Mrs Christine Lagarde, IMF Managing Director:statement on Greece

Statement by IMF Managing Director Christine Lagarde on Greece

April 21, 2018

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today after a meeting with Greece’s Finance Minister Euclid Tsakalotos:

“I had a productive meeting today with Greece’s Finance Minister Euclid Tsakalotos and his team. We discussed the importance of bringing discussions on debt to an early conclusion and accelerating implementation of program policies, both of which are critical for boosting economic prospects and making IMF financing available.”

IMF Communications Department

MEDIA RELATIONS

IMF:Transcript of Managing Director's Press Briefing Washington D.C.

Transcript of Managing Director's Press Briefing
Washington D.C.

April 19, 2018
video:  blob:http://players.brightcove.net/b8aa0f8a-b7f2-4777-aae3-a0cf960206ac


SPEAKERS:

Christine Lagarde, Managing Director, IMF

David Lipton, First Deputy Managing Director, IMF

Gerry Rice, Director, Communications Department, IMF

Mr. Rice - Good morning, everyone, and welcome to the Spring Meetings. We are on the record this morning. I will ask you to identify yourself by affiliation. Keep the questions short, and we will try and do as many as we can.

I am delighted this morning to introduce the Managing Director of the IMF, Madam Christine Lagarde; and just to Madam Lagarde’s right is our First Deputy Managing Director, David Lipton. And with that, I would like to ask Madam Lagarde to open this press conference and these meetings. Thank you.

Ms. Lagarde - Thank you very much, Gerry, and welcome to all of you. It is very nice to see many of the good friends back in the room on the occasion of these Spring Meetings 2018.

You may have heard it — if you have not heard it, you have read it — the IMF forecast growth this year and next year at 3.9 percent, which is more than the 3.7 percent that you may have heard about back in October. It is clearly a pickup in our projection, and we maintain it this year and next. The momentum has been driven by stronger investment and a rebound in trade. It is broad-based, and it involves the US, Europe, Japan, China, as well as many other emerging and developing countries, yet not all.

IMF Press Conference

Transcript of the Press Conference on the Release of the April 2018 Fiscal Monitor
Washington, D.C.
April 18, 2018
video:  blob:http://players.brightcove.net/eb626874-f864-4ba9-95cd-031c653f9612
Participants:

Vitor Gaspar, Director, Fiscal Affairs Department
Abdel Senhadji, Deputy Director, Fiscal Affairs Department
Cathy Pattillo, Assistant Director, Fiscal Affairs Department
Wiktor Krzyzanowski, Senior Communications Officer, Communications Department

Mr. Krzyzanowski: Good morning. Thank you very much for joining us this morning for the presentation of the Spring 2018 Fiscal Monitor. My name is Wiktor Krzyzanowski, and I am with the IMF's Communications Department.

Let me present the speakers. Vitor Gaspar is the Director of the Fiscal Affairs Department at the IMF. Cathy Pattillo is the Assistant Director, and Abdel Senhadji is the Deputy Director at the IMF's Fiscal Affairs Department.

You have seen the Fiscal Monitor, which has now been released to you. There is also a blog authored by Vitor, which is available to you as well.

As usual, I will first ask Vitor to say a few words about the main findings of the Fiscal Monitor. And then we will be open to your questions, both in the room ‑‑ and we appreciate that you are joining us this morning ‑‑ and also online on IMF.org.

Vitor, the floor is yours.

Mr. Gaspar: Thank you, Wiktor. Good morning, and welcome. Thanks for your interest in our work on fiscal policy in the world.

As you learned from the World Economic Outlook, global growth is strong and broad-based. The economic upswing should be used to accumulate fiscal buffers for difficult times that will eventually come. Countries are advised to avoid procyclical fiscal policies that exacerbate economic fluctuations and ratchet up public debt.

Financial stability and financial risks are, as you have listened to, the focus of the Global Financial Stability Report. Countries will be better placed to tackle looming risks if they build strong public finances in good times.

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Bringing Down High Debt

04/18/2018 09:27 AM EDT

Global debt hit a new record high of $164 trillion in 2016, the equivalent of 225 percent of global GDP. Both private and public debt have surged over the past decade. High debt makes government’s financing vulnerable to sudden changes in market sentiment. It also limits a government’s ability to provide support to the economy in the event of a downturn or a financial crisis. Countries should use the window of opportunity afforded by the economic upswing to strengthen the state of their fiscal affairs. The April 2018 Fiscal Monitor explores how countries can reduce government deficits and debt in a growth-friendly way.

