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IMF / LAGARDE
STORY: IMF / LAGARDE
TRT: 02:38
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 4 FEBRUARY 2016, WASHINGTON D.C.
WASHINGTON, DC – FEBRUARY 4, 2016
1. Wide shot, exterior of UMD Conference Hall
2. Wide shot, Lagarde arriving
3. Wide shot, Lagarde walk to podium
4. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“Emerging developing countries are home to 85 percent of the global population. That is about 6 billion people. And these 85 percent matter to the global economy more than ever, and they matter to you more than ever.”
5. Cutaway, audience
6. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“The emerging and developing countries are now facing a much different reality, much harsher reality. Growth rates are down, capital flows have reversed and medium term prospects have deteriorated sharply.”
7. Cutaway, audience
8. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
9. “We at the IMF call for a new partnership for growth between the advanced economies and the emerging developing economies in order to promote faster and more sustainable convergence between these economies.”
10. Cutaway, audience
11. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“The message is very simple: emerging and advanced economies depend on each other and the world depends on their collaboration.”
13. Cutaway audience
14. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
15. “In addition to safer capital flows, a stronger international monetary system must include an adequate global financial safety net, to enable access to financial resources in times of crisis or distress.”
16. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“I hope I have described for you what I regard as a new economic reality, and one that requires that new partnerships between the emerging market economies, the developing economies and the advanced economies, because one will not succeed without the others. And it is more so the case now because of these interlinkages and the space that each of those has now taken in the global economy. New reality… new partnership and a new multilateralism as well that actually acts for the benefit of all and which is better equipped and more strongly and durably financed in order to respond to the risk s and uncertainties that will continue to be because that’s part of the economic game in the world that we live in.”
17. Cutaway, audience
In a speech given at the University of Maryland, the Managing Director of the International Monetary Fund, Christine Lagarde, said global powers need to develop a new global partnership linking developing and advanced economies. She stressed that emerging economies are a vital part of the world economy.
“Emerging developing countries are home to 85 percent of the global population. That is about 6 billion people. And these 85 percent matter to the global economy more than ever, and they matter to you more than ever”, she said before describing the headwinds these economies were facing. “The emerging and developing countries are now facing a much different reality, much harsher reality. Growth rates are down, capital flows have reversed and medium term prospects have deteriorated sharply”.
It is time both worlds start working in unison and added that “we at the IMF call for a new partnership for growth between the advanced economies and the emerging developing economies in order to promote faster and more sustainable convergence between these economies.”
“The message is very simple”, she explained. “Emerging and advanced economies depend on each other and the world depends on their collaboration.”
Current capital flows from emerging countries are a real issue and a reinforced monetary system should include a framework for safer capital flows, she said, but “In addition to safer capital flows, a stronger international monetary system must include an adequate global financial safety net, to enable access to financial resources in times of crisis or distress.”
“I hope I have described for you what I regard as a new economic reality,” she concluded. “And one that requires that new partnerships between the emerging market economies, the developing economies and the advanced economies, because one will not succeed without the others. And it is more so the case now because of these interlinkages and the space that each of those has now taken in the global economy. New reality… new partnership and a new multilateralism as well that actually acts for the benefit of all and which is better equipped and more strongly and durably financed in order to respond to the risks and uncertainties that will continue to be because that’s part of the economic game in the world that we live in.”
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