IMF / ECB CHINA VENEZUELA

The International Monetary Fund (IMF) expressed confidence and support for the European Central Bank’s move to unveil fresh plans to stimulate the eurozone economy announced today. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:45
• Production Date: 7 March 2019
• Asset Language: English
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMICS
• Geographic Subject: CHINA; VENEZUELA
• MAMS Id: 2365075
• Parent Id: 2365075
• Alternate Title: unifeed190307b

Description

STORY: IMF / ECB CHINA VENEZUELA
TRT: 2:45
SOURCE: IMF
RESTRICTIONS:NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 7 MARCH 2019, WASHINGTON, DC

Shotlist

RECENT - WASHINGTON, DC

1.Wide shot, Exterior IMF

7 MARCH 2019, WASHINGTON, DC

2. Wide shot. news conference
3. Wide shot, reporters
4. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“What I would say on the ECB announcements this morning is that their revised forward guidance and new targeted refinancing operations are appropriate steps to maintain strongly accommodative monetary and private sector credit conditions as is warranted until inflation is convincingly converging to the objective set by the ECB so were appropriate steps.”
5. Wide shot, reporters
6. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“Both Christine Lagarde and David Lipton have had spoken about the challenges the very difficult challenges facing Venezuela. And Mr. Lipton in particular talked about Venezuela facing one of the most complex situations that we have seen here at the Fund. And that's a combination of food and nutrition crises, hyper-inflation, a destabilized exchange rate, very debilitating human capital and physical productive capacity and a very complicated debt situation. So, addressing this this complex set of challenges in Venezuela will require strong resolve by the authorities and broad international support.”
7. Wide shot, reporters cutaway
8. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“The resetting of the growth target which you mentioned the IMF view is that this will allow policy makers in China to focus on improving the quality of growth rather than maintaining a high quantity of growth per say. And certainly, to help avoid creating too much debt as you may know. This more modulated growth rate and China is something that the IMF has actually been advocating and encouraging and working with the Chinese authorities in that direction for some time.”
9. Close up, IMF logo

Storyline

The International Monetary Fund (IMF) expressed confidence and support for the European Central Bank’s move to unveil fresh plans to stimulate the eurozone economy announced on Thursday (07 Mar).

SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“What I would say on the ECB announcements this morning is that their revised forward guidance and new targeted refinancing operations are appropriate steps to maintain strongly accommodative monetary and private sector credit conditions as is warranted until inflation is convincingly converging to the objective set by the ECB so were appropriate steps.”

Rice also took questions on Venezuela and whether it would recognize the opposition leader Juan Guaido as the country’s leader. The IMF policy is to follow the guidance of its member-states, and while many have declared support for Guaido over President Nicolas Maduro, the Fund’s Executive Board has not yet made a determination.

Rice said that the situation is ‘fluid’ but that Venezuela is facing a complex set of steep challenges.

SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“Both Christine Lagarde and David Lipton have had spoken about the challenges the very difficult challenges facing Venezuela. And Mr. Lipton in particular talked about Venezuela facing one of the most complex situations that we have seen here at the Fund. And that's a combination of food and nutrition crises, hyper-inflation, a destabilized exchange rate, very debilitating human capital and physical productive capacity and a very complicated debt situation. So addressing this this complex set of challenges in Venezuela will require strong resolve by the authorities and broad international support.”

China’s newly released Government Work Report has cut the economic growth target to between 6-to-6.5 per cent in the coming year. Rice said the IMF welcomes that move, and it should be seen as a positive step.

SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“The resetting of the growth target which you mentioned the IMF view is that this will allow China policy makers to focus on improving the quality of growth rather than maintaining a high quantity of growth per say. And certainly, to help avoid creating too much debt as you may know. This more modulated growth rate and China is something that the IMF has actually been advocating and encouraging and working with the Chinese authorities in that direction for some time.”