, and an extreme scenario; whether all three remain in play or a baseline will be used will be decided in the WEO Update on July 8.\n- Vulnerable countries:\n - Greatest concern for net energy importers with limited fiscal/other buffers (many in Africa)." }, { "heading": "Lebanon — Conflict Impact and IMF Engagement", "content": "- Economic and humanitarian situation:\n - \"Very challenging economic and social humanitarian situation\" with resumed war; damage to housing, infrastructure, and activity.\n - IMF expectation: GDP will contract in 2026 given impact on tourism, agriculture, and confidence.\n- IMF engagement:\n - Focused on immediate crisis management measures and longer-term reforms.\n - Lebanon had earlier strengthened fiscal and international reserves, providing limited room to address urgent humanitarian needs.\n - Ongoing discussions on a comprehensive reform program, including banking sector restructuring strategy and medium-term fiscal strategy.\n - No timeline provided for program completion; discussions ongoing." }, { "heading": "United States — Growth, Inflation, and Federal Reserve", "content": "- U.S. growth and momentum:\n - First quarter growth \"2.1 percent\" (numbers released that morning; stronger than preliminary estimate).\n - Government consumption bounce-back after 2025 government shutdown; strong investment and imports of capital goods.\n - Labor productivity \"continues to be very strong.\"\n- Inflation outlook and Fed stance:\n - IMF expectation: inflation to reach the 2 percent target by end-2027.\n - IMF view: Fed \"appropriately decided to keep the policy rate on hold\"; future actions should be data-dependent and carefully calibrated.\n - IMF welcomed new Fed Chair Kevin Warsh's commitment to price stability." }, { "heading": "Ukraine — EFF First Review and Disbursement", "content": "- Staff–Level Agreement:\n - Agreement reached on June 12th for the First Review under the EFF.\n- Access and timing:\n - Subject to Executive Board approval, Ukraine would access U.S. $690 million, bringing total disbursements under the program to U.S. $2.2 billion.\n - The Board is expected to consider this review \"in the coming weeks.\"\n- Reforms and corrective actions:\n - Revised timetable for structural reforms agreed to cover governance, anti-corruption, and institutional reforms, plus broader measures to support a market-based economy.\n - Corrective actions to address recent slippages to keep the program on track; further details to follow Board approval and staff report publication." }, { "heading": "Egypt — Seventh Review (EFF) and RSF Second Review", "content": "- Status of reviews:\n - Discussions on the Seventh Review of the EFF and the Second Review under the RSF are progressing.\n - IMF objective: hold Board Meetings this summer to enable a disbursement of about U.S. $1.6 billion.\n- Policy priorities:\n - IMF welcomes continued efforts to strengthen domestic revenue mobilization, broaden tax base, and improve efficiency, fairness, and transparency of the tax system.\n - IMF engagement on state ownership policy and asset divestment program to reduce the state's footprint and support private-sector-led growth." }, { "heading": "Sri Lanka — Staff Visit and Energy Costs", "content": "- Mission timing:\n - IMF team in Sri Lanka for a staff visit during June 24th through 30th.\n- Focus:\n - Take stock of recent economic developments, including the impact of the war in the Middle East and the energy price shock.\n - Assess performance under the IMF-supported recovery program.\n - Team to communicate findings at end of mission." }, { "heading": "Ethiopia — Fifth Review, Rephasing, and Disbursement Profile", "content": "- Staff–Level Agreement and Board timing:\n - Staff-Level Agreement on the Fifth Review of the ECF reached on June 3rd.\n - Subject to Executive Board approval, Ethiopia would access about U.S. $468 million; total IMF support under the ECF to date would be around U.S. $2.6 billion.\n - Board Meeting expected on July 1st.\n- Rephasing and brought-forward support:\n - Fifth Review plans to bring forward $200 million to help Ethiopia respond to the economic impact of the war in the Middle East and the energy shock.\n - Total access under the program remains unchanged at the original U.S. $3.4 billion.\n- Next steps:\n - Staff report to be published following the Board Meeting and will contain the revised disbursement profile for the remainder of the program." }, { "heading": "Kenya and Senegal — Governance Diagnostics, Program Discussions, and Hidden Debt in Senegal", "content": "- Kenya:\n - Managing Director visited Nairobi on May 11th and 12th; reaffirmed IMF support for reforms, governance strengthening, and inclusive growth.\n - IMF engaging with authorities on timing for next Article IV; no dates announced.\n - Governance Diagnostic Assessment Report: draft shared with authorities; publication pending authorities' consent.\n- Senegal:\n - IMF remains engaged on a new program request; technical discussions are ongoing to reach shared understanding on macro outlook, financing needs, and reforms.\n - Staff team visited Senegal last week for constructive technical discussions.\n - Actions already taken by authorities:\n - Successive audits of public debt.\n - Institutional reforms to unify debt management functions.\n - Further decisive actions IMF encourages:\n - Launch of an audit by a private international firm.\n - Completing ongoing and comprehensive audit of payment arrears.\n - Measures to strengthen budgetary commitment controls.\n - Debt context:\n - Total public sector debt estimated at 132 percent of GDP at end-2024.\n - Authorities have remained current on debt obligations despite high debt level.\n\nSource: Press Briefing Transcript: Julie Kozack, Director, Communications Department, June 25, 2026\n\n---\n\n\n References\n\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026" } ], "bullets": [ "[Markdown version](/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026/index.md)", "[Structured JSON version](/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026/index.json)", "[Bundle manifest](/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026/bundle-manifest.json)", "Published: June 26, 2026", "Briefing embargo: embargoed until 11 a.m. Eastern Time in the United States.", "Upcoming IMF engagements announced:", "Immediate stance and engagement:", "On the reported \"special fund\" of up to $200 million:", "On IMF involvement in debt restructuring:", "Growth projections and recent data:", "Drivers and offsets:", "Energy shock impacts:", "Upcoming obligations:", "Recent program and market developments:", "Labor market and informality:", "Risk language and repayment:", "Angola:", "Zambia:", "South Africa:", "Exiting IMF programs in Africa:", "Assessment framework (three channels, as in April):", "Commodity price developments:", "Inflation and financial conditions:", "Scenarios and WEO Update:", "Vulnerable countries:", "Economic and humanitarian situation:", "IMF engagement:", "U.S. growth and momentum:", "Inflation outlook and Fed stance:", "Staff–Level Agreement:", "Access and timing:", "Reforms and corrective actions:", "Status of reviews:", "Policy priorities:", "Mission timing:", "Focus:", "Staff–Level Agreement and Board timing:", "Rephasing and brought-forward support:", "Next steps:", "Kenya:", "Senegal:", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026/index.md", "json": "/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026/index.json", "bundleManifest": "/en/news/articles/2026/06/26/tr-06252026-imf-press-briefing-transcript-june-25-2026/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T04:46:19.884Z" }