From today's press briefing: Announced management travel, including
@KGeorgieva
's visits to Paraguay and
#G20
in Brazil, as well as the upcoming update to the World Economic Outlook. Also took questions on Argentina, Egypt, Kenya, Sri Lanka, and more.
I extend the IMF's deepest sympathies to the people affected by recent events in Kenya. We remain committed to help Kenya establish sound macroeconomic fundamentals, crucial for sustainable growth and job creation, especially for the country's young people.
Good meeting between Deputy Managing Director Antoinette Sayeh and Pakistan Finance Minister
@MiftahIsmail
about policies needed to continue the Extended Fund Facility program.
A mission is expected to visit Islamabad in May to continue the discussions.
IMF Executive Board approved today a three-year US$6 billion loan to support
#Pakistan
’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living.
The IMF is in discussions with
#Uganda
on a three-year financial arrangement to help continue the fight against the pandemic and build forward to more inclusive growth. The final amount will depend on the estimated balance of payment needs and the strength of policy reforms.
We welcome congressional approval of key fiscal and structural legislation, as well as measures to strengthen the monetary policy framework. These aim to improve the quality of the fiscal consolidation, further reduce inflation, and support the economic recovery.
There are media reports on IMF staff estimates of financial sector losses in
#Lebanon
. To clarify, and as we have previously noted, our estimates are broadly consistent with those in the government’s plan. Solutions should be swift, efficient, equitable, and long-lasting.
Today the
#Lebanese
authorities requested our technical advice on the macroeconomic challenges facing the economy. IMF stands ready to assist Lebanon. Any decisions on debt are the authorities’, to be made in consultation with their own legal and financial advisors.
IMF’s Managing Director
@KGeorgieva
and 🇦🇷 President
@JMilei
had a constructive talk on Argentina's deep economic/social challenges. They discussed long-term solutions for lowering inflation and boosting private sector led growth, emphasizing support for the most vulnerable.
At today's press briefing, I provided updates and answered questions on SDR allocation, the third wave of COVID-19 in Africa, the Common Framework for Debt Treatments, US inflation, Argentina, Pakistan, and more. Replay here:
The IMF would like to congratulate Martin Guzmán, Matias Kulfas and Miguel Pesce on their respective appointments as
#Argentina
’s Minister of Economy, Minister of Productive Development and President of the Central Bank respectively. We look forward to working with them.
The global economy can greatly benefit from a more open, stable, and transparent, rules-based international trade system. Resolving trade tensions is one step towards a stronger and more integrated international trading system.
#UnitedStates
#economy
#USA
On
#Venezuela
: We are watching this fast-evolving situation carefully. As in all cases, the international community guides official recognition and we will be guided by that. Venezuela faces many challenges and hope they can be resolved for the sake of the Venezuelan people.
Kenya’s IMF-supported program also includes reforms to improve governance, transparency, and responsible use of public funds. We prioritize safeguarding social programs and protecting the most vulnerable members of society.
The IMF is ready to engage with President-elect Alberto Fernández and his team to help address Argentina’s economic challenges and pave the way for inclusive and sustainable growth.
#Argentina
Sri Lanka has expressed interest in an IMF-supported financial program. We will initiate program discussions with the authorities, including during the Finance Minister’s visit to Washington, DC in April.
As is always the case, the IMF is guided by the views of the int'l community. There is currently a lack of clarity within the int'l community regarding recognition of a government in Afghanistan, as a consequence of which the country cannot access SDRs or other IMF resources.
.
@KGeorgieva
will travel to Zambia and Rwanda January 22–26, 2023.
@KGeorgieva
will meet with Presidents
@HHichilema
and
@PaulKagame
, civil society, and the public and private sector to discuss how the IMF can support their work to build a more resilient and inclusive future.
IMF staff and 🇦🇷Argentine authorities reach an understanding on key policies as part of ongoing discussions of an IMF-supported program.
Read the IMF Staff statement here ➡️
South Africa’s central bank governor,
@KganyagoLesetja
, said history was made at IMF annual meetings 2019: For first time, the chair of the IMFC (himself) and the Managing Director of the IMF (
@KGeorgieva
) are both from emerging market countries.
Despite the challenges,
#Argentina
has made important progress in transitioning to a more open and resilient economy. We believe that implementation of authorities’ program is the right way forward. We will continue to be flexible to help Argentina in this effort.
My deep gratitude to all IMF staff, the communications dept,
@KGeorgieva
,
@Lagarde
, gov't officials, journalists, CSOs & everyone I worked with. Helping shape the IMF's communications over the last 16 years was a great honor & I will miss working with you all. – Gerry Rice
Tapadh leibh, dear Gerry! You may be retiring but you left a lasting mark on the IMF—you transformed how we communicate, helping to bolster our traction & standing.
As a colleague I will greatly miss your expertise, and as a friend “I’ll see you later”!
On Argentina’s bilateral negotiations with private creditors, we’re encouraged by the willingness of both sides to continue talks to reach an agreement. We hope an agreement can be found to set a sustainable path going forward.