A Bumpy Road Ahead for the Global Financial System

04/18/2018 08:30 AM EDT

By Tobias Adrian April 18, 2018 An unexpected increase in inflation could prompt the Federal Reserve and other central banks to raise interest rates faster than currently anticipated, roiling financial markets (photo: Tom Williams/CQ Roll […]

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04/17/2018 08:57 AM EDT

The world economy continues to show broad-based momentum. Against that positive backdrop, the prospect of a similarly broad-based conflict over trade presents a jarring picture.Three months ago, we updated our global growth forecast for this year and next substantially, to 3.9 percent in both years. That forecast is being borne out by continuing strong performance in the euro area, Japan, China, and the United States, all of which grew above expectations last year.

 An Even-handed Approach to Crypto-Assets

04/16/2018 11:55 AM EDT

By Christine Lagarde

The dizzying gyrations of crypto-assets such as Bitcoin invite comparisons with the tulip mania that swept Holland in the 17th century and the recent dot-com bubble. With more than 1,600 crypto-assets in circulation, it seems inevitable that many will not survive the process of creative destruction.

Fiscal Rules: Make them Easy to Love and Hard to Cheat

04/13/2018 08:06 AM EDT

By Xavier Debrun, Luc Eyraud, Andrew Hodge, Victor Lledo, Catherine Pattillo, Abdelhak Senhadji April 13, 2018 The national debt clock in New York City: a fiscal rule, like the debt ceiling, should not be set […]

Τhe Digital Gamble: New Technology Transforms Fiscal Policy

04/12/2018 10:55 AM EDT

By Vitor Gaspar and Geneviève Verdier April 12, 2018 Traffic in Singapore: the city uses digital technology for road pricing to manage road congestion congestion (photo: Kua Chee Siong/ SPH/Newscom).. In Rwanda, digitally-monitored drones deliver […]

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April 9, 2018

Wanted: Policies to Encourage and Enable Work in Advanced Economies

Population growth in advanced economies is slowing, life expectancy is rising, and the number of elderly people is soaring. Because older workers participate less in the labor market, the aging of the population could slow growth and, in many cases, threaten the sustainability of social security systems. But, as our research in Chapter 2 of the April 2018 World Economic Outlook shows, there is considerable scope for policies to mitigate the forces of aging by enabling those who are willing to work to do so. 

The Decline in Manufacturing Jobs: Not Necessarily a Cause for Concern

Manufacturing jobs are waning. In many emerging market and developing economies, workers are shifting from agriculture to services, bypassing the manufacturing sector. In advanced economies, the rise in service sector employment typically reflects the outright disappearance of manufacturing jobs. In Chapter 3 of the April 2018 World Economic Outlook, we revisit the evidence supporting those beliefs and find that the declining share of manufacturing jobs need not hurt growth or raise inequality, provided the right policies are in place.

Globalization Helps Spread Knowledge and Technology Across Borders

It took 1,000 years for the invention of paper to spread from China to Europe. Nowadays, in a world that has become more integrated, innovations spread faster and through many channels.Our research in Chapter 4 of the April 2018 World Economic Outlook takes a closer look at how technology travels between countries. 

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Top 5 IMF Blogs in March

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Addressing the Dark Side of the Crypto World

Whether Bitcoin’s value goes up or Bitcoin’s value goes down, people around the world are asking the same question: What exactly is the potential of crypto-assets? The technology behind these assets—including blockchain—is an exciting advancement that could help revolutionize fields beyond finance.

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Fintech Quiz: How Much Do You Know?

From artificial intelligence to cryptography, rapid advances in digital technology are transforming the financial services landscape, creating opportunities and challenges for consumers, service providers, and regulators alike. This new wave of technology is often called “fintech” and the industry is thriving.

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The Economic Scars of Crises and Recessions

Economic recessions are typically described as short-term periods of negative economic growth. According to the traditional business cycle view, output moves up and down around its long-term upward trend and after a recession, it recovers to its pre-recession trend.

