IMF / EUROPEAN ECONOMIES

The International Monetary Fund (IMF) said European economies were enjoying a slight improvement, but face a “quite mediocre” medium-term forecast. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:32
• Production Date: 10 October 2016
• Asset Language: English
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC CONDITIONS
• Geographic Subject: EUROPE; GREECE; UKRAINE
• MAMS Id: 1732604
• Parent Id: 1732604
• Alternate Title: unifeed161010d

Description

STORY: IMF / EUROPEAN ECONOMIES
TRT: 02:32
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 07 OCTOBER 2016, WASHINGTON DC

Shotlist

FILE - WASHINGTON DC

1. Wide shot, IMF building
2. Close up, IMF logo on side of building

07 OCTOBER 2016, WASHINGTON DC

3. Wide shot, Thomsen at podium
4. Med shot, reporters
5. SOUNDBITE (English) Poul Thomsen, Director of European Department, International Monetary Fund (IMF):
“Where are we on Greece? The IMF is fully engaged. There is a request for us to engage in discussions on a new program. A team will go out soon, in a week or two.”
6. Pan left, reporters
7. SOUNDBITE (English) Poul Thomsen, Director of European Department, International Monetary Fund (IMF):
“We think that some of the fundamental reforms in the public sector have still not been undertaken, like pension reforms. Where, there are deficits in the pension system of more than ten percent, eleven percent a year.”
8. Med shot, reporters
9. SOUNDBITE (English) Poul Thomsen, Director of European Department, International Monetary Fund (IMF):
“What we are concerned about is whether Greece will be able to modernize its public sector. It urgently needs a better social system to target the vulnerable. It needs an unemployment compensation system in order to be able to modernize.”
10. Close up, reporter asking question
11. SOUNDBITE (English) Poul Thomsen, Director of European Department, International Monetary Fund (IMF):
“They have very importantly, overcome a number of, should we call it taboos, that have in the past derailed economic programs. They have adopted and adhered to a flexible exchange rate policy. That was a major problem in the past. And they have increased significantly energy prices which has, clearly, a macroeconomic dimension in Ukraine.”
12. Close up, reporter asking question
13. SOUNDBITE (English) Poul Thomsen, Director of European Department, International Monetary Fund (IMF):
“Quite frankly, I think that if we look at the macroeconomic performance of Ukraine it has been very impressive.”
14. Wide shot, reporters
15. SOUNDBITE (English) Poul Thomsen, Director of European Department, International Monetary Fund (IMF):
“They need, really, to mobilize a strong resolve to deal with these corruption problems. I think this is the key challenge going forward. My understanding is that the authorities are aware of the importance of that for Ukraine and for the international communities’ willingness to continue to provide support for Ukraine on this very large scale.”
16. Wide shot, reporters
17. Wide shot, Thomsen at podium

Storyline

The International Monetary Fund (IMF) said European economies were enjoying a slight improvement, but face a “quite mediocre” medium-term forecast.

Speaking in to reporters in Washington DC on Friday (7 Oct), The IMF’s director of the European department Poul Thomsen pointed to long-term challenges, low productivity, demographic challenges and crisis legacies as key to the “subdued” outlook.

Turning to Greece, Thomsen said the country had not undertaken “fundamental reforms” in the public sector. He said there were deficits in the pension system of “more than 10 percent, 11 percent a year.” Thomsen said Greece “urgently needs a better social system to target the vulnerable” and an unemployment compensation system in order to be able to modernize its public sector.

Thomsen said Ukraine had overcome a number of “taboos that have in the past derailed economic programs.” He said the country adopted and adhered to a flexible exchange rate policy and increased energy prices significantly which has “a macroeconomic dimension in Ukraine.” He said, “Quite frankly, I think that if we look at the macroeconomic performance of Ukraine it has been very impressive.”

Thomsen said Ukraine needed to “mobilize a strong resolve” to deal with corruption problems. He said, “My understanding is that the authorities are aware of the importance of that for Ukraine and for the international communities’ willingness to continue to provide support for Ukraine on this very large scale.”