#Argentina
IMF staff and the Ecuadorian authorities reached an agreement on the 2nd and 3rd reviews of the IMF-supported program. Subject to Executive Board approval,
#Ecuador
would have access to about US$498 million to help promote sustainable, inclusive growth.
We are closely monitoring the ongoing developments in Sri Lanka 🇱🇰. We hope for a resolution of the current situation that will allow for resumption of our dialogue on an IMF-supported program.
India 🇮🇳 has taken a very proactive approach in making progress on various
#G20
priorities, incl. debt & digitalization. We look forward to continuing working together with India & advancing
@g20org
priorities at the July FMCBG meetings & Leaders' Summit in September.
Challenges facing
#Lebanon
are complex and addressing them will require the right diagnostic, comprehensive reforms, and unwavering implementation. This needs strong government ownership and support across Lebanon’s political spectrum and civil society.
Next week,
@KGeorgieva
will visit 🇲🇦Morocco to meet the authorities and discuss preparations for the
#Marrakech2023
Meetings. She will participate in a joint CBDC event with
@BankAlMaghrib
and engage with local stakeholders, including women and youth.
Talks between the IMF and the Lebanese authorities thus far have been constructive. IMF staff is trying to better understand the authorities’ plans. The government’s economic plan represents a good starting point for the ongoing discussions.Talks are continuing.
#Lebanon
In
@KGeorgieva
’s call with
#Ecuador
’s President
@Lenin
Moreno, they discussed implications of the recent fall in oil prices and the effects of the
#Coronavirus
. IMF will continue to work closely with the authorities to help them navigate this challenging economic environment
Our sympathy and condolences to the Indian people on the human tragedy as a result of the COVID-19 crisis. We continue to engage closely with the authorities and stand ready to strengthen our dialogue and scale up our technical collaboration.
#India
The IMF continutes to support Jordan and its people. We have repeatedly urged the international community to help Jordan with much-needed increased financial support, preferably in the form of grants.
From today's press briefing: I provided updates and answered questions on
@KGeorgieva
's trip to Europe, the African Department's 60th anniversary, India, Argentina, Chad, El Salvador, Uganda, Pakistan, Tunisia, and more. Watch the replay here.
Truly historic moment!
The new SDR allocation of $650 billion is the largest in IMF history and will help boost reserves of its member countries.
Another way the IMF is helping in these challenging times.
This was a powerful
#IMFmeetings
– 190 countries came together to discuss solutions to multiple global crises. I have seen the
#IMFmeetings
change over the last 16 years. It is now more open & inclusive.
We invite you to tune in to the conversation between MD
@KGeorgieva
and President
@AOuattara_PRCI
on Monday, May 10, at 9:00 AM ET (1:00 PM GMT) to mark the 60th anniversary of our African Department.
#IMFAfrica
#Venezuela
: Estamos siguiendo de cerca esta situación de rápida evolución. Como siempre, la comunidad internacional guía el reconocimiento oficial y nos guiaremos por eso. Venezuela se enfrenta a muchos desafíos y esperamos que puedan resolverse por el bien del pueblo venezolano.
The IMF Board has approved a US$448.6 million Extended Credit Facility for the Republic of
#Congo
. This is to support Congo's efforts to restore fiscal sustainability and rebuild regional reserves while improving governance and protecting vulnerable groups
Also on Argentina: It is incorrect to say that the IMF has put on hold the relationship with the country. We continue to be fully engaged, fully committed to helping Argentina get back onto the path of long term stability and sustainable growth.
Today is a historic day for the world and the IMF. IMF member countries start receiving their shares of the largest allocation of SDRs in history – about US$650 billion.
We are deeply concerned about the ongoing economic crisis in 🇱🇰 Sri Lanka and hardships suffered by its people. We remain committed to assist Sri Lanka in line with the IMF’s policies, and will engage with stakeholders to support a timely resolution of the crisis.
.
@KGeorgieva
:
#G7
Summit supported magnifying the impact of IMF’s new SDR allocation including through voluntarily channeling SDRs and/or budget loans to reach a total global ambition of $100b for the most vulnerable countries.
The selection of IMF Managing Director is a decision of the IMF Board, representing the membership. As in the past, we expect the process to be open, transparent, and merit-based. The Board is expected to meet soon, and we will then communicate, including the timeline.
On
#Argentina
, together with the authorities our team is currently preparing a mission starting in early October. Main goal is to learn more about Argentina’s economic plans. Our ultimate objective is to work on policies that ensure sustainable and inclusive growth.
Congratulations to IMF &
@WorldBank
staff, delegates, CSOs, journalists, attendees & everyone who made our first one back in person memorable. I’ll miss the diversity of people & ideas at the
#IMFmeetings
.
The IMF team is in ongoing discussions with the Egyptian authorities on a set of policies that would support the completion of the 1st and 2nd reviews of 🇪🇬Egypt's Fund-supported program.