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Welfare Versus GDP: What Makes People Better Off

For years, economists have worked to develop a way of measuring general well-being and comparing it across countries. The main metric has been differences in income or gross domestic product per person. But economists have long known that GDP is an imperfect measure of well-being, counting just the value of goods and services bought and sold in markets.

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Managing Debt Vulnerabilities in Low-Income and Developing Countries

Government debt in some of the world’s poorest countries is rising to risky levels, a new IMF report shows. The report looks at economic developments and prospects among the world’s low-income countries, which account for a fifth of the world’s population but only four percent of global output.

IMF:Transcript of IMF Press Briefing

Transcript of IMF Press Briefing

March 29, 2018
 blob:http://players.brightcove.net/62df4194-d3e3-48c1-bddc-db5cd121e8a5



MR. RICE: Good morning everyone and welcome to this briefing on behalf of the International Monetary Fund. I'm Gerry Rice of the Communication Department. As usual, our briefing this morning will be embargoed until 10:30 a.m. Washington time. Let me begin with a few announcements regarding travel and events and then I'll turn to questions from colleagues here in the room and take questions online.

So, in terms of travel and announcements, let me begin with the Managing Director, Madame Lagarde who will be visiting China between April 9 and 12. She will attend the Boao forum and offer some remarks there during the opening ceremony. That's on April 10. And then Madame Lagarde will be delivering our so-called Spring Meetings Curtain Raiser speech in Hong Kong on April 11. So again, that's the speech that serves as the prelude to the Spring Meetings which will be coming up very shortly and will lay out the issues that the IMF sees coming up on the agenda for the Spring Meetings. So that's the Curtain Raiser speech on April 11 and that's going to be in Hong Kong.

And then Madame Lagarde will travel to Beijing to attend the joint IMF-PBC, the People's Bank of China conference on the Belt and Road Initiative where she will also be making some remarks. And, of course, Madame Lagarde will also be meeting with Chinese officials whilst she is in Beijing. So that is Madame Lagarde and the trip to China April 9-12, upcoming.

I mentioned the Spring Meetings. They are going to begin the week of April 16. Those of you who follow us, know what that entails. It's a packed program, official meetings, lots of press events, seminars and so on. We will have the usual update on our economic forecasts in detail in the World Economic Outlook. We will have the Global Financial Stability Report and the Fiscal Monitor. Amongst the key themes for this year's meetings in addition to the outlook, of course, which will be of great interest, will be issue of digitalization and the challenges that it's bringing across the global economy. And the issue of rebuilding trust in public institutions is another theme that we expect to be covered. We can indeed give you more information. Be in touch with us via the website or via the Media Relations Division should you want any more information on the Spring Meetings.

A few other things. Our First Managing Director, David Lipton, will be in Spain early next week where he is delivering a key note speech at a conference we are co-sponsoring with the Central Bank of Spain. It is on the topic of Spain from Recovery to Resilience. One of our other Deputy Managing Directors, Tao Zhang, as we speak is also talking at the Center for Global Development here in Washington on the issue of debt in low income countries. We released a report on low income countries just about a week ago and his event today comes on top of that report last week. So that is debt in low income countries.

IMF latest news

 Μάρ 13 τις 8:21 μ.μ.

By Christine Lagarde March 13, 2018 Whether Bitcoin’s value goes up or Bitcoin’s value goes down, people around the world are asking the same question: What exactly is the potential of crypto-assets? The technology behind these assets—including blockchain—is an exciting advancement that could help revolutionize fields beyond finance. It could, for example, power financial inclusion by providing new, low-cost payment methods to those who lack bank accounts and in the process empower millions in low-income countries. Malaysia's Economy: Getting Closer to High-Income Status March 7, 2018 Malaysia’s economy continues to perform strongly, with higher than anticipated growth at 5.8 percent in 2017, and projected growth of 5.3 percent for 2018, according to the IMF. The country is well on its way to achieving high-income status. But to pass the finish line, the authorities will have to step up reforms to boost productivity and raise living standards for its 32 million citizens. Kuala Lumpur’s illuminated skyline: Malaysia’s strong economy is on its way to achieving high-income status (photo: Matthew Williams-Ellis/robertharding/Newscom) Fintech Quiz: How Much Do You Know? 03/12/2018 07:59 AM EDT By IMFBlog March 12, 2018 From artificial intelligence to cryptography, rapid advances in digital technology are transforming the financial services landscape, creating opportunities and challenges for consumers, service providers, and regulators alike. This new wave of technology is often called “fintech” and the industry is thriving.

