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IMF/BRIEFING
STORY: IMF/MALI
TRT:1:24
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH/ NATS
DATELINE: 10 JULY 2014, WASHINGOTN DC
RECENT- WASHINGTON DC
1. Wide shot, exterior, IMF headquarters
2. Cutaway, reporters
10 JULY 2014, WASHINGTON DC
3.SOUNDBITE (English) Gerry Rice, Spokesperson, IMF:
“Our view is that all initiatives that seem to strengthen the network of multilateral lending institutions and increase the available funding for development and infrastructure are welcome. What is important is that any new institutions complement existing ones so that we can be confident that overall impact on beneficiary countries will be positive.”
RECENT- WASHINGTON DC
4.Cutaway,reporters
10 JULY 2014 WASHINGTON DC
5.SOUNDBITE (English)Gerry Rice, Spokesperson, IMF: “Reviews under ECF (Extended Credit Facility) arrangement have been postponed. And related disbursement will only happen toward the end of year at the earliest. The conclusion of the reviews depends on the implementation of the remedial measures and any related support or the disbursement will only happen following approval of the reviews by our Executive Board.”
RECENT - WASHINGTON DC
6. Wide shot,exterior, IMF
During its regular bi-weekly press briefing, Gerry Rice, the International Monetary Fund (IMF)’s Spokesperson, expressed the Fund’s views on AIIB and updated the status of the IMF program with Mali
China has begun preparations to set up a multilateral bank to fund infrastructure projects in Asia, looking to tap into demand for infrastructure growth as regional economies develop. Chinese finance ministry said the planned Asian Infrastructure Investment Bank (AIIB) would have a capital of $50 billion, paid by its members.
When asked the IMF’s view, The Fund spokesperson Gerry Rice welcomed China’s initiative, and reinstated the institutional stance on multilateral lending institutions as global safety net.
“Our view is that all initiatives that seem to strengthen the network of multilateral lending institutions and increase the available funding for development and infrastructure are welcome,” Rice said.
He stressed “What is important is that any new institutions complement existing ones so that we can be confident that overall impact on beneficiary countries will be positive.”
Earlier this week, World Bank Group President Jim Yong Kim welcomed a new multilateral infrastructure bank proposed by China, saying there was a "massive need" for new investment in this area.
During today’s briefing, the media also asked him to update on the IMF program with Mali.
On December 18, 2013 the IMF’s Executive Board approved a new three-year arrangement under the Extended Credit Facility (ECF) in an amount of SDR 30 million in support of the authorities’ economic program to sustain growth, maintain fiscal sustainability and reduce poverty.
The first review under the ECF, initially scheduled for June, is being postponed following the recent discovery of a series of problematic transactions which revealed weaknesses in public financial management.
A delegation led by the Minister of Economy and Finance - Madame Bouare Filly Sissoko - visited Washington for three days of talks in June and reached an agreement with the IMF on remedial measures, which include an audit of the transactions by the independent government auditor and tightening of the procurement code. At the end, the Minister and the Mission Chief issued a joint declaration.
Rice said “Reviews under ECF (Extended Credit Facility) arrangement have been postponed. And related disbursement will only happen toward the end of year at the earliest. The conclusion of the reviews depends on the implementation of the remedial measures and any related support or the disbursement will only happen following approval of the reviews by our Executive Board.”
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