We welcome the Argentine National Congress’s recent approval of the agreement reached w/ IMF staff to be supported by an Extended Fund Facility Arrangement. The IMF Board will meet to discuss
#Argentina
’s 🇦🇷 request on Friday, March 25. Read the statement:
This afternoon, Managing Director
@KGeorgieva
,
@GitaGopinath
, and Alfred Kammer answered questions from the media on the ongoing war in Ukraine and the IMF's response. Watch the replay.
IMF Executive Board completes the 4th review of
#Argentina
’s economic performance under the Stand-By Arrangement. This allows authorities to draw the equivalent of US$5.4 billion.
Chief Economist
@GitaGopinath
is returning to
@Harvard
in January 2022 as planned when her public service leave ends. The search for a successor will begin shortly.
From today’s press briefing: I share that
@KGeorgieva
is in Indonesia for the G20 meeting & will travel to Japan. I also announce the release of our World Economic Outlook update on July 26 & answer questions on Argentina, Ghana, Pakistan, Sri Lanka & more
Discussions with the Lebanese authorities are ongoing. The recent focus remains on policies and reforms to address the large losses in the financial sector in an efficient and equitable manner to restore macroeconomic stability and sustainable growth.
#Lebanon
The IMF has a constructive dialogue with the Argentine authorities focused on a better future for the country. We share the authorities' goals of pursuing policies that reduce poverty and pave the way for sustainable growth.
Great to be in Davos with current and former IMF managing directors
@KGeorgieva
and
@Lagarde
. Global cooperation in building a stronger and better post-pandemic economy is top of the agenda.
#WEF22
Managing Director-designate
@KGeorgieva
, a
#Bulgarian
national, is the first person from an emerging market economy to lead the IMF since its inception in 1944.
The IMF Executive Board representing the 189-member countries has selected Kristalina Georgieva as Managing Director for a five-year term starting on October 1, 2019.
The 2022 IMF-World Bank Spring Meetings will take place from April 18 – April 24, 2022, in a virtual and in-person format for select events. More info on the schedule, registration and virtual participation will be available soon.
#IMFmeetings
What are the benefits of the US$650 billion SDR allocation?
1. Provide fiscal space to help people cope with the crisis
2. Boost reserves of IMF members
3. Support country reforms
IMF staff engages in technical discussions with the Tunisian authorities to understand the details of Tunisia’s economic reform plan. IMF stands ready to support Tunisia & its people to achieve an inclusive job-rich recovery from COVID crisis & restore sustainable public finances
At today's press briefing, I answered questions on Argentina, Costa Rica, India, Kenya, Lebanon, USA, the IMF's Work Program, and more. Watch the replay here.
First Deputy Managing Director
@GitaGopinath
will travel to Argentina this week to meet with government officials & others to hear about Argentina’s difficult economic and social challenges as well as its vast potential.
Our new Chief Economist
@pogourinchas
will present the IMF’s analysis and projections for the global economy tomorrow, April 19.
Save the link and tune in to the press briefing at 9:00 AM.
#WEO
IMF staff welcomes
@AgendaCAF
‘s short-term balance of payments support to Argentina 🇦🇷 anchored on the new authorities’ efforts to restore economic stability.
The 2022 IMF – World Bank Annual Meetings will take place in-person from October 10-16, 2022, in Washington, DC. Additional information on the schedule and registration will become available online closer to the
#IMFmeetings
.
Tune in to the
#WEO
Update press briefing next week! IMF Chief Economist
@pogourinchas
will present our latest forecasts and outlook for the global economy on July 25 at 9:00am ET. See more ➡️
We are in the initial stages of our constructive dialogue with the Argentine govt over a new IMF supported program. We share their goals of stabilizing the economy by developing plans that will underpin the recovery, foster resilience and help
#Argentina
fight the pandemic.
#Lebanon
received SDRs in proportion to its quota at the IMF. It is important they are used in a transparent and responsible manner to help Lebanon and its people and to help replenish depleted central bank reserves.
Managing Director
@KGeorgieva
will be visiting Indonesia 🇮🇩 and Japan 🇯🇵 from July 14 to 20. Highlights of the visit include the
#G20FMCBG
meeting in Bali, the 25th Anniversary of
@IMF_Tokyo
, and bilateral meetings with high-level officials. Stay tuned.
Great to meet a new group of passionate leaders as part of the Civil Society, Academic and Youth Fellowship Program to the
#IMFmeetings
to discuss issues including income and gender
#inequality
, social protection,
#climatechange
&
#corruption
.
There is tremendous uncertainty around
#COVID19
. We are framing it right now in terms of different scenarios rather than specific projections. And many scenarios are possible, depending on how it spreads and the speed of recovery.
From today's press briefing: Announced upcoming events, including
@KGeorgieva
’s April 11 Curtain Raiser speech for the IMF/WBG Spring Meetings. Also took questions on Germany, Japan, Pakistan, Ethiopia and more. Watch here.