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Beware of Strike-it-Rich Euphoria: the Curse of Potential Oil Wealth March 9, 2018   The resource curse, or paradox of plenty, is when countries with an abundance of natural resources suffer stagnant economic growth or even contraction. In this podcast, World Bank economist James Cust, says the problem of eradicating extreme poverty is going to be about how resource-rich countries manage their resource wealth. Welfare Versus GDP: What Makes People Better OffMarch 7, 2018 For years, economists have worked to develop a way of measuring general well-being and comparing it across countries. The main metric has been differences in income or gross domestic product per person. But economists have long known that GDP is an imperfect measure of well-being, counting just the value of goods and services bought and sold in markets. Ending Harassment Helps #TheEconomyTooMarch 5, 2018   This International Women’s Day is bringing new calls to #pressforprogress on gender parity. Giving women and girls the opportunity to succeed is not only the right thing to do—it can also transform societies and economies. Unlocking this transformative potential means pushing for more equal opportunities: for example, equality in legal rights for men and women, and equality in access to education, health, and finance.  The Struggle to Manage DebtMarch 1, 2018   The global economy has a spring in its step. Growth is picking up, and we at the IMF have been ratcheting up our forecasts. Government coffers are filling and, with more people at work, demand for public social support is receding. The fiscal woes of the past decade seem behind us. But this sunny perspective ignores debt levels that remain close to historic highs and the inevitable end of the cyclical upswing.  Money Sent Home by Migrants Buffers Income Shocks February 28, 2018   Worldwide, 250 million people, or 3 percent of the global population, live outside their country of birth. Many of these migrants maintain strong ties with their home countries, sending part of their incomes to families back home. In 2015, migrants sent home $441 billion – almost three times the total value of official development assistance.  Chart of the Week: China’s Thrift, and What to Do About It February 26, 2018   What makes China’s citizens so thrifty, and why does that matter for China and the rest of the world? The country’s saving rate, at 46 percent of GDP, is among the world’s highest. Households account for about half of savings, with corporations and the government making up the rest.

Transcript of IMF Press Briefing [Matched: Greece]

Transcript of IMF Press Briefing

March 9, 2018

video:

http://brightcove04.brightcove.com/23/45228659001/201803/3079/45228659001_5747687004001_5747669784001.mp4?playerId=625505131001&lineupId=&affiliateId=&pubId=45228659001&videoId=5747669784001

MR. RICE: Good morning everyone and welcome to this press briefing on behalf of the International Monetary Fund. I am Gerry Rice with the Communication Department and our briefing this morning is on the record but will be embargoed until 10:30 a.m. and that's Washington time.

Let me begin with a few announcements. Then I'll turn to the questions in the room, and I see we have some questions online coming in as well. With today being International Women's Day, I'd like to mention a couple of things related to that. Number one, we published earlier this week a staff working paper entitled “What is Driving Woman's Financial Inclusion Across Countries”, and that working paper was accompanied by a blog from our Managing Director Christine Lagarde, co-authored with a couple of our staff members. That's available on the IMF website.

Last night Ms. Lagarde also participated in a “Women in the World” event here in Washington D.C. And today the Managing Director will be at the Washington Post for a discussion about issues related to International Women's Day. That's at 6 p.m. today at the Washington Post. I believe it's open and will be webcast.

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Balancing Act: Managing the Public Purse 03/01/2018 10:00 AM EST With the global economy humming along, there would seem little reason to worry about tomorrow. But in many countries, the future has been mortgaged by high public and private debt, which risks choking off growth. In the March 2018 issue of F&D we ask, “How much is too much debt?” Money Sent Home by Migrants Buffers Income Shocks 02/28/2018 07:49 AM EST By Kimberly Beaton, Luis Catão and Zsoka Koczan February 28, 2018 Western Union, Singapore: In 2015, migrants sent home $441 billion – almost three times the total value of official development assistance (photo: iStock by […] Chart of the Week: China’s Thrift, and What to Do About It 02/26/2018 08:00 AM EST February 26, 2018 By IMFBlog What makes China’s citizens so thrifty, and why does that matter for China and the rest of the world? The country’s saving rate, at 46 percent of GDP, is among the world’s